As a novice home buyer, you may not be very clear about what is called a second home loan and the related knowledge of a second home loan. But don’t worry, below I will give you a brief introduction to the question of what is a second home loan.

What is a second home loan?

A second home loan, as the name suggests, is a loan that a borrower applies for when purchasing a second home. The identification of a second house is based on the family unit, which subscribes for both the house and the loan. If the family members have real estate or mortgage records in their names, they are considered as the second house.

Under what circumstances will it be recognized as a second house by the bank?

1. If you have a house in your parents’ name and buy another house in the name of your minor children

According to the latest policy, Family members mainly include the borrower, spouse and minor children, that is, minor children are also included in the family scope. Therefore, when applying for a loan to purchase a house in the name of a minor child, the second home policy will be followed.

2 If you have a real estate in your name when you are a minor, and then take out a loan to buy a house after you become an adult

According to the bank's "subscription for loan and house subscription", if you do not sell the existing real estate, you will not be able to take out a loan to buy a house again. It is regarded as a second suite and will be implemented according to the second suite policy. According to past policies, as long as there is no loan for the property owned by the minor, it will not be considered a second home when applying for a mortgage loan.

3. If you have a fully-purchased house in your name, and then take out a loan to purchase the house

Previously, you only "subscribed for the loan", so this situation does not belong to the second home. But now "house recognition" has been added. Although you have taken out a loan before, as long as you can find a property under your name in the housing property rights transaction system, if you do not sell the existing property and apply for a loan, it will be regarded as a second home.

4. There is a loan in one’s name to buy a house, and after the sale is settled, the bank will then take out a loan to buy the house.

The bank considers the second house as "recognition of the house and subscription of the loan", which means that although the loan is After the purchased property is sold, the family no longer has a house in their name. However, due to the previous loan record, applying for a mortgage loan will be regarded as a second home.

Editor’s summary: After reading the above introduction, I believe everyone has a better understanding of what a second home loan is. If you want to know more relevant information, please continue to pay attention to our website, and we will present you with more exciting content in the future.