When individuals can't pay the purchase price through provident fund loans, they can apply for portfolio loans from the handling bank entrusted with provident fund loans. After the two loans are approved, the bank will transfer them to the account of the selling unit at the same time. In portfolio loans, the loan term, loan date and repayment date of provident fund loans and commercial loans are the same, but different interest rates are implemented.
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Matters needing attention
1. Because portfolio loans involve both commercial loans and provident fund loans, buying a house with portfolio loans will still count as a second suite on the premise that the loan applicant already has a house in his name.
2. If the purchaser uses a portfolio loan to purchase a house, the interest rates of provident fund and commercial loan shall be calculated separately. In terms of commercial loans, many banks have a 10% discount on interest rates, and the benchmark interest rate is partially implemented in the provident fund.
3. Because portfolio loans require buyers to apply for commercial loans and provident fund loans at the same time, the handling process is complicated, and the processes for handling the two loans need to be carried out at the same time. Some commercial banks need to see the mortgage certificate before they can lend money, but in the process of handling provident fund loans, they need to evaluate the purchased houses before they can go to the Construction Committee for online signing, so the overall process of handling portfolio loans is slow.
Baidu encyclopedia-portfolio loan