All About Home Loans You Should Know(4)

Amount of credit

Housing Provident Fund Maximum Loan Limit

1. The loan amount does not exceed the borrower's family's ability to repay the loan during the term of the loan

2. the home loans amount does not exceed a certain proportion of the house price

Where commercial housing, cooperative housing, affordable housing (residential housing) and self-built housing are purchased, the loan amount shall not exceed 70% of the price of housing or the cost of building a house;

Where the current public housing, dangerous change to the housing and overhaul of their own housing, the loan amount does not exceed the price of housing or repair 50% of the cost;

The amount of loans for the purchase of private property does not exceed 70% of the estimated value and transaction price of the house;

The amount of replacement public housing loan shall not exceed 50% of the public housing replacement compensation fee assessed by the replacement enterprise, and if the property rights of public housing are purchased, the loan amount shall not exceed 50% of the assessed public housing replacement compensation fee and the total sale price of public housing.

On March 30, 2015, the Central Bank issued a notice: households with 1 housing and outstanding mortgage re-apply for commercial loans to buy ordinary self-housing, the minimum down payment ratio is reduced to not less than 40%;

3. the loan amount does not exceed a certain multiple of the balance of housing provident fund. The loan amount shall not exceed 15 times the balance of the housing provident fund paid by both the borrower's husband and wife.

4. the loan amount does not exceed the maximum loan determined by the municipal housing reform leadership group

Where the proportion of deposits of housing provident funds paid in accordance with the unified provisions of the municipal government, or if the proportion of housing provident fund deposits is reduced with approval in accordance with the provisions, the maximum amount of the loan shall be 100,000 dollors; Our city stipulates that the proportion of housing provident fund deposit spent by foreign-invested enterprises is higher than that of domestic units, so where foreign-invested enterprises and their employees pay the housing provident fund in accordance with the prescribed proportion (12% before July 2000 and 13% after July 2000), the maximum loan limit is 120,000 dollors.

The maximum amount and the multiple of the housing provident fund balance paid by both husband and wife of the borrower shall be adjusted by the leading group of urban housing system reform according to the actual situation.

Influencers

1. Age of the loan applicant

Banks are first based on their age when evaluating the length of their mortgage repayments. Generally in line with the loan conditions, the younger the loan period, the longer, the older the older the loan, the shorter the loan term. Typically, "the lender's age and the length of the loan does not exceed 65 years", that is, the term of the loan that the bank is able to process for it.

2. loan housing age

When a lender buys a property, the "age" of the property he buys will determine how many years he or she can borrow. According to bank regulations, it is easier to make loans for newer-age properties. Like the housing period of less than 10 years of 2-bedroom housing, its various aspects of the conditions are better, the bank is willing to this kind of housing age housing loans to speed up the pace of approval. Second-hand housing in the 70s and 80s was cautious because of the age of housing and the relatively large risk of manageable loans by banks.

3. The economic capacity of the loan applicant

On the other hand, for applicants who borrow to buy a house, such as work income, job stability, savings deposits, assets, etc. are also factors considered by banks, but also the measurement of their loan life. Borrowers with strong economic strength can consider loan schemes with short loan terms and certain repayment pressures. Like 70% 10 or 15 years, or even 6 to 5 00% of the loan scheme. Borrowers with less economic strength need to pay attention to whether their own economic conditions allow them to bear greater repayment pressure, if the bank's credit qualifications and other aspects of better, such groups may get up to 80% of the loan.