Personal Mortgage Loan Refinancing (Without Transaction)

The Personal Mortgage Loan Refinancing (Without Transaction) is a loan issued to the borrower who has an outstanding personal housing loan (other than a personal commercial housing loan) at another commercial bank, for the purpose of prepaying such an outstanding personal housing loan he/she owes to that commercial bank.

Benefits

Being able to change your mortgage lender to redefine the loan term and reduce the interest rate of your loan; you may also choose our Personal Housing Revolving Loan, Wealth Management Account Linked Housing Loan Account, Repayment Holiday Plan and other new products and services.

Qualifications of Borrower

1. Have obtained the title deed for the housing unit purchased and financed by the original loan.

2. Established mortgage payments paid to other commercial banks for one year or longer.

3. No defaults on loan repayment for two (or more) consecutive or three (or more) accumulative periods.

4. 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 for the same period prescribed by PBOC, adjustable upwards or downwards according to particular circumstances, and not less than 85% of the corresponding benchmark rate.

3. The loan amount should not exceed the outstanding loan the borrower owes to the original lender.

Procedures

The borrower files an application and submits relevant documents → ABC enters into the loan contract with the borrower after application is approved → The borrower goes through insurance and security formalities → ABC issues the loan, and the borrower prepays the original loan → The borrower goes through formalities for mortgage registration change → The borrower repays the loan upon maturity

Documents Required for the Application

1. Valid identity certificates (including ID card and household register).

2. Certificate of household property and income.

3. Certificate of repayment ability of the borrower.

4. Title deed of the housing unit.

5. Property sale (presale) contract or purchase agreement.

6. Housing sales invoice (for new housing) and certificate of deed tax payment.

7. Personal housing loan contract made between the borrower and the original lender and the loan note.

8. Statement of the outstanding personal housing loan and records of monthly mortgage payments.

9. Documents on interim guarantee provided by the borrower.

10. Other documents required by ABC.

Repayment Options

ABC offers customers many options for repayment: straight line repayment, reducing balance method, equal increments (decrements), and fixed rate increments (decrements).

Follow-up Services Available

Mortgage extension: Borrowers who have outstanding personal housing loans at ABC may apply for extension of their loans.

Mortgage contraction: Borrowers who have outstanding personal housing loans at ABC may apply for contraction of the term or partial or full prepayment of their loans.

Mortgage transfer: The borrower resells the housing unit serving as collateral within the term of the personal loan, and the new purchaser applies to ABC for a loan to finance his/her purchase of that housing unit serving as collateral.