1. First Home Loan Policy

In 2018, my country’s interest rates for loans to purchase first homes increased by about 10%, and the loan down payment ratio was also adjusted to 30%, which means that The amount borrowed when buying a house cannot exceed 70% of the total value of the residential transaction. Of course, for cities with no purchase restrictions, the down payment ratio for buying an ordinary residence with a first loan is 25%.

The current benchmark interest rate for purchasing a house with a loan is 4.90%. The interest rate is adjusted according to the loan term. The interest rate for a loan within one year is 4.35%, the interest rate for a loan between 1 and 5 years is 4.75%, and the interest rate for a loan of 5 years The interest rate is 4.90% for more than 10 years. Generally speaking, the loan term will not exceed 30 years.

2. Conditions for purchasing your first home

To purchase your first home, you need to be at least 18 years old, purchase an ordinary house with an area of ??less than 90 square meters, and do not have any property rights in your name. You must meet certain conditions such as housing. If you buy a house with your parents, then the ordinary house you buy for the first time can qualify for the first home purchase.

3. How to identify it as the first home

1. The home buyer has a house with a paid-off loan in his name and applies for a loan to buy an ordinary house again, which can be recognized as the first home.

2. Although the home buyer had a loan to buy a house, the house was sold. Although there was a loan record in the bank's credit reporting system, there was no real estate property in the local housing registration system. Again If you apply for a loan to purchase an ordinary residence, it can be considered as your first home.

3. The home buyer has a fully paid house in his name and applies for a loan to purchase an ordinary house again, which can be regarded as the first home.

4. The home buyer has two commercial loan-purchased houses in his name, but both have paid off the loans and sold them. If proof of sale can be provided, then applying for a loan to buy a house can be regarded as the first house.

Editor’s summary: The above is an introduction to the first-home loan policy. Currently, the interest rate for first-home loans has risen a lot, which means that the difficulty of getting a loan has increased, which has restricted some people who want to borrow money to buy a house. I hope The content shared by the editor has some reference for everyone.