Overview
The Personal First-hand Residential Housing Loan is a loan issued by ABC to finance the borrower's purchase of residential housing traded for the first time (i.e. the residential housing sold to individuals by the developer or any other qualified entity that has developed the housing).
Qualifications of the Borrower
1. Full capacity for civil conduct, valid identity certificate;
2. Ability to repay principal and interest on the loan;
3. Good credit record;
4. A valid housing purchase agreement has been concluded, and the housing purchased is residential;
5. Certificate of down payment is not less than the minimum percentage required;
6. Loan secured by the housing purchased (in principle);
7. Other conditions required by ABC.
Term, Interest Rate and Limit of Loan
1. The loan term is up to 30 years.
2. The interest rate is prescribed by the PBOC. The lowest interest rate available is 15% below the benchmark lending rate of the same class and period. Interest rate may be locked up by fixed rate or floating rate or their combination (hybrid rate) to avoid upward pressure of repayment posed by interest rate increases.
3. The maximum amount of the loan should not exceed 80% of the housing purchase price.
Procedures
The borrower files an application and submits relevant documents → ABC enters into the loan contract with the borrower after application is approved → Go through insurance and security formalities → ABC releases the loan → The borrower repays the loan upon maturity.
Documents Required for Application
1. Identity certificate of the borrower;
2. Certificate of marital status of the borrower;
3. Certificate of repayment ability of the borrower;
4. Certificate of down payment for housing purchase;
5. Valid housing purchase contract made between the borrower and the housing seller;
6. If any co-borrower is involved, the co-borrower must provide his or her identity certificate and other documentary evidence concerned, and fill out the Personal Housing Loan Application Form of the Agricultural Bank of China as required;
7. If an eligible borrower provides another residential property as collateral other than the one financed by the loan, the title deed, the owner's and co-owner's identity certificates and their written commitment to mortgage of that property should be provided;
8. Other documents required by ABC.
Repayment Options
ABC offers you many options of repayment: straight line repayment, reducing balance method, equal increments (decrements), and fixed rate increments (decrements).
Follow-up Services Available
1. Prepayment. If the borrower desires to repay the loan before it matures, the borrower needs to file a written request to his branch, and may, upon consent of his branch, prepay the outstanding loan principal in part or in whole without any adjustment to interest already accrued and paid.
2. There are two options of partial prepayment:
• Shorter term: Shorten the loan term without change in the amount of each installment;
• Lower installments: Decrease the amount of each installment without change in the loan term.
Application Channels
Authorized outlets of ABC.
Customer Service Center : 95599
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