The Direct Personal Housing Loan is a housing loan issued by ABC to an eligible purchaser of new housing without guarantee provided by the developer.
Benefits
Choose a lending bank at your choice; access to discounts provided by the developer for a lump-sum payment.
Types
By origination channels and operating procedures, direct housing loan is classified into the direct housing loan for quality property; the direct housing loan for quality corporate customers; and the direct housing loan for quality individual customers.
Qualifications of the Borrower
1. Full capacity for civil conduct;
3. A secure job and stable income, good credit record, ability to repay the loan (principal and interest);
4. The property to be purchased by the borrower meets ABC requirements;
5. Interim guarantee for the borrower that meets ABC requirements (if necessary);
6. Other conditions required by ABC.
Term, Interest Rate and Limit
1. The loan term is up to 30 years.
2. Interest rate is the rate of the same class and period prescribed by the PBOC, adjustable upwards or downwards according to particular circumstances; the customer may choose floating rate, fixed rate or mixed rate in accordance to their needs.
3. The maximum amount of the loan should not exceed 80% of the housing purchase price.
Procedures
The borrower files an application for the direct personal housing loan → ABC investigates, reviews and approves application → The borrower enters into the loan contract and provides security → ABC issues the loan → The borrower repays the loan principal and accrued interest in the agreed upon manner → ABC carries out post-lending management → The borrower completes formalities for full settlement of the loan
Documents Required for the Application
1. Identity certificate;
2. Certificate of marital status;
3. Certificate of repayment ability;
4. Certificate of down payment for a housing purchase;
5. A legally binding housing purchase contract made with the property developer;
6. If the loan is co-borrowed or the housing is co-owned, the identity certificates of the co-borrower or co-owner and the certificate of repayment ability of the co-borrower and the co-owners’ written consent to using the property as collateral are required;
7. Other documents required by ABC.
Repayment Options
1. Loan term for one year or less: A lump-sum payment of principal and interest on the loan.
2. Loan term for over one year: Repayment in installments. ABC offers customers many options on repayment: straight line repayment, reducing balance method, equal increments (decrements), and fixed rate increments (decrements).
Application Channels
All authorized and sub-authorized outlets of ABC.
Customer Service Center : 95599
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