How to go through the portfolio loan process?
1. Apply for a loan at the loan bank.
Borrowers of portfolio loans apply for housing provident fund loans to the real estate credit departments of all districts and counties with a copy of the purchase contract and the developer's housing sales license, ID card, housing provident fund savings magnetic card and seal (if both husband and wife use housing provident fund loans, they must also bring a marriage certificate or other proof of husband and wife relationship), and fill out the Application Form for Individual Housing Provident Fund Loans (Portfolio Loans).
2. Banks review loans.
According to the information provided by the borrower of the portfolio loan, the loan bank evaluates whether the borrower meets the loan conditions, calculates the loan amount and determines the loan term.
3. Sign a loan contract with the loan bank.
Then, after the loan bank examines the borrower's application, the borrower signs a loan contract and a mortgage contract with the bank (signing a pledge contract without housing guarantee).
4, to the property department for loan guarantee procedures.
There are two ways to guarantee the portfolio loan, and the borrower can choose either one according to his actual situation.
5, housing mortgage insurance procedures.
After completing the mortgage or pledge formalities in the property right department, the borrower of the portfolio loan shall submit the loan information together with the loan contract, mortgage contract (pledge contract), house ownership certificate and mortgage certificate to the loan bank for home insurance formalities.
6. Sign the repayment agreement and transfer money.
Borrowers of portfolio loans who repay by withholding savings card shall apply for withholding savings card repayment at savings outlets and sign a withholding agreement with the loan bank. Where the entrusting unit withholds repayment, the entrusting unit shall sign an agreement with the loan bank.
7. Bank remittance
The borrower of the portfolio loan shall go to the loan bank to handle the collection formalities at the time agreed with the loan bank, and the loan bank will transfer the money to the selling unit. The borrower shall withdraw the repair and construction loan as agreed in the loan contract.
What are the precautions for buying a house with a portfolio loan?
1. Only provident fund depositors can apply for portfolio loans.
If the buyer wants to apply for a portfolio loan because the commercial loan interest rate is relatively high, then when applying for a portfolio loan, the borrower must pay the provident fund in full and on time at the place where the house is to be purchased, and the provident fund account is still in a normal state of payment.
2. Make full use of provident fund loans.
For buyers who are ready to apply for portfolio loans, provident fund should be the main way to apply for loans. Therefore, we should make good use of the amount of provident fund loans first, extend the loan term as much as possible, shorten the commercial loan term as much as possible, reduce the monthly repayment amount and save the loan cost.
3. Pay back the commercial loan before prepayment.
Most buyers who borrow money to buy a house plan to repay the loan in advance, but for buyers with portfolio loans, commercial loans should be repaid first, because the loan interest rate of commercial loans in portfolio loans is higher than that of provident fund loans. If the commercial loan is paid off first, the borrower can save a lot of mortgage interest.
4. Determine the loan amount
Before applying for a portfolio loan, buyers must first determine the loan amount. After all, the loan review is very strict, and the portfolio loan is more strict. Once the loan amount applied for by the provident fund is determined, it cannot be changed. Therefore, loan applicants and their spouses need to go to the provident fund management center to inquire about the maximum loan amount and determine the final loan amount according to their own situation. The maximum loanable amount of portfolio loans is determined by two aspects, namely, the maximum amount of provident fund loans and the maximum amount of commercial loans. The lower of the two is the final loanable amount of the portfolio loan.