What are the requirements for a bank loan?

Bank loans can relieve a lot of financial pressure for home buyers. However, there are many conditions and processes that must be met to apply for a loan. So what are the requirements for a bank loan? What about the conditions? If you want to know more, you can take a look.

What are the requirements for bank loans

1. The borrower must be over 18 years old, have full civil capacity, be a responsible natural person, and must have an urban resident registration; 2. Have stable income, ability to repay interest, and good credit; 3. Applicants must have their own funds of 20% of the total purchase price; 4. The purchased house is not within the scope; 5. The lender agrees to use the purchased house as Collateral.

How to apply for a bank loan as an individual

1. Submit a loan application to the bank

The borrower first applies to the bank for a loan and declares the loan limit, loan purpose and Loan term.

2. Submit loan application information to the bank

Then, the lender needs to submit the house ownership certificate, household registration book, marital status and other relevant documents to the bank for review. If the borrower uses someone else's property to obtain a mortgage, the lender and the homeowner will need to go to the bank to complete the paperwork.

3. The bank will come to evaluate the value of the house

The bank will evaluate the value of the house. Generally, the evaluation of houses in urban areas can be completed on the same day at the fastest, and the completion time is proportional to the distance from the house. .

4. Bank approval

After the borrower submits documents and the bank completes the house evaluation, the bank will approve it. The approval content mainly includes: house value, borrower's income, assets, liabilities, etc. If the loan meets the bank's loan conditions, the bank will approve it.

5. Notarize the loan contract

After the loan is approved, the borrower needs to fill in the loan contract and other related documents, sign and fingerprint them, and have them notarized by a notary.

6. The bank handles the mortgage registration procedures

After these steps are completed, the loan contract is signed, and then the bank goes to the property rights office to handle the mortgage registration procedures with the real estate certificate and loan contract. This step is complicated and takes a relatively long time, and it is also the key to the speed of loan disbursement.

7. Bank loan

Finally, the borrower opens a repayment account and waits for the loan.

What are the conditions for a loan?

1. What are the conditions for bank loans:

1. The applicant must be a natural person with full capacity for civil conduct.

2. Having a permanent urban residence or valid residence status means that the borrower is required to have a legal identity.

3. Have a stable career and income, good credit, and the ability to repay the principal and interest of the loan.

4. Some banks will require applicants to have applied for a credit card or borrowed money from the bank and have a good credit record.

5. Some also require assets recognized by the bank as mortgage or pledge, or a unit or individual that meets the prescribed conditions and has the ability to pay as a guarantor to repay the principal and interest of the loan and bear joint liability.

2. To apply for a personal credit loan from the bank, the borrower must fill in the application form in writing and submit the following information:

1. Valid identity document;

2. Proof of residential address (household registration book, etc.);

3. Proof of personal occupation;

4. Proof of income of the loan applicant and his family members;

5. Other information specified by the bank.

The loan procedure is that you submit your personal loan requirements and general information to the bank or loan product agency. Then the bank will conduct a preliminary review of the loan applicant's loan application and arrange for a dedicated person to contact the loan applicant. After contact, if After passing the preliminary review, the loan applicant will be guided to provide the required materials, and then reviewed again, and finally the loan will be granted.

Extended information:

Loan is a form of credit activity in which banks or other financial institutions lend monetary funds according to certain interest rates and must be returned. Loans in a broad sense refer to the general term for lending funds such as loans, discounts, and overdrafts. Banks invest their concentrated currency and monetary funds through loans, which can meet the society's need for supplementary funds to expand reproduction and promote economic development. At the same time, banks can also obtain loan interest income and increase their own accumulation.