First of all, banks or other financial institutions usually check the credit history of borrowers when approving loans. If the borrower has an overdue record, its credit rating will be lowered, which will have a negative impact on the loan application.
Second, even with overdue records, borrowers may still get loans, but they will face higher interest rates and stricter scrutiny. Banks or financial institutions may require borrowers to provide more guarantee measures, such as providing a higher down payment or additional collateral.
Third, borrowers can improve their credit records to increase their chances of obtaining loans. Paying off overdue loans or credit card bills in time and establishing a good repayment record will help improve the credit rating. The borrower can also apply for a credit report to ensure that the information is accurate and correct any mistakes in time.
To sum up, borrowers with overdue records will face some difficulties when buying a house with loans, but it does not mean that they can't get loans at all. By improving personal credit records, borrowers can increase their chances of successfully applying for loans.
Supplementary information:
According to the data released by China Credit Information Center, China's credit information system is mainly operated by four credit information agencies: China People's Bank Credit Information Center, China Banking Credit Information System, China Internet Finance Credit Information System and Shanghai Credit Information Co., Ltd. These agencies conduct credit evaluation by collecting personal credit, consumption, public affairs and other information, and provide credit reports to financial institutions to help financial institutions conduct risk assessment on borrowers.
According to the construction of China's credit system, individuals are encouraged to consciously abide by the law and self-discipline, and gain more financial convenience by establishing a good credit record. In terms of loan purchase, credit records are very important for approving loan applications. Therefore, it is suggested that borrowers should develop good credit habits, avoid overdue and default, maintain a good credit rating and improve the chances of obtaining loans when economic conditions permit.