Name
Personal New Housing Loan (Happiness Builder)
Introduction
Personal New Housing Loan means commercial RMB loan issued to individual buyers for first home purchase with bank credit funds as resource. Customers can enjoy preferential home loan interest rate and one-time preferential payment when handling the first home loan as well as all beneficial remissions of charges during loan processing with Bank of China.
I. Loan Qualifications
Borrowers of personal home loan shall meet the following qualifications:
1. Permanent residence or valid resident identity in China;
2. Proper job and regular income, good credit standing and capability to repay loan principal and related interest on time;
3. Having signed contract or agreement for home purchase;
4. Down payment not lower than 20% of the total housing price;
5. Valid guarantee recognized by the lender;
6. Other qualifications required by the lender.
II. Loan Currency
Currency types of personal home loan shall be RMB and foreign currencies (USD and HKD).
III. Loan Term
Term of RMB loans are not over 30 years, and foreign currency personal home loans are not over eight years.
IV. Interest Rate
Home loan interest rate is set in line with the commercial loan interest rate at the same level and floats within the scope that required by the People's Bank of China.
V. Loan Quota
Amount of a single loan shall be not over 80% of the purchased housing value.
VI. Loan Repayment
You can authorize Bank of China to deduct principal and related interest from the account you appoint at the agreed date of repayment with clear stipulation in loan contract.
You may choose one-off repayment of principal with Interest, matching the principal and interest repayment and matching the principal repayment.
After the loan contract comes into effect, you may apply to Bank of China for partial or whole repayment in advance if your funds resource allows.
VII. Loan Application
The business can be processed at local outlets at levels higher than sub-branches of Bank of China.
Documents needed for personal home loan:
1. Application Form of Loan;
2. Legal identity documents (ID cards, Hukou book, military officer certificate, Housing-Visiting Certificate for Compatriots from Hong Kong and Macau or other valid residence certificates);
3. Certification for down payment for the purchased housing;
4. Income proofs recognized by the lender (including the borrowers' original family income certification, tax payment proof, bank statement, bank savings book and value securities, etc. or their copies);
5. Contract, agreement or other valid documents for the purchased housing;
6. List of mortgage (pledge) items, ownership certification and mortgage (pledge) certification of authorization from the person with disposal rights and valuation documents for mortgage objects;
7. Written documents and credit certification that the guarantor agrees to provide guarantee for the borrower;
8. Documents authorizing lender's enquiry of Personal Credit System of the People's Bank of China and recording enquiry results;
9. Other documents required by the lender.
VIII. Loan Rescheduling
In event of failure to repay loan principal and related interest according to the original plan for whatever reason, you may apply to Bank of China for loan rescheduling, i.e. adjusting term of loan and repayment amount of each installment, so as to meet your financial demand flexibly.
Target Customers
Natural persons with full civil capacity.
Process
Please contact outlets of Bank of China.
Kind Reminder
Since it needs plenty of documents to apply for loans; for more questions, you may feel free to contact any local outlet of Bank of China with the brand mark "Ideal Home" for counseling or call 95566.
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