Housing Mortgage Transfer Loan——Free to Purchase and Sale

Housing Mortgage Transfer Loan refers to the loan granted to the borrower to purchase the house of which the owner has already been granted the house mortgage loan in this bank or any other bank who is to transfer the house to the borrower.

1. Who is it for?

Housing mortgage loan applicants

2. Credit line, time limit and interest rates:

Max. Credit Authorized not exceeding 80% of Collateral Value, Max. No. of years shall not exceed 30 years, Sum of the maturity date and the age of the house shall exceed 35 years. Sum of the loan term and age of the borrower shall not exceed 70 years.

The interest rate shall be set as per the loan rate set by People’s Bank of China for horse mortgage regulation, the same period and same category.

3. What needs to be done?

(1)Submit application documents for credit line assessment;

(2) Bank verifies the application and approves it;

(3) Signs agreement with the borrower a house mortgage loan

(4)Fill in the loan receipt, get the loan

(5) Repay the loan the former borrower owned to the bank

(6) Get the house insured and register as collateral;

(7) Current borrower repays the principle and interests as agreed;

(8) Once borrower has repaid the entire loan, the contract expires and loan registration cancelled Current borrower’s frozen first payment plus the granted credits could directly repay the former borrower’s repayment of principle and interest, exceeding part could be deposited into the former borrower’s deposit account after all loan procedure goes over.

4. Documents to be provided by applicant for loan application:

1. Documents to be provided by the house seller：

(1) House seller and co-owner’s valid ID card

(2) House transfer certificate (Pre-sell house, Purchase contract)in its original or copy form.

(3) Testimonial from the co-owner testifying agreement to sale

(4) In the case of pre-sell house, the written testimonial from the developer testifying agreement to sale is needed.

(5)Borrow mortgage contract original form and a record of historical repayments for the past 6 months of the house loan.

(6) Pre-repay application or testimonial from other bank’s consent to pre-repay

(7) Other documents required.

2. Documents to be provided by the house buyer

(1) The house buyer and co-owner’s valid ID card

(2) Income statement

(3) Personal house transfer contract, agreement or letter of intent between the applicant and the bank

(4) Original receipt for the first payment of the house purchased

(5) Other documents required.