Housing provident fund loans can only be used to buy houses with 70-year property rights, and other types of houses such as commercial houses cannot apply for provident fund loans. So, please pay attention to this when you buy a house and apply for a loan. The types of houses faced by commercial loans are relatively loose, and you can apply for apartments in addition to houses.
Differences in loan interest rates
This is because the provident fund loan is not a policy loan for profit, so the interest rate is relatively low. Commercial loans are different. Commercial bank loans are for profit, and the interest rate is relatively high.
The loan amount is different
Generally speaking, if commercial loans and provident fund loans buy the same house, then the proportion of the first house that provident fund loans and commercial loans can borrow is different.
The loan process is different.
1, provident fund loan
The process of provident fund loan is generally: qualification examination, house inspection, online signing, evaluation, face-to-face signing, preliminary examination, signing loan contract, paying taxes, transferring ownership, issuing real estate license, mortgage and lending.
2. Commercial loans
The process of commercial loans is generally: qualification examination, house inspection-evaluation-loan allocation-online signing-tax payment-transfer-real estate license issuance-mortgage-lending.
Different repayment methods
There are many repayment methods for commercial loans. In contrast, the repayment method of provident fund loans is relatively simple, with equal principal and interest and average capital as the main methods. In addition, provident fund loans only have one opportunity to repay in advance.
The approval time and organization are different.
1. The loan approval will take about 20 working days. Provident fund loans need about 40 jobs, mainly because the provident fund will be submitted to the bank for re-examination after review.
2. Commercial mortgage is mainly approved by banks, which make decisions. The provident fund mortgage needs the approval of the provident fund management center, and the decision is made by the provident fund management center, and the bank is only the executing agency.
The above is the difference between commercial loans and provident fund loans shared by Bian Xiao. More information can focus on the construction industry and share more dry goods.