The differences between commercial loans and provident fund loans are as follows:
1, loan conditions: the commercial loan object has passed the credit investigation; Provident fund loans must be paid by on-the-job employees, and can only be processed if they are paid in full within a certain period of time.
2. House type: you can use provident fund loans to buy ordinary houses, but you can't use provident fund loans to buy commercial houses and villas; Commercial loans are not limited by the type of house.
3. The loan process is different from the examination and approval institution.
4. Different loan interest rates: the loan interest rate of provident fund is low, and the interest is low; Interest on commercial loans will be relatively high.
5. Different sources of funds.
What's the difference between provident fund loans and commercial loans?
The difference between provident fund loans and commercial loans;
1. If the interest rates of the two loans are different, the interest rate of the provident fund loan will be much lower;
2. Different loan subjects, the subject of provident fund loans is smaller than that of commercial loans;
3. Adventurers are different. The risk of provident fund loans is borne by the housing provident fund management center, and the risk of commercial loans is borne by themselves.
legal ground
Article 26 of the Regulations on the Management of Housing Provident Fund
Workers who have paid housing provident fund may apply for housing provident fund loans from the housing provident fund management center when purchasing, constructing, renovating or overhauling their own houses.
The housing provident fund management center shall, within 05 days from the date of accepting the application, make a decision on whether to grant the loan or not, and notify the applicant; If the loan is granted, the entrusted bank shall handle the loan formalities.
The risk of housing provident fund loans shall be borne by the housing provident fund management center.
Article 27
Applicants who apply for housing provident fund loans shall provide guarantees.
The difference between commercial loans and provident fund loans
The differences are as follows:
First of all, facing different types of houses
1. Housing provident fund loans can only be used when buying houses with 70-year property rights, and other types of houses such as commercial houses cannot apply for provident fund loans. Therefore, please pay attention to this when you buy a house and apply for a loan.
2. The types of houses faced by commercial loans are relatively loose. In addition to houses, apartments can also be applied for.
Second, the loan interest rate difference.
This is because the provident fund loan is not a policy loan for profit, so its interest rate is relatively low. Commercial loans are different. Commercial bank loans are for profit, and the interest rate is relatively high.
Third, the loan amount is different.
Generally speaking, if the commercial loan and the provident fund loan buy the same house, then the commercial loan of the first house can reach 70%. The first set of pure provident fund loans can be up to 80%.
Fourth, 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. In this way, provident fund loans and commercial loans are obviously very different.
Fifth, the repayment methods are different.
In addition, there are many repayment methods for commercial loans, which are more free and flexible on the basis of prepayment. General commercial loans can be repaid in advance every year after one year. 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.
Six, the approval time and institutions are different.
1. It takes about 20 working days to approve commercial loans. 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 loans are mainly approved by banks, and the banks make decisions. The mortgage loan of provident fund needs to be approved by the provident fund management center, and the decision-making power is in the provident fund management center, and the bank is only the executing agency.
Seven, facing different people.
Commercial loans are open, as long as they meet the loan conditions. Provident fund loans need to be paid in full for more than 6 months every month, and they can only apply if they have a stable occupation and income. Compared with commercial loans, provident fund loans have higher requirements.
What are the advantages of provident fund loans?
First of all, low interest rate is the biggest advantage of provident fund loans.
The biggest advantage of provident fund loans is the low interest rate. At present, the first-home provident fund loan is 2. 15 percentage points lower than the commercial loan, and the second-home provident fund loan is 2.37 percentage points lower than the commercial loan. Based on the loan of 800,000 yuan and 20 years, the first and second suites of provident fund loans are less than commercial loans, and the monthly payment is about 1000 yuan, saving total interest of more than 200,000 yuan.
Second, the preferential loan policy caters to the needs of buyers.
The loan policy is variable. For the first home loan, the provident fund loan will implement the loan policy of 20% down payment for less than 90 square meters and 30% down payment for more than 90 square meters. On the second home loan, although both the commercial loan and the provident fund loan are down payment of 60% and the interest rate rises by 1. 1 times, the provident fund loan has the advantage of low interest rate on the one hand, and on the other hand, the standard of "recognizing the house but not denying the loan" of the provident fund is more humanized, which is not only consistent with the standard for determining the purchase restriction, but also in line with the actual market situation. The preferential policies for the first and second suites of provident fund loans have also won the favor of more borrowers to a great extent.
Third, unrestricted loans are issued at the same speed as commercial loans.
Professional personal loan experts pointed out that the amount of commercial loans has been in a tight state since 20 1 1, and this phenomenon has not been alleviated in the second half of the year. Customers of various banks are waiting in line for loans everywhere, and provident fund loans are not limited by the amount of loans. At present, they can compete with commercial loans in terms of lending speed, and even the cycle of provident fund loans in some areas has exceeded that of commercial loans.
The difference between provident fund loans and commercial loans
The differences between provident fund loans and commercial loans are as follows:
1, with different loan ranges.
Except for commercial and residential buildings, other types of houses cannot apply for provident fund loans. The types of houses with commercial loans are relatively loose. In addition to residential buildings, commercial and residential properties can also apply for commercial loans.
2. The nature of loans is different.
Provident fund loans are policy loans and are not for profit. Commercial loans are loans issued by commercial banks, and the loan interest rate is higher than the provident fund loan interest rate to obtain profits.
3. The loan interest rate is different.
The interest rate of provident fund for more than five years is 3.25%, while the interest rate of commercial loans for more than five years is 4.9%.
The loan amount is uninterrupted.
Every city has an upper limit on the amount of provident fund loans, but there is no clear upper limit on commercial loans.
5. The approval time is different
Provident fund loans take about 40 working days, while commercial loans only take 20 working days.
6, the applicable population is different
Provident fund loans can only be applied by people who pay the provident fund, while commercial loans are open to the public.