Buying a house through a loan is a common practice nowadays. You can choose a provident fund loan, but most of them are commercial loans. If you want to buy a house through a commercial loan, you need to meet certain conditions, and not everyone can get a loan. So what are some tips for applying for a business loan? What issues need attention? Today we will talk about home purchase loans.

1. Guide on how to apply for a commercial loan when buying a house

1. Submit an application

Buyers can discuss loan matters with the real estate developer and go to the designated office with the developer. Bank submits home purchase loan application. Submit various application materials, personal information, etc. as required by staff.

2. Acceptance and review

After the bank accepts the loan application submitted by the home buyer, the staff carefully reviews the application materials and checks the authenticity of the personal information, age, personal credit record, The income will be reviewed and the applicant will be notified after passing the review.

3. Sign a loan contract

After approval, the bank will sign a formal loan contract with the applicant, agreeing on the loan amount, loan interest rate, repayment period, etc.

4. Loan disbursement

After the bank’s internal procedures are completed, the staff will directly issue the loan to the developer. Applicants only need to repay the principal and interest of the loan on time.

2. What issues need to be paid attention to when applying for a loan for home purchase

1. Be clear about the repayment method in advance. At present, there are two main repayment methods, one is the equal principal repayment method, and the other is the equal installment repayment method. Each of these two repayment methods has its own advantages. For the equal repayment method, the borrower can control the monthly repayment amount and plan the household income and expenditure.

2. For the equal principal repayment method, it is suitable for people who have a very strong repayment ability and hope to reduce interest through quick repayment. You can choose the appropriate repayment method by comprehensively considering your own situation.

3. According to the latest mortgage regulations, a first home usually requires a 30% down payment, and a second home requires at least 40%. In addition, considering the interest rate issue, people who want to buy a house with a loan should prepare more funds, and it is best to ensure that the monthly income is more than twice the monthly payment. This can help increase the mortgage approval rate.

4. If the borrower withdraws the provident fund balance before taking the loan, the provident fund balance in his provident fund account will become zero, and the provident fund loan limit will also become zero. In other words, you cannot successfully apply for a provident fund loan at this time.

It can be seen that whether you are buying a house through a commercial loan or other loans, you need to clarify the repayment method and prepare funds before taking a loan, then submit an application to the bank and wait for approval. After meeting the conditions Only then can the contract be signed, and only then can the loan be released.