Reading a sales policy: discounts, interest-rate support, principal grace and the real price

Legal basis: sales policy notices TB143/2026/DNWF/TB dated 18 September 2026, TB145 (Nam Long Club, from 1 October 2026) and TB141 dated 11 September 2026 from the developer of Izumi City; home loan interest rate surveys by DXS-FERI, DKRA, VARS-IRE (August–October 2026) · Updated 20 October 2026.

The real price of a project home = the list price − the incentives you are actually eligible for + the cost of capital (loan interest, or cash you must put in early). A sales policy usually has 4 parts: discounts, payment schedule, interest-rate support and principal grace period. Read each part in the order below, then recalculate with the figures for the exact unit you plan to buy.

1. When the policy starts and ends

Note the notice number, effective date, expiry date and which document it replaces. Incentives usually apply by the date the sale and purchase agreement is signed, not the deposit date. If you pay a deposit at the end of the month but sign the contract under a new policy round, the incentives may be different.

2. Discounts: added together or applied one after another

• Cash amounts first, percentages after: vouchers (fixed amounts) are usually deducted from the price first, and percentage discounts are applied one after another on the remaining price. Reference example: 3% then 15% is not 18%, but about 17.55%.
• Attached conditions: "limited number of units", "only for event attendees", "not using a bank guarantee", "customer club members". Ask whether the unit you chose qualifies.
• What the price includes: whether VAT is included, whether the maintenance fund is included — see costs on top of the price.

3. Payment schedule: a big discount in exchange for cash earlier

The fast-payment discount is the largest but requires you to have cash available earlier. Compare two plans with two questions: how much you must pay before handover, and how many months earlier. The 2023 Law on Real Estate Business caps what the developer may collect before handover at 70% of the contract value (50% if the seller is a foreign-invested organisation) — see reservation, deposit, signing the contract.

4. Interest-rate support and principal grace period

• Interest-rate support: the developer pays part or all of the loan interest on your behalf up to a set date. Read the cap carefully (e.g. up to 10% a year — you pay any interest above the cap) and the end date.
• Principal grace period: during the grace period you do not repay principal. When it ends, your payments rise because you pay both principal and interest.
• After the support comes a floating rate: as of September 2026, typical promotional rates were 9.8–11.5% a year for the first 12 months, then floating at 13–16% a year (DXS-FERI). The floating rate is usually the base rate plus a margin of about 3.3–3.5% (VARS-IRE, Q2 2026).
• The loan plan usually has no fast-payment discount — the interest support is the incentive.

Example: Izumi Canaria, policy effective 18 September – 31 December 2026

General incentives: a 100 million dong voucher, a 3% special incentive (limited number of units), 0.5% for not using a bank guarantee. Event incentives (1–3%) and Nam Long Club (1–2%) are not included. Prices include VAT, exclude the 1.5% maintenance fee, and are rounded to the nearest ten million dong.

Garden townhouse, zone 3 (listed at 9.52 billion dong, handover 11/2028):

Plan	Payment schedule discount	Price after incentives	Before handover
Fast payment	15%	7.73 billion dong	50%: 10% at signing, 20% after 2 months, 20% in April 2028
Standard payment	None	9.09 billion dong	50%: 10% at signing, 20% in 4 instalments 12/2026 – 12/2027, 20% in April and August 2028

Both plans pay 50% before handover; the difference is that the fast plan concentrates 20% in the 2 months after signing. In return, the price is 1.36 billion dong lower.

Garden townhouse, zone 1 (listed at 8.55 billion dong, handover 11/2027):

Plan	Price after incentives	Your own funds	Bank's share
Standard payment (4% discount)	7.83 billion dong	100%: 10% at signing, 30% in 6 instalments 12/2026 – 10/2027, 55% at handover, 5% on receiving the pink book	—
Bank loan (no schedule discount)	8.16 billion dong	35%: 10% at signing, 5% in December 2026, 15% at handover, 5% on receiving the pink book	65%, about 5.30 billion dong

Choosing the loan raises the price by about 330 million dong; in return the developer supports interest up to 10% a year until November 2028. After that date, as a reference example: a 5.30 billion dong loan repaid in equal instalments over the remaining 24 years comes to about 56 million dong/month at 12% a year, or 64 million dong/month at 14% a year. Work it out at other rates with the "Price & loan calculator" in the Izumi City price section, or see how much you pay when the promotional rate ends and it floats.

Conclusion for this example: if you have cash available, the standard or fast payment plan gives the lowest price. If you need a loan, add the 330 million dong price difference to the interest you will pay yourself after November 2028 to compare.

This article is for reference only and does not replace legal or financial advice for your specific case.

1. Note the notice number, effective date and expiry date; ask whether incentives are based on the deposit date or the contract signing date.
2. List the incentives you are eligible for; leave out "limited number" incentives not yet confirmed for your unit.
3. Deduct cash incentives first, then apply each percentage one after another — do not simply add the percentages.
4. For each plan, write down the amount and month of each instalment, and the total before handover.
5. If borrowing: note the interest support cap, end date, how long the principal grace lasts, and the expected floating rate; work out the monthly payment after the support at 2–3 interest rates.
6. Add the costs on top of the price (maintenance, registration fee), then compare the plans in one table.

Sources in Vietnamese; titles kept in the original, with a short English translation in brackets.

• Công ty TNHH Thành phố Waterfront Đồng Nai (developer of Izumi City) — notice TB143/2026/DNWF/TB on the payment schedule and sales policy for Izumi Canaria, 18 September 2026; TB145 Nam Long Club incentives, 1 October 2026; TB141 deposit rules, 11 September 2026; price calculation sheet for October 2026 (HPR project materials, summarised on the Izumi City page, updated 15–18 October 2026).
• VnExpress — Nhiều người bán nhà để thoát gánh nặng lãi vay (Many people sell homes to escape the burden of loan interest — DXS-FERI, DKRA), 17 October 2026.
• Nha Dau Tu — Lãi suất vay mua nhà bình quân đã vượt 10%/năm (Average home loan rates have passed 10% a year — VARS-IRE, DKRA), 28 August 2026.
• Hệ thống pháp luật — Điều 25 Luật Kinh doanh bất động sản 2023 (Article 25 of the 2023 Law on Real Estate Business), accessed 20 October 2026.