What is the mortgage loan interest rate for a second home?
The loan interest rate for a second home will increase by 20-25% based on the benchmark interest rate, and the interest rate for a first-home mortgage will increase by 15-20%. The provident fund loan interest rate for the second home is increased by 10% based on the benchmark interest rate. The interest rate for the first home loan is the benchmark interest rate, and the interest rate for the second home loan is 10%.
Second home loan process
Second home loans are basically the same as first home loans, the only difference is the loan percentage and interest rate. The following is the personal residential commercial loan application information submitted by China Construction Bank. The regulations of each bank are similar. Home buyers should refer to the specific terms of the lending bank when taking a loan:
1. Personal housing loan application form. Copy of ID card (resident ID card, household registration book, military officer ID card) , passport, family visit permit, return home permit, etc. of the overseas natural person’s right of residence in China). Proof of the borrower's stable economic income or other proof of debt repayment ability provided by a relevant institution approved by the handling bank.
2. Legal house sales contract, agreement and related approval documents. Collateral or mortgage list and property rights certificate, guarantee or mortgage guarantee provided by the person with the right to dispose of the property, and appraisal approved by the lending bank Letter of guarantee issued by the institution. The guarantor shall issue a written consent for the guarantee and its credit certificate.
3. The borrower provides mortgaged CCB deposit documents, certificated treasury bond documents, etc. to the lending bank. Relevant certificates of the borrower’s own funds needed to purchase (renovate) a house.
4. House sales (pre-) certificate or house pre-sale certificate (existing house). If the borrower's spouse applies for a loan together with his wife, the spouse's relevant information should also be indicated in the application form, and the marriage certificate, household register, etc. should also be provided. Other documents and information specified by the lending bank.