The Measures for the Administration of Individual Housing Loans have corresponding provisions:
Article 7 A borrower shall apply for a loan directly from the lender. The lender shall give a formal reply to the borrower within three weeks from the date of receiving the loan application and the materials that meet the requirements.
In order to support urban residents to purchase ordinary housing for their own use, standardize the management of individual housing loans, and safeguard the legitimate rights and interests of both borrowers and borrowers, these measures are formulated in accordance with the Law of People's Republic of China (PRC) City Commercial Bank, the Law of People's Republic of China (PRC) on Guarantee and the General Principles of Loans. 1May 9, 998 promulgated and implemented by the People's Bank of China.
Extended information "Measures for the Administration of Individual Housing Loans"
Article 16 If the borrower takes the purchased house as collateral for the loan, it must take the full value of the purchased house as collateral for the loan.
Article 17 Where real estate is mortgaged, the mortgagor and the mortgagee shall sign a written mortgage contract and go through the mortgage registration formalities at the department designated by the local people's government at or above the county level before the loan. The relevant contents of the mortgage contract shall be determined in accordance with the provisions of Article 39 of the Guarantee Law of People's Republic of China (PRC).
Article 18 The borrower shall properly keep the mortgaged property during the mortgage period, be responsible for repairing, maintaining and ensuring its integrity, and accept the supervision and inspection of the lender at any time. Before the expiration of the mortgage period, the lender shall not dispose of the mortgaged property without authorization.
Article 19 During the mortgage period, the mortgagor shall not mortgage, lease, transfer, sell or give away the collateral again without the consent of the lender.
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