Because if a loan is not updated in the banking system, it will automatically become invalid. As long as the loan is not issued, it will have no impact.

If you have to cancel it, you must first cancel the sales contract with the developer, and then inform the relevant account manager of the bank that handled the loan (that is, the one who signed the loan contract at that time) and tell the bank that you will not lend, and the bank will handle the relevant cancellation procedures.

And there is no handling fee for cancellation. Unless the house is not bought in violation of the contract, the developer will charge liquidated damages, but the bank will not.

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Provident fund loan

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Loan purchase conditions

1. Conditions for applying for provident fund loan to buy a house

According to the Regulations on the Administration of Housing Provident Fund, the conditions for citizens to apply for provident fund loans are as follows:

First of all, the housing purchased by the applicant must be self-occupied, have a permanent residence in this city or a valid identity document, and have paid the housing provident fund normally for six consecutive months before applying for a loan.

Secondly, the applicant has a stable economic income and no bad credit record. The first suite must pay a down payment of 30% of the house price, and the house below 90 square meters can pay a down payment of 20%. He has the ability to repay the loan according to the regulations. He must also have proof of housing registration information issued by the housing security bureau of the place where the provident fund is paid and the place where the house is purchased.

Finally, the guarantor recognized by the customer provides phased guarantee before the house mortgage takes effect, and the purchased house is used as mortgage. Of course, the buyers who apply for housing provident fund loans are temporarily limited to parents and adult immediate children.

Two: you need to pay off the first home loan before you can apply for a provident fund loan.

Unlike applying for a commercial loan to buy a second home loan, applying for a provident fund loan to buy a second home must meet certain conditions, otherwise it will not be accepted.

Citizens applying for provident fund loans to buy a house, if it is a second suite, must pay off the provident fund loan for the first suite, and the down payment ratio for the loan to buy a second suite shall not be less than 60%. In addition, according to the regulatory policy, the loan interest rate will also rise by 10%.

Housing loan process

Step 1: Application: The lender shall provide the information required for the loan to the provincial provident fund management center as required.

Step 2: The bank conducts credit investigation and loan approval. No matter how you choose to buy a house with a loan, this step is inevitable and it will take some time.

Step 3: Sign the loan contract: The lender will sign the loan contract at the bank with relevant information.

Step 4: Go through the formalities of housing property insurance and mortgage registration: the loan must go through the formalities of insurance and mortgage registration.

Step 5: Loan Transfer: After confirming that the mortgage registration has been completed and the loan contract has come into effect, the loan undertaking bank will transfer the loan to the account designated by the borrower and the borrower on the date agreed in the contract, and send the loan receipt to the borrower.

Step 6: Loan recovery: The lender will repay the loan according to the loan contract from the next month.

Step 7: Loan settlement and cancellation: After the lender pays off the loan principal and interest, the bank will issue a loan settlement certificate and go through the mortgage registration and cancellation procedures.

Reference: Baidu Encyclopedia-Housing Loan