2. The loan amount is different. The loan amount of portfolio loans and commercial loans is higher than the provident fund. Therefore, many people choose portfolio loans when the amount of provident fund loans is insufficient.
3. The loan conditions are different. The requirements of commercial loans are good personal credit, no bad credit record and repayment ability. As long as you buy a house, whether it is an ordinary house or a commercial and residential building, villa or office building, you can use commercial loans. Portfolio loans must meet the requirements of both provident fund loans and commercial loans.
4. The complexity of the loan process is different. The process of commercial loan is relatively simple. After banks apply for commercial loans, they can issue loans soon. In portfolio loans, commercial loans are applied to loan banks, and provident fund loans are applied to provident fund centers. Lending is slower than provident fund loans and commercial loans.
5. Different sources of funds. Commercial loans are transactions in which real estate is used as collateral to obtain one-time loans from banks and other financial institutions. The funds for portfolio loans come from provident fund centers and banks.
What is the process of buying a house loan?
1. Understand the loan policy. Property buyers must understand the local loan policies before preparing loans to buy a house, such as the standards of the first and second suites, the minimum loan ratio, the maximum loan amount and so on.
2. Understand the credit information. Whether the credit information is good or not is related to whether the buyers can get loans smoothly. So it's best to know their credit information to see if they meet the conditions of loan, so as to avoid loan failure or limited amount.
3. Know the bank. Although the big standards implemented by different banks are the same, some details may be slightly different, so I suggest you ask about the loan conditions, interest rates, quotas, approval time, lending time and so on. And then compare and choose the banks with high cost performance.
4. Sign a loan contract. If the buyer meets the loan conditions, the buyer can prepare the loan materials to sign the loan contract after signing the house sales contract with the developer and paying the down payment. When applying for a loan, the buyer should prepare the necessary documents, mainly including: ID card, household registration book, marriage certificate, work certificate, income certificate, purchase contract and other materials needed by the bank.
5. Waiting for a bank loan. If the loan contract is not signed, the bank will immediately lend money, usually through the approval process. If qualified, you can wait for the bank to lend money.