how do people own homes in countries where the mortgage doesn’t exist?

Question

how do people own homes in countries where the mortgage doesn’t exist?

In: Economics

Answer 1

In Vietnam, you can either buy a piece of land and build your house on it, or buy an apartment. In most less developed provinces, those lands are inherited or can be bought with a fair price. In the biggest cities, most now can only afford apartments, and use something similar to the mortgage pay.