Personal Housing Loans ? refer to RMB loans granted by the ABC to borrowers to facilitate commodity housing purchases.
Types of Personal Housing Loans:
·Personal housing loans on own account
·Guarantee loans combined personal housing loans on own account with personal housing loans on public reserve funds
·Loans on public reserve funds for designated houses
·'Second-hand housing' loans
Prospective borrowers:
·A Chinese citizen, resident in Hong Kong, Macao or Taiwan and resident alien;
·A Chinese citizen shall have the Shanghainese resident booklet (also known as Hukou) or valid resident certificate;
·If the borrower does not live and work in Shanghai, he/she shall provide the agent’s photocopy of ID card, address, telephone numbers and organization;
·A resident in Hong Kong, Macao or Taiwan shall provide his/her ID card, home-returning certificate or passport. A resident alien shall provide his/her legal and valid resident certificate.
Application eligibilities:
·An 18+ years of age with full capacity for civil conduct;
·The borrower shall have a Shanghainese Hukou or valid resident certificate;
·The borrower shall have a stable occupation and income with strong repayment capability;
·The borrower has signed a housing presales/sales contract with the property developer and shall be able to pay 20% of the total value of the house to be purchased;
·The borrower shall consent to mortgage the house to be purchased and have dealt with the property insurance and registration;
·The borrower shall have a demandcurrent deposit account or banking card account with the ABC;
·If the borrower does not live and work in Shanghai, he/she shall provide the agent's photocopy of ID card, address, telephone numbers and organization;
·For combined loans, the part of loans on public reserve funds shall comply with the requirements specified by the Shanghai Housing Purchase Guarantee Company.
Borrowing Limit:
·The amount of a single guarantee loan shall not exceed 80% of the total value of the house to be purchased;
·For combined loans, the amount of loans on basic public reserve funds shall not exceed RMB100,000 and supplement public reserve funds RMB30,000;
·The amount of a second-hand housing loan shall not exceed 80% of the evaluated value of the house, among which, the amount of loans on basic public reserve funds shall not exceed RMB100,000 and supplement public reserve funds RMB30,000.
Modes of Guarantee:
·The borrower shall mortgage the house to be purchased as a mortgage guarantee when applying for the loan.
Loan Term
·The longest term of a loan shall not exceed 30 years and the borrower shall not be over 70 years old;
·The longest term of a second-hand housing loan on public reserve funds shall not exceed 15 years, and the term of a second-hand housing loan plus the house age shall not exceed 50 years;
·The longest term of the loan granted to the resident in Hong Kong, Macao or Taiwan and resident alien shall not exceed 30 years, if plus the borrower's age, 70 years.
Lending Rate:
·The lending rate shall be executed in accordance with the rate applies to personal housing loans and loans on public reserve funds stipulated by the People's Bank of China;
·If the term of a loan is one year or shorter, the lending rate shall be executed in accordance with the contracted rate, without calculation based on sub-division;
·If the term is over one year, the lending rate shall be set annually, i.e. adjusted on January 1 every year, subject to the latest rate stipulated by the People's Bank of China.
Applicants shall provide the following materials:
·Borrower's ID card, valid Hukou booklet or resident certificate, original and copy certificates of marital status;
·The testimonial to prove borrower's income and property including payslip, bankbook, certificate of deposit, tax roll, securities and house property shall be provided: the borrower shall provide the testimonial issued by the organization with which he/she works to prove his/her main income source, other income sources or tax roll for the last three months;
·ID cards and Hukou booklets of joint property owners and the certificate certifying the consent to mortgage or pledge given by the person entitled to disposal;
·The testimonial to prove monthly family income;
·The original housing purchase contract;
·Original and copy of housing purchase receipt(down payment);
·The application form of personal housing loans;
·Other materials required by the lender or guarantee company;
·If the borrower entrusts a third party to apply for the loan, the assignee shall provide a legal and valid power of attorney, which clearly states how to get the loans, when to make the repayment monthly, where to post the bank statement, overdue loan notice or guarantee performance notice.
Loan Procedure:
·The applicant fillscompletes in the application form and provides relevant materials ? the bank takes the application and conducts the investigation ?loan review and approval - signing the borrowing and mortgage contract, funds transfer order ? house insurance, notarization, mortgage registration ? granting loans ? repayment by installments ? full repayment ? releasing the mortgage.
·If the borrower is a resident in Hong Kong, Macau or Taiwan and resident alien, the borrowing contract shall be compulsorily executed notarization.
House Insurance:
sE Loan Houseloanmortgageloans Tag Videos House Loan Mortgage Loans 中国农业银行m l t House Loan Mortgage Loans House Loan Mortgage Loans Investment
hE Loan Houseloanmortgageloans Tag Videos House Loan Mortgage Loans 中国农业银行a s House Loan Mortgage Loans
Videos