What are the precautions for using provident fund loans?
1. Consider the application threshold for loan purchase: Not everyone can meet the requirements of provident fund loans, so buyers should know in advance whether they meet the requirements. Generally speaking, the provident fund center will require loans for six consecutive months (or 1 year, which varies from city to city), and the account is in the state of deposit.
2. Pay attention to the loan amount: Compared with commercial loans, the amount of provident fund loans is relatively low, and buyers should see clearly whether the provident fund loans can meet their housing needs. If the amount is not enough, buyers can also buy a house with a portfolio loan, which is less than the interest of a simple commercial loan, and of course the approval speed will be relatively slow.
3. Limited use of provident fund in different places: With the increase of population mobility, many people want to use provident fund loans in different places, but not all urban provident fund loans are interoperable. Therefore, property buyers should know in advance whether they can use provident fund loans in different places. Even if you can't apply for a provident fund loan, applying for a house to withdraw the balance of the provident fund can also bring great convenience to buyers.
4. Prepare loan materials: Compared with commercial loans, the procedures for provident fund loans are complicated and the loan approval time is long. In order to obtain bank loans more quickly, buyers should prepare various materials in advance, including identity documents, income certificates, wages, purchase contracts and so on. If you don't know what information you need in the future, you can consult your local provident fund center.
5. Remember to cancel the mortgage after the loan is paid off: If the buyer chooses the provident fund loan to buy a house, he must understand the mortgage procedures after the loan is paid off. The specific steps are that the buyers bring the loan settlement certificate (issued by the bank) and his right certificate to the real estate center in the region.
What is the maximum amount of commercial loans for buying a house?
If the personal loan amount is sufficient, the mortgage loan amount is 70% of the appraisal price. (The specific amount varies from bank to bank) If the loan amount is not enough for housing loan, the loan amount shall prevail. The loan amount depends on the following factors:
1. Due to the influence of the down payment ratio of loans, the amount applied for bank loans usually cannot exceed the difference between the total house price minus the down payment. The down payment ratio will be adjusted according to the property market. Restricted cities and non-restricted cities will be different, and different banks in the same area may be different. It is recommended that buyers fully understand the bank mortgage policy of the place where they buy the house and choose a suitable bank to apply for a loan.
2. The repayment ability mainly refers to the monthly income of the lender, because the monthly income directly reflects the repayment ability of the borrower. The relationship between loan amount and monthly income can refer to the following formula: monthly income ≥ monthly mortgage repayment X2.
3. When the bank issues loans, it will review the age of the loan house. Usually the requirement is 20-25 years, 30 years for a looser house and 15 or 10 years for a stricter house. The loan amount of second-hand houses with older houses may be reduced. In strict banks, loans will be refused. It can be said that the shorter the house age, the easier it is to get a loan, and the loan amount is higher than that of an older house.
4. Personal credit information can be said to be one of the important criteria for banks to consider borrowers. Good credit information is a prerequisite for obtaining preferential interest rates and loans. Some banks will look at the credit card credit records of borrowers within two years and the loan credit records within five years. Some banks will look at the credit records for a longer period of time, and the requirements are different. Serious overdue credit reports for three consecutive times and six times in total may lead to loan rejection.