Whether we are buying a house for marriage or for our children to go to school, most people now use loans to buy houses. Loans can reduce the pressure in our lives, because many people cannot afford so much money at once. If you have more money to buy a house and choose a loan, you can use part of the funds to repay the loan every month. The pressure will be much less, but the loan will have interest. So let me introduce to you what is the interest rate for bank loans to buy a house? How to choose a bank for a house loan?
What is the interest rate for bank loans to buy a house?
The People's Bank of China has decided that starting from October 24, the benchmark interest rates for RMB loans and deposits of financial institutions will be lowered to further reduce social financing costs. . Among them, the one-year loan benchmark interest rate of financial institutions has dropped to 4.35%; the one-year deposit benchmark interest rate has dropped to 1.5%; other loan and deposit benchmark interest rates, and the People's Bank of China's loan interest rate to financial institutions will also change; Individual housing provident fund loan interest rates remained basically unchanged.
In addition, some banks and financial institutions will no longer set a floating upper limit on deposit interest rates. We must also work hard to improve the market-oriented formation and hierarchical regulation mechanism of interest rates, and strengthen the central bank's supervision, guidance and control of the interest rate system. , improve the transmission efficiency of currency.
The central bank stated that interest collected in the current year and carried forward from the previous year will be calculated based on the benchmark interest rates of demand deposits and three-month time deposits, which are currently 0.35% and 1.10% respectively. After this adjustment, the deposit interest rate for employee housing provident fund accounts will be uniformly based on the one-year time deposit benchmark interest rate, which is currently 1.50%.
How to choose a bank for home loan
1. Choose a big brand
For customers, a brand bank means that the bank has a good reputation in the industry for many years. , diversification of financial products and professional, efficient and high-quality services, and later services are also more guaranteed. It is best for home buyers to choose brand banks with high reputation, guaranteed financial security and good service quality, such as the five major banks.
2. Look at bank interest rates
Although the bank’s benchmark loan interest rate is 4.9% for more than 5 years, due to the different popularity and policies of real estate developers in different cities, home buyers are choosing Commercial houses or second houses will face rising interest rates, so home buyers should compare more and choose the one that suits them better.
3. Look at liquidated damages
Some banks not only charge liquidated damages for defaulting on payment of house payments, but some banks even charge liquidated damages for partial early repayment of customers. This puts more pressure on customers who want to save interest by paying off part of their loan early. Therefore, when comparing banks, be sure to ask clearly about the limits on liquidated damages, so as not to suffer a boring loss.
4. Look at additional charges
In addition to the principal and interest paid each month, home buyers also need to consider handling fees and other miscellaneous expenses. When applying for a mortgage, you generally need to pay real estate insurance fees, mortgage registration fees, etc. Therefore, when asking about the interest rate, home buyers should also understand the additional fees in order to clearly analyze the loan costs.
5. Look at the discount threshold
Each bank has different loan thresholds, and naturally the discount thresholds are also different. Usually, banks have certain requirements for customers who want to obtain preferential interest rates for loans, but not everyone can enjoy the preferential rates or the lowest interest rate discounts.