Many people choose to borrow money to buy a house, and property mortgage is the most commonly used loan method. So what's the interest on the mortgage? How to choose the right bank loan? Next, Bian Xiao will introduce relevant contents to you. Let's have a look.
How much is the mortgage interest?
The mortgage interest of each bank will be different, and the interest rate is floating on the basis of the benchmark interest rate. At present, the benchmark annual interest rate of banks is 4.35% for less than one year (including one year), 4.75% for one to five years (including five years) and 4.90% for more than five years. We take China Merchants Bank and China Bank as examples:
1. The housing loan amount of China Merchants Bank is calculated at 70% of the appraised housing price, and the loan period cannot exceed 30 years. The general loan interest rate only rises 10% on the basis of the benchmark interest rate of the central bank in the same period.
2. The mortgage loan of China Bank is only for houses with the age below 15 and the house area above 85 square meters. The loan amount is related to the age of the house. Generally, a house of five to ten years old is 50% of the appraised price, and the loan interest rate is the benchmark interest rate of the central bank during the same period. If the ten-year loan term is taken as an example, the interest rate is 7.83%.
How to choose the right bank loan
1 First, compare the loan conditions of various banks. When the house is mortgaged, the bank should not only look at whether the house is qualified, but also review the borrower's credit status and personal income.
2. Compare the loan interest rates of various banks. The risk of mortgage loan will be lower than that of credit loan, because there is a house as collateral protection. However, the mortgage interest rate of each bank is different, so borrowers should compare the loan interest rates of various banks and choose the bank with lower interest rate.
Summary: The above is the related content of mortgage interest and how to choose the right bank loan introduced by Bian Xiao, hoping to provide reference for friends in need.
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