Process of applying for portfolio loan
1. Apply for a loan from the bank.
The borrower applies for housing provident fund loans to the real estate credit department of CCB in all districts and counties with a copy of the purchase contract and the developer's housing sales license, ID card, housing provident fund savings magnetic card and seal. It should be noted here that if it is a housing provident fund loan for both husband and wife, you must also bring a marriage certificate or other proof of the relationship between husband and wife, and fill out the Application Form for Personal Housing Provident Fund Loan (Combined Loan).
2. Bank audit
After receiving the loan applicant's application, the loan bank will review the information provided by the borrower, judge whether the borrower meets the loan conditions according to the information, calculate the loan amount and determine the loan term.
3. Sign a loan contract
After the loan bank examines the borrower's application, the borrower signs a loan contract and a mortgage contract with the bank (signing a pledge contract without housing guarantee).
4. Go through the loan guarantee procedures
If you buy a house with a loan, most of them will use the house you just bought as a guarantee, so going to the property right department, that is, the real estate registration center to apply for registration is the mortgage registration procedure.
5, housing mortgage insurance procedures.
After the borrower goes through the mortgage or pledge formalities in the property right department, it is necessary to submit the materials for handling the property right certificate, together with the housing ownership certificate, mortgage certificate and other loan materials to the loan bank for home insurance formalities.
6. Bank remittance
The borrower will go to the loan bank to withdraw money according to the time agreed with the loan bank. Generally speaking, the money will not go through the hands of buyers, and the loan bank will directly transfer the money to the selling unit.
What are the precautions for buying a house with a portfolio loan?
1. Only provident fund depositors can apply for portfolio loans.
If the buyer wants to apply for a portfolio loan because the commercial loan interest rate is relatively high, then when applying for a portfolio loan, the borrower must pay the provident fund in full and on time at the place where the house is to be purchased, and the provident fund account is still in a normal state of payment.
2. Make full use of provident fund loans.
For buyers who are ready to apply for portfolio loans, provident fund should be the main way to apply for loans. Therefore, we should make good use of the amount of provident fund loans first, extend the loan term as much as possible, shorten the commercial loan term as much as possible, reduce the monthly repayment amount and save the loan cost.
3. Pay back the commercial loan before prepayment.
Most buyers who borrow money to buy a house plan to repay the loan in advance, but for buyers with portfolio loans, commercial loans should be repaid first, 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
Before applying for a portfolio loan, buyers must first determine the loan amount. After all, the loan review is very strict, and the portfolio loan is more strict. Once the loan amount applied for by the provident fund is determined, it cannot be changed. Therefore, loan applicants and their spouses need to 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.