With the continuous growth of China's economic level and the increasing number of cars, parking spaces are becoming increasingly difficult to find. In the future, the demand for parking spaces will naturally increase. At this time, borrowers with parking spaces will ask if they can lend money by mortgaging their parking spaces. However, people who want to buy a parking space ask how much is the down payment for a parking space loan. One needs a parking space mortgage loan, and the other needs a parking space loan. The two complement each other and become a cycle. Next answer.

The first thing that needs to be made clear is that you can borrow money whether you are buying a parking space or mortgage a parking space. Generally speaking, it is not acceptable to go to a bank for a loan just for a parking space. It is not ruled out that some small commercial banks will consider the property rights of parking spaces as collateral when applying for mortgage loans. Some banks will also consider the high value of parking spaces to apply for mortgage loans for good places in first-tier cities. However, many banks require loans exceeding $100,000.

The total down payment for the parking space is RMB 2-30, or the down payment designated for the parking space should be paid to the developer. The average annual interest rate for 3-5 year loans from general banks is 4.75, and the general term for unsecured parking space loans is 1-3 years. The interest rate is high but the approval time is short, while the maximum term of a mortgage loan does not exceed 10 years, the interest rate is low but the approval time is long. You can also click to refer to China Merchants Bank’s parking space loan calculator for calculation.

General process for applying for a parking capacity loan

1. Sign a "Parking Space Purchase Contract" with the real estate developer;

2. Pay the total price of the parking space to the bank 2 -30 down payment, or a down payment designated for the parking space to the developer.

3. Fill in the loan application form and submit the materials required for approval;

4. The bank conducts approval and credit investigation;

5. Sign the "Loan Contract" . If you use a mortgage loan, you also need to go through procedures such as mortgage registration.

6. The bank directly transfers the loan to the developer’s exclusive account opened at the bank;

7. Finally, repay the principal and interest as stipulated in the loan contract.

Finally, parking space loans are higher than the central bank’s benchmark interest rate. The maximum loan amount of Agricultural Bank of China shall not exceed 60% of the assessed value of the collateral, and the loan term shall not exceed 10 years. When applying for parking garages from Industrial and Commercial Bank of China and Bank of Communications, the loan amount shall not exceed 70% of the transaction price, and the loan term shall not exceed 10 years. Minsheng Bank limits parking space loans to parking spaces in the community where the Minsheng Home Loan first-hand housing loan is located. The loan amount does not exceed 60% of the transaction price of the garage parking space, and the same loan term does not exceed 10 years.

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