There are two kinds of loans, one is commercial loans, and the other is provident fund loans. According to the regulations of the People's Bank of China, the benchmark interest rate of commercial loans is 4.35% for short-term loans within one year (including one year), 4.75% for medium-and long-term loans from one year to five years (including five years) and 4.9% for more than five years; The interest rate of provident fund loans for less than five years (including five years) is 2.75%, and the interest rate for more than five years is 3.25%.
All major commercial banks are based on the benchmark interest rate of the People's Bank of China, which can fluctuate according to the actual situation, so the loan interest rates of major banks will be different. Banks have the right to float on the basis of the benchmark interest rate of commercial loans, and banks will generally decide according to the bank's operating conditions or the qualifications of customers. The benchmark interest rate of individual housing provident fund loans is unified nationwide.
China People's Bank Loan Interest Rate Table in June 2020
Table of loan interest rates of major banks in 2020
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Conditions for commercial loans:
1. The loan object is generally a natural person with full civil capacity.
2. Having urban permanent residence or valid residence status requires the borrower to have legal status.
3 have a stable occupation and income, good credit, and the ability to repay the principal and interest of the loan.
4. There are assets recognized by the lender as collateral or pledge, or units or individuals that meet the prescribed conditions and have compensatory ability as guarantors to repay the principal and interest of the loan and bear joint and several liabilities.
Housing provident fund loan conditions:
1. The lender has a town account;
2. I and my unit have paid the housing provident fund in full and on time in this city for more than one year;
3. Have a stable professional income, good credit and the ability to repay the principal and interest of the loan;
4, there is a legal contract or agreement to buy independent housing, and there is a prescribed proportion of self-raised funds;
5. The assets stipulated in the Guarantee Law are mortgage or pledge of loans;
6. Agree to handle the purchase guarantee or mortgage property insurance;
7. Agree to other conditions stipulated in the housing provident fund management. The housing provident fund management center shall make a decision on whether to grant the loan within fifteen days from the date of accepting the application, and notify the applicant; Where a loan is granted, the entrusted bank shall go through the loan formalities.
Rural credit cooperatives refer to rural cooperative financial institutions established with the approval of the People's Bank of China, which are composed of members' shares, implement democratic management and mainly provide financial services for members.
The conversion principle of pricing benchmark for floating interest rate loans on stock is as follows:
1. The borrower can negotiate with the bank to determine whether to convert the pricing benchmark into LPR or fixed interest rate. The borrower has only one choice, and it cannot be converted again after conversion. In the last repricing cycle, the floating-rate loan of inventory shall not be converted.
2. The renovation began on March 2020 1 and should be completed before August 3, 20201in principle.
3. The converted loan interest rate level shall be determined by both parties through consultation. In order to implement the regulation requirements of the real estate market, the existing commercial personal housing loan interest rate at the discount point should remain unchanged.