Overview
The Personal Second-hand Commercial Housing Loan is a loan issued by ABC to finance the borrower’s purchase of retail or office housing ("commercial housing") that has been issued with the title deed and is re-tradable in the tertiary property market.
Qualifications of the Borrower
1. Full capacity for civil conduct;
2. Valid identity certificate;
3. A secure job and stable income, good credit record, ability to repay the loan (principal and interest);
4. A legally binding commercial housing purchase contract or agreement has been made;
5. Ability to make a down payment not less than 50% of housing purchase price;
6. Willingness to secure the loan by mortgage of the housing purchased;
7. Other conditions required by ABC.
Term, Interest Rate and Limit
1. The loan term is up to 10 years;
2. The interest rate is not less than 1.1 times the rate of the same class and period announced by the PBOC;
3. The personal second-hand commercial housing loan is up to 50% of the purchase price or third-party independent valuation (or internal valuation) of the housing, whichever is lower.
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. Valid identity certificate of the borrower;
2. Certificate of marital status of the borrower;
3. Certificate of down payment not less than 50% of the housing price;
4. Certificate of repayment ability of the borrower;
5. Valid housing purchase contract made between the borrower and the housing seller;
6. Completed Personal Property Loan Application Form of the Agricultural Bank of China is required;
7. Certificate demonstrating the willingness of the person who is entitled to dispose the purchased housing as collateral;
8. Title deed of the housing that names its seller as its owner;
9. Title deed and valuation report for the housing purchased;
10. 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 seven days in advance, 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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