All About Home Loans You Should Know
Home loans are any form of home purchase loan support provided by banks and other financial institutions to home buyers, usually backed by the purchase of a home. According to the source of loan funds are divided into provident fund loans and commercial loans. According to the repayment method is divided into the same amount of principal and interest repayment mode and the same amount of principal repayment method two. The interest rate on home loans is based on the bank's benchmark interest rate for the same period, and the interest rate on loans from different banks has increased slightly.
Type
The housing loan varieties started by banks mainly include enterprises and individualcategories.
Human housing loans can be divided into two categories: personal housing provident fund loans and personal housing commercial loans, entrusted loans, self-employed loans and portfolio loans.
Personal Housing Provident Fund Loans
Personal housing provident fund loan refers to the timely payment of the fund management center normal deposit housing provident fund unit of the current employees, in this city to buy, build self-occupied housing (including second-hand housing), with the property rights of housing as collateral, and by the guaranteeable legal person to provide guarantees to apply for the loan to the fund management center. The loan may be issued by the bank entrusted by the Fund Management Centre.
Personal Housing Commercial Loans
It can be roughly divided into six varieties:
(1) Individual purchase of housing loans (including term and current housing);
(2) Personal second-hand housing loans;
(3) Personal housing decoration loans;
(4) Personal home consumption loans;
(5) Personal commercial housing loans;
(6) Personal housing portfolio loans;
(1) Personal purchase of housing loans refers to the borrower's purchase of housing as collateral, by the bank to issue loans, including mortgage loans and current housing mortgage loans. Among them: period housing refers to the housing under construction or the completion of acceptance is processing housing property rights certificate of the house; The maximum amount of personal housing loans issued by banks is 80% of the purchase amount.
(2) Personal second-hand housing loan refers to the loan issued by the bank to the borrower for the purchase of second-hand housing. Second-hand housing refers to the real estate has obtained all the property rights, can enter the real estate secondary market circulation transactions of housing. The age of second-hand housing applying for a loan is generally not more than 15 years;
(3) Personal housing decoration loan refers to the loan issued by the bank to the borrower for the renovation of the home. The maximum number shall not exceed 50%, and the maximum term of the loan shall not exceed five years.
(4) Personal home consumption loan refers to the loan issued by the bank to the borrower for home expenditure. The maximum amount shall not exceed 50% of the value assessed by the collateral, and the term of the loan shall not exceed 10 years.
(5) Personal commercial housing loans refer to loans made by banks to borrowers for the purchase of personal commercial and self-employed office housing. The purchase of commercial housing shall be a real house, the maximum number shall not exceed 60%, and the maximum term of the loan shall not exceed 10 years.
(6) Individual housing portfolio loans refer to the housing provident fund loans and housing guarantee loans consisting of loans, that is, when an individual applies for housing provident fund loans is not enough to pay for the purchase of housing, the insufficient part of the application to the bank for commercial housing loans of the two types of loans. The two loans are interest-bearing at the interest rate of the provident fund loan and the commercial loan rate respectively, and the term of the loan is the same. The borrower may apply to the bank receiving the provident fund loan for a portfolio loan. National laws and regulations
