buying a home with a business loan

 Currently, commercial housing loans only require home buyers to qualify for a home, provide proof of income and a bank income stream, and the income can guarantee that 'they cover more than twice the monthly supply. To apply for business loans, you need to provide certain documents, including ID card, household registration book, marriage certificate, income certificate, flow certificate, etc. Among them, the monthly income certificate represents more than double the monthly loan supply, and the flow certificate must provide the bank debit card flow certificate in the past six months. Anyone applying for a commercial loan should first connect to the Credit Information Center of the People's Bank of China to inquire about the credit status of the lender and ensure the quality and security of the loan issuance.

For home buyers with loan needs, it is very important to secure good loan and repayment records from the start. If the credit record is poor, the business loan will likely be rejected. It should be noted that specific requirements suggest that home buyers and lenders consult the appropriate department where the home is located before applying for a commercial loan. For home buyers, the threshold for commercial loans is lower than that for contingency funds and it is easier to get loans.

There are four things to watch out for when buying a home with a business loan!

First choose the right loan period

The duration of commercial loans depends on the age and capital of the lender, and the maximum duration is 30 years. The longer the term of the loan, the lower the monthly payment and the more interest will be generated. On the contrary, the shorter the duration, the higher the monthly payment, the lower the interest. The older you are, the shorter the loan term. The term of the loan can also be confirmed based on its own economic strength. If the financial strength is sufficient, you can choose a short-term loan to reduce interest costs; if the financial strength is average, you can usually choose the length of the loan as long as possible to reduce economic pressure.

Second, choose the appropriate repayment method

There are two methods of repayment for commercial bank loans: principal and equal principal and interest. The total monthly repayment with principal and equal interest is fixed, but all the repayments are calculated and there is more interest. The equal monthly repayment of the principal is important at the beginning of the period and gradually decreases month after month during the following period, and the total interest is calculated less. The specific repayment method must take into account the impact of your own financial strength and your repayment amount over the real life. On the basis of not affecting the quality of life, rationally plan the repayment plan.

Third, clearly see the prepayment process

With the reduction of the loan term, the pressure of repayment and the improvement of the living capacity of many home buyers, they often choose to repay the balance in advance to end their debt life. Before buying a home with a loan, you need to know in advance whether there will be penalty interest if you repay in advance and what is the specific process. Precautions regarding early repayment should be treated with care and consultation.

Fourth, the mortgage must be canceled after the loan is settled

With a commercial loan to buy a house, when all the principal and interest on the loan have been repaid, the borrower can take the certificate of loan settlement from the bank and the "Proof of other rights in real estate" to go to the land registration center in the area where the property is located to go through the cancellation of mortgage procedures.