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Mortgage Loan for Second-hand House

Mortgage loan for second-hand house is that a borrower mortgages his/her house purchased in secondary market and all equity thereof to a bank as security for the payment of loan principal and interest and applies for a certain period and a certain amount of RMB loan to pay for the house. Mortgaged houses include residential houses (villas), shops, office buildings, parking spaces, plants and so on.

Target Customer

Natural persons aged between 18 and 65 with full civil capacity.

Main features

     High loan Limit: the maximum loan limit can be 70%. Favorable interest rates. Long period: up to 30 years.

     Flexible loans: “fast loan” is available.

     Convenient repayment with banking outlets all over Guangzhou.

     Low cost and no additional mortgage cost.

Item

Regulation

Loan Period

1.   The loan period varies according to the types of house and the maximum loan period shall not exceed 30 years.

2.   The age of the borrower plus the loan period shall not exceed 70 years (if so, the borrower has to provide a guarantor for warranty who has ability to repay the loan).

3.   The mortgage loan period related requirements of GRCB shall also be met.

Loan Percentage

1.   The loan percentage varies according to the types of house and the maximum percentage shall not exceed 70% of the house value or purchase price (based on the lower of the two).

2.   The loan percentage related requirements of GRCB shall also be met.

Loan Interest Rate

1.   The loan interest rate varies according to the types of house and can be as low as the base interest rate.

2.   The mortgage loan interest rate related requirements of GRCB shall also be met.

Qualification

1.   No minors shall be included in the joint house buyers.

2.   Any borrower from Hong Kong, Macau and Taiwan shall provide a person with registered residence in Pearl River Delta as the contact.  Any foreign borrower shall provide a person with registered residence in Pearl River Delta as the guarantor.

3.   Any borrower of non-local resident shall provide the certificate of local tax payment or social insurance premium payment for over a year.

 

Documents required for loan application:

1.    The borrower and his/her spouse’s legitimate identification documents, including resident identification card, household register, permit, passport and marriage certificate.

2.    Proof of the borrower’s income certificates, including wage income, business income and rental income.

3.    Banking settlement documents of the main income account.

4.    Copy of property ownership certificate of the house purchased.

5.    Sales contract of commercial house or sales agreement.

6.    Down payment proof (such as receipt).

7.    Other documents required by GRCB.

Procedures

1.    The borrower makes an application, fills out the loan application form and provides relevant documents.

2.    GRCB conducts a loan investigation.

3.    GRCB examines and approves the loan.

4.    The borrower and GRCB sign a contract and confirm the loan conditions.

5.    GRCB issues the loan.

6.    The borrower repays the loan on schedule.

Call Centre 961111 Micro Loans Services

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