A. Get a Mortgage Loan for a cozy life

A mortgage loan refers to the loan lent to someone who buys a house from a developer, makes the initial payment and lets the bank to pay the rest in installments. He will use the house as collateral and pay the principle and interest on time.

1．Who is it for

Natural Person with full capacity for civil conduct; The age of the applicant plus length of maturity should not exceed 70 years.

2、Percentage, Term and Interest

The longest length of maturity for a new house loan is 30 years at 80 per cent. The interest rate will be as per relevant regulations set by People’s Bank of China.

3、What needs to be done

(1) Submit application documents for credit line assessment;

(2) Bank verifies the application and approves;

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

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

(5) Get the loan;

(6) Repay the principle and interests as agreed;

(7) Once borrower has repaid the entire loan, the contract expires and loan registration cancelled.

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

(1) Identifications for the Applicant and co-owner, Residence registration (Hukou) in its original or copy form.

(2) Income statement (or tax return);

(3) Original receipt for the first payment of the house purchased;

(4) Original Purchase Agreement signed with the developer and is registered at real estate management authority;

(5) Other documents required.

B. Mortgage loan for a new commercial house:

A mortgage loan for a new commercial house refers to the loan lent to someone who buys a house from a developer; makes the initial payment and lets the bank to pay the rest in installments. He will use the house as collateral and pay the principle and interest on time.

1．Who is it for?

Natural Person with full capacity for civil conduct; The age of the applicant plus length of maturity should not exceed 70 years.

2. Percentage, Term and Interest

The longest length of maturity for a new house loan is 10 years at 60 per cent. The interest rate will be as per relevant regulations set by People’s Bank of China.

3. What needs to be done?

(1) Submit application documents for credit line assessment;

(2) Bank verifies the application and approves;

(3) Sign an agreement with the borrower a house mortgage loan;

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

(5) Get the loan;

(6) Repay the principle and interests as agreed;

(7) Once borrower has repaid the entire loan, the contract expires and loan registration cancelled

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

(1) Identifications for the Applicant and co-owner, Residence registration (Hukou) in its original or copy form.

(2) Income statement (or tax return);

(3) Original receipt for the first payment of the house purchased;

(4) Original Purchase Agreement signed with the developer and is registered at real estate management authority;

(5) Other documents required.