Procedures for handling mortgage loans:
Choose real estate
When buyers learn that some projects can handle mortgage loans, they should further confirm whether the real estate developed and built by developers has the support of banks to ensure the smooth acquisition of mortgage loans;
Apply for a mortgage. After confirming that the property you choose has bank mortgage support, buyers should understand the bank's regulations on mortgage loan support for buyers from banks or law firms designated by banks.
Sign a house purchase contract. After receiving the legal documents related to the mortgage application submitted by the purchaser, the bank will issue a loan consent notice or a mortgage loan commitment letter to the purchaser after confirming that the purchaser meets the mortgage loan conditions;
Property buyers can sign a "pre-sale contract for commercial housing" with developers or their agents;
Sign a house mortgage contract. After signing the purchase contract and obtaining the payment voucher, the property buyers sign the mortgage loan contract with the developer and the bank with the relevant legal documents stipulated by the bank, and specify the amount, term, interest rate, repayment method and other rights and obligations of the mortgage loan;
Handle mortgage registration and insurance. Property buyers, developers and banks hold mortgage loan contracts and purchase contracts to the real estate management department for mortgage registration and filing procedures. If the house is delivered in advance, the mortgage registration shall be changed after completion. Under normal circumstances, due to the relatively long term of mortgage loans, banks require buyers to apply for personal and property insurance to prevent loan risks;
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 confirms that the property buyers meet the mortgage loan conditions and fulfill the obligations stipulated in the Building Mortgage Loan Contract;
After handling the relevant formalities, the loan will be transferred to the bank supervision account opened by the developer in the bank as the purchase money of the purchaser.