2. High quota: Many property buyers give up using provident fund loans because the loan quota of provident fund loans is limited and cannot meet their housing needs, while portfolio loans can allow applicants to enjoy the low interest rate of housing provident fund loans. At the same time, for those friends whose provident fund loan amount is too low to meet the housing demand, they can get a larger loan amount through commercial loans. It can be seen that portfolio loan is a loan method that combines provident fund loan and commercial loan.
What are the precautions for buying a house with a portfolio loan?
1. Only provident fund depositors can apply for portfolio loans: portfolio loans mainly refer to commercial loans plus provident fund loans. Therefore, if buyers want to apply for portfolio loans, they need to pay the provident fund in full and on time at the place where they purchase, and the provident fund account is still in a normal payment state.
2. Make full use of provident fund loans: When applying for portfolio loans to buy a house, buyers must give priority to making full use of their own provident fund loans, and try their best to extend the loan term, while greatly shortening the commercial loan term, so as to reduce the monthly repayment amount and save the loan cost.
3. Commercial loans should be repaid before the repayment period: For buyers who use the portfolio loan method to buy houses, if they want to repay in advance, they must give priority to commercial loans, because the loan interest rate of commercial loans in portfolio loans is higher than that of provident fund loans. If the commercial loan is paid off first, the borrower can save a lot of mortgage interest.
4. Determine the loan amount: When buyers apply for portfolio loans, once the loan amount of provident fund is determined, it cannot be changed. Therefore, when applying, buyers must go to the provident fund management center to inquire about the maximum loan amount and determine the final loan amount according to their own situation. The maximum loanable amount of portfolio loans is determined by two aspects, namely, the maximum amount of provident fund loans and the maximum amount of commercial loans. The lower of the two is the final loanable amount of the portfolio loan.