2 have a stable occupation and income, good credit, and the ability to repay the principal and interest of the loan.
3. Some banks will require applicants to apply for their own credit cards, or to borrow from banks with good credit records.
4. Some banks also require the provision of work mortgage or pledge recognized by the bank, or units or individuals that meet the prescribed conditions and have the compensatory ability will serve as guarantors to repay the principal and interest of loans and bear joint and several liabilities.
Advantages of commercial loans
1, with a high loan amount. The loan amount of the provident fund is closely related to the balance of the provident fund account and the length of the payment period, and the provident fund has the limit of the maximum loan amount. For commercial loans, as long as the borrower meets the loan conditions and has good qualifications, the maximum loan amount can reach 70% or 80% of the real estate appraisal value.
2. The procedure is simple, convenient and quick. The loan process of provident fund is complicated and the loan time is long. The process of commercial loans is much simpler and the lending speed is fast.
3. The scope of application is wide. You can apply for a commercial loan regardless of whether you buy an ordinary house, villa or commercial house. If the commercial loan for the first suite has not been settled, you can buy the second suite with the commercial loan. Ordinary housing can only be used for provident fund loans. The provident fund loan for the first suite has not been settled, and the second suite can no longer be used for provident fund loans.
4. The loan object is not limited. Only buyers who pay the provident fund in full and on time can apply for provident fund loans, while commercial loans have no restrictions on loan targets. As long as you have the ability to repay in full and on time and have a good credit record, you can apply.
Disadvantages of commercial loans
Although commercial loans are handled quickly, the cost of loans is also high. Although the central bank cut interest rates three times, it is also much higher than the interest rate of provident fund loans, which undoubtedly increases the purchase cost of buyers.
Compared with provident fund loans, commercial loans have many advantages, such as wider use and faster approval. However, the loan cost is correspondingly large. For property buyers, they should make reasonable choices according to their own economic strength and adaptability.