Problems that should be paid attention to in portfolio loan
1. Only provident fund payers can apply.
Portfolio loan, as its name implies, is a loan model combining commercial loans and provident fund loans. To apply for portfolio loans, borrowers must meet one condition, that is, they must pay the provident fund in full, and the deposit of the provident fund must be in a normal state.
2. Make full use of provident fund loans.
When applying for portfolio loans, buyers should make full use of provident fund loans, extend the term of provident fund loans as much as possible, and shorten the term of commercial loans, so as to reduce monthly repayment and save loan costs.
3. Give priority to repaying commercial loans.
For borrowers, if they apply for portfolio loans, they should pay attention to the repayment order. Since the interest rate of commercial loans is higher than that of provident fund loans, priority should be given to repaying commercial loans to save mortgage interest.
4. Determine the specific amount of the loan.
Once the amount of provident fund loans in portfolio loans is determined, it cannot be changed. Therefore, the borrower should go to the provident fund management center to inquire about the loanable amount of the provident fund loan. The loanable amount of portfolio loans depends on the lower of provident fund loans and commercial loans.
5. Choose the appropriate repayment method.
Property buyers should determine the specific repayment method when signing a portfolio loan contract with the bank. Because once the repayment method is agreed, it is not allowed to be modified during the whole loan period.
Do portfolio loans have to be repaid by the same bank?
Usually, when borrowers apply for portfolio loans, they use the same property as collateral. According to regulations, housing provident fund loans and commercial loans should also be handled in the same bank. Moreover, in most cases, the handling banks of provident fund loans are cooperative banks designated by the provident fund management center, so repayment should also be made in the same bank.