As we all know, home mortgage loans use houses as collateral to borrow funds from banks or non-bank institutions. So, what are the conditions for a house mortgage loan? Let’s find out together.

To put it simply, a house mortgage loan is a loan that the borrower applies to a financial institution using the property as collateral. Now let’s talk about some basic conditions required for a house mortgage loan.

Applicant requirements: a natural person with full civil capacity, good information records and willingness to repay, and the actual age on the loan maturity date is generally not more than 65 years old; legal and valid documents are also required. Proof of identity, such as: ID card, household register, marriage status certificate, work certificate, bank statement, etc.

Collateral requirements: The property rights of the mortgaged house must be clear, meet the listing and trading conditions stipulated by the state, and be able to enter the real estate market without any other mortgage. The mortgaged house is not included in the local urban reconstruction and demolition plan, and has a real estate certificate and land certificate issued by the real estate department and land management department.

In addition to the above two basic conditions, the applicant also needs to have the ability to pay the first installment of the house purchased. For example, if the newly purchased house is used as the maximum mortgage, a legal and valid house purchase contract must be in place. The house must be less than 10 years old, and a down payment of no less than 30% of the total price of the house purchased must be prepared or paid.

To sum up, a house mortgage loan is a loan that the borrower applies to a financial institution using the property as collateral. House mortgage loans require the applicant’s ID card, household register, marriage status certificate, employment certificate, and bank statements. In addition, the property rights of the mortgaged houses must be clear, meet the listing and trading conditions stipulated by the state, and can enter the real estate market without any other mortgages.

Reminder: In addition to providing a legal and valid home purchase contract or agreement, you also need to have an effective guarantee recognized by the lender.