In terms of loan interest rates, it is a good deal. As we all know, when applying for a loan at a bank, the loan interest rates will vary depending on the loan products.
Home loan interest rates are definitely higher than mortgage loan interest rates. In 2021, the average loan interest rate for first-time buyers has reached more than 5.8, while the interest rate for mortgage loans is generally around 5.8.
Suppose A wants to buy a house worth 1 million. If he chooses a home purchase loan and A has prepared a down payment of 300,000, he needs to apply for a mortgage of 700,000.
Calculated based on the loan interest rate of 5.8, if the loan term is 30 years, one *** will need to bear loan interest of about 1.2 million.
If A buys a house in full and then mortgages the house, he will most likely apply for a loan amount of about 700,000, and the loan interest rate will be around 5.
Of course, the bank will not allow A to apply for a 30-year mortgage loan period. Calculated over 10 years, A*** will have to bear interest of about 350,000 yuan.
In addition to saving interest, if you buy the house in full first and then mortgage it, you can also save the next tax. And because the home buyer is buying the house in full, you can also negotiate the price of the house with the developer. .
And the general mortgage loan approval cycle is 1-2 months, and the mortgage loan approval cycle is 2-3 working days.
Home loan, also known as home mortgage loan. A home loan is when a home buyer fills out an application for a home mortgage loan to the bank and provides legal documents such as ID card, income certificate, house sales contract, letter of guarantee, etc. that must be submitted. The bank will make a commitment to the home buyer after passing the review. Grant loans, and handle real estate mortgage registration and notarization based on the house sales contract provided by the home buyer and the mortgage loan contract signed between the bank and the home buyer. The bank will directly transfer the loaned funds to the house selling unit within the period specified in the contract. on the bank's account.
Housing Loans
Personal housing loans refer to loans issued by banks to borrowers for the purchase of ordinary houses for self-use. Borrowers must provide security when applying for a personal home loan. There are three main types of personal housing loans: entrusted loans, self-operated loans and portfolio loans. Entrusted loans
Personal housing entrusted loans refer to loans issued by banks to individuals purchasing ordinary housing in accordance with specified requirements, using housing provident fund deposits as the source of funds, and in accordance with the entrustment of the housing provident fund management department. Also called provident fund loan.
Self-operated loans
Personal housing self-operated loans are loans issued to individual home buyers with bank credit funds as the source. It is also called commercial personal housing loan, and the loan names of each bank are also different. China Construction Bank calls it personal housing loan, and Industrial and Commercial Bank of China and Agricultural Bank of China call it personal housing guaranteed loan.
Combined Loans
Personal housing portfolio loans refer to loans issued to the same borrower for the purchase of ordinary housing for self-use from housing provident fund deposits and credit funds. It is a personal housing entrusted loan and a portfolio of self-operated loans. In addition, there are housing savings loans and mortgage loans.
Mortgage repayment methods: equal amounts of principal, equal amounts of principal and interest, biweekly payments, etc.;
Loan amount: After passing the bank's review, you can loan 80% of the property value.
Mortgage down payment: A mortgage loan for a first home requires a down payment of 30%, and a mortgage loan for a second home requires a down payment of 50%.
Loan period: The loan period for first-hand houses is 30 years, and that for second-hand houses is 20 years. At the same time, the loan period plus the age of the applicant shall not exceed 70 years old.
Loan interest rates: The benchmark interest rate for first-home loans with a term of more than 5 years is 6.55, and the interest rate for second-home loans is 1.1 times higher than the benchmark interest rate, which is 7.26.
Methods
There are three types of housing loans, namely bank commercial loans, provident fund loans, and combination loans.