According to the interest rate policy issued in November 2019, the loan interest rate for first-time buyers is now 5.88.
At present, there are mainly the following types of loans for house purchase: 1. Housing provident fund loans, 2. Personal housing commercial loans, 3. Personal housing portfolio loans.
1. Housing provident fund loan: For residents who have participated in paying housing provident fund. When taking out a loan to buy a house. Housing provident fund low-interest loans should be your first choice. Housing provident fund loans are policy subsidies. Loan interest rates are very low. Not only is it lower than the commercial bank loan interest rate during the same period (only half of the commercial bank mortgage loan interest rate), but it is also lower than the commercial bank deposit interest rate during the same period. That is to say. There is an interest rate spread between the housing provident fund mortgage interest rate and the bank deposit interest rate. at the same time. Charges for housing provident fund loans are halved when handling related procedures such as mortgage and insurance.
2. Personal housing commercial loans: The above two loan methods are limited to employees of units who have paid housing provident funds. There are many restrictions. so. People who have not paid their housing provident fund are not eligible to apply for a loan. However, you can apply for a personal housing guaranteed loan from a commercial bank. That is, a bank mortgage loan. As long as the balance of your deposit in the loan bank accounts for no less than 30% of the funds required to purchase a house, and use this as the down payment for the purchase of a house. And there are assets recognized by the lending bank as collateral or pledge. Or a unit or individual with sufficient repayment capacity serves as a guarantor to repay the principal and interest of the loan and bear joint and several liability. Then you can apply for a bank mortgage loan.
3. Personal housing portfolio loan: Provident fund loan that can be issued by the Housing Provident Fund Management Center. The maximum limit is generally 100,000-290,000 yuan. If the purchase price exceeds this limit. For the shortfall, you need to apply for a commercial housing loan from a bank. Together, these two loans are called a portfolio loan. This business can be handled uniformly by the real estate credit department of a bank. Portfolio loan interest rates are relatively moderate. The loan amount is larger. Therefore, it is often chosen by borrowers.
The following procedures should be followed when applying for housing provident fund loans:
(1) Borrowers applying for housing provident fund loans need to submit a written application to the Municipal Housing Provident Fund Management Center. Fill out the housing provident fund loan application form and provide relevant information truthfully.
(2) The Municipal Housing Provident Fund Management Center is responsible for borrower qualifications. Guarantor qualifications. After reviewing the loan amount and loan term and filling out the contract and agreeing. The borrower signs relevant contracts or agreements with the Center. And apply for insurance in accordance with the regulations of the People's Bank of China.
(3) After the loan procedures are completed. The Municipal Housing Provident Fund Management Center issues a loan approval notice to the bank. After receiving the loan notice, the bank will handle the loan transfer procedures