With the development of society, it has become very common for parents to buy houses and loans for their children, because the price of good lots is too expensive for them to afford. As parents, they usually pay the down payment to their children first, and then let them borrow money to buy a house. So can parents apply for loans for their children when they buy a house? Let's take a look at it today!
Can parents give their children a loan to buy a house?
After parents buy a house, their children can get loans, but they must meet certain conditions. Details are as follows:
1. Parents need their children as the first lender and parents as the second lender. They need to provide ID cards, household registration books, marriage certificates, income certificates, bank accounts, etc. Both parents should provide it.
Under normal circumstances, the age of bank loans is no more than 60 for men and no more than 55 for women. Because of the problem of proof of income, children can sign bank loan information as co-payers, but children can't show it on the real estate license.
3. Abide by the law, be honest and trustworthy, and have no illegal acts. At present, there are no criminal cases or civil cases against them.
4. The credit is good, and the credit record meets the requirements of our bank. At present, there is no default in the loan business handled by our bank.
5. The loan period for buying a house and co-borrower's age shall not be greater than 70.
It is worth noting that whether parents can buy a house for their children depends on how local policies stipulate. For example, in Shanghai and Shenzhen, the applicant's children can be co-applicants, and the children can also help their parents repay their loans.
The above is an answer about whether parents can buy a house, hoping to help everyone solve problems in life.
Can parents get commercial loans in the name of their children when buying a house?
You can't.
Taking Shanghai as an example, the Resolution on Effectively Implementing the Spirit of Shanghai's Real Estate Regulation and Promoting the Orderly Operation of the Real Estate Financial Market requires commercial banks to control the source of primary repayment, and it is strictly forbidden to evade the regulation policy through adult children, (both) parents, ex-husbands, ex-wives or other third parties to participate in joint repayment and assume repayment responsibilities, and the relay loan is stopped.
Manager Huang of a joint-stock bank in Hangzhou said that the loan period can reach 70 years old, but there are few similar businesses, and such businesses are basically not done because the risk control requirements are strict and few customers meet the requirements.
It is understood that the longest term of mortgage loan is 30 years, and the repayment can reach 70 years. This does not mean that a 70-year-old can still apply for a mortgage loan, but a 40-year-old borrower can apply for a repayment period of up to 30 years.
As for parents and children repaying loans together, many bankers told reporters that this is called relay loan in the industry, which is not new. Domestic commercial banks have been in operation for more than ten years. Mainly for the sake of reducing their own risks, the bank changed the project that only one person or both husband and wife could repay the loan to the project that all families could repay the loan.
Extended data:
Mr. Zhou of a sales company in Hangzhou said that due to the current purchase restriction policy, children can buy a house in the name of their parents without the qualification to buy a house, and then use relay loans to solve the problem that their parents can't mortgage loans. Not many people are directly affected by this policy, but it is easy to be used by investment speculative demand to avoid restrictions on purchases and loans. If the elderly are the main borrowers, the children will be jointly and severally liable for repayment, which will easily lead to policy loopholes.
According to the chief analyst of Zhongyuan Real Estate, from 20 17 to 20 18, the real estate regulation and strict loan restrictions in many cities have obviously suppressed the demand for multi-suite investment in the property market. However, the relay loan will encourage children to use the loan qualification of the elderly to enjoy the first suite treatment or still be able to get loans, thus in fact bypassing the loan restriction policy.
In this regard, some experts suggested that banks should implement the same access requirements for borrowers and co-borrower, that is, parents and children should be qualified to purchase houses before using relay loan products to avoid some speculation.