The latest data shows that in March, Beijing’s personal loan market increased by about 30% year-on-year, with second-hand house buyers becoming the “main force” in buying houses. So what should you pay attention to when buying a house loan in Beijing?

In March, the transaction volume of Beijing’s personal loan market increased by 30% year-on-year.

Since March, Beijing’s second-hand housing market has continued its previous hot market, and the transaction volume of the personal loan market has reappeared. ". According to statistics from some research institutions, Beijing’s personal loan market increased by about 30% in March compared with the previous month, and second-hand house buyers have become the “main force” in buying houses.

It can be considered that due to the impact of policies such as deed tax adjustments, the number of "sell one, buy one" orders has gradually increased in the market, and the overall supply of second-hand houses has increased, making home buyers slightly less satisfied with the supply of new houses. In the case of insufficient housing, it returned to the second-hand housing market. The supply and demand sides were in a relatively stable state under the conditions of loose policies, which led to an increase in transaction volume.

The data also shows that current home buyers using commercial loans account for about 50%-60% of the total home buyers. In addition, the transaction volume of unsecured loans in March increased by about 10% compared with the previous month.

Due to the significant increase in the number of people upgrading their homes in the first half of the year, coupled with the boosting effect of various favorable policies for home purchases, the purchase and sale of large apartments has become increasingly active in the market. As the size of the house becomes larger, the total price will inevitably be higher, and provident fund loans are limited in amount. Many owners who are anxious to make a move accept full payment or commercial loans to buy a house. Therefore, commercial loans have become the best loan method in the housing loan transaction.

So, what should we pay attention to when buying a house loan in Beijing? In addition to the loan application methods and required materials, there are also some things that the loan application staff may not have time to introduce to you:

First of all, keep the loan contract and IOU.

When applying for a mortgage loan, the loan contract and IOU signed between the bank and you are important legal documents. Since the loan term can be up to 30 years, as a borrower, you should keep your contract and IOU properly.

Secondly, do not make early repayments within the first year of borrowing.

According to the relevant provisions of provident fund loans, partial early repayment should be made after one year of loan repayment, and the amount you repay should exceed the 6-month repayment amount.

Third, don’t forget to notify your obligation when renting a house after taking a loan.

When you rent out a mortgaged house during the loan period, you must inform the lessee in writing of the fact that it has been mortgaged.

Finally, don’t forget to cancel the mortgage after the loan is paid off.

After you have repaid all the principal and interest of the loan, you can go to the real estate trading center in the district or county where the property is located to cancel the mortgage with the bank's loan settlement certificate and other certificates of real estate rights of the mortgaged property.

(The above answer was published on 2016-04-02, please refer to the actual relevant current home purchase policies)

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