Loan process

(1) Select an attribute

If property buyers want to get mortgage services, they should focus on this aspect when choosing real estate. When buyers learn in advertisements or through the introduction of sales staff that some projects can apply for mortgage loans, they should further confirm whether the real estate developed and built by developers has obtained the support of banks to ensure the smooth acquisition of mortgage loans.

(2) Apply for mortgage loan

After confirming that the property you choose has bank mortgage support, buyers should learn about the bank's regulations on obtaining mortgage support from the bank or the law firm designated by the bank, prepare relevant legal documents, and fill out the mortgage application.

③ Sign the purchase contract.

After receiving the relevant legal documents of the mortgage application submitted by the buyer, the bank will issue a loan consent notice or a mortgage loan commitment letter to the buyer after confirming that the buyer meets the mortgage loan conditions. Property buyers can sign the "Pre-sale Sales Contract of Commercial Housing" with developers or their agents.

(4) signing a house mortgage contract

After signing the purchase contract and obtaining the payment voucher, the purchaser signs the Building Mortgage Loan Contract with the developer and the bank with the relevant legal documents stipulated by the bank, so as to specify the amount, term, interest rate, repayment method and other rights and obligations of the mortgage loan.

(5) Mortgage registration and insurance.

Property buyers, developers and banks hold building mortgage loan contracts and purchase contracts to the real estate management department for mortgage registration and filing procedures. If the auction house is delivered, the mortgage registration shall be changed after completion. Usually, due to the relatively long term of mortgage loans, banks require buyers to apply for life and property insurance to prevent loan risks. Property buyers should list the bank as the first beneficiary when purchasing insurance, and the insurance shall not be interrupted during the loan performance, and the insurance amount shall not be less than the total value of the collateral. Before the loan principal and interest are paid off, the insurance policy is handed over to the bank.

(6) Open a special repayment account

After the house mortgage loan contract is signed, the buyer opens a special repayment account in the financial institution designated by the bank according to the contract, and signs a power of attorney to authorize the institution to pay the loan principal and interest and arrears related to the mortgage loan contract from this account. The bank is confirming that the buyers meet the mortgage loan conditions and fulfill the obligations stipulated in the building mortgage loan contract.