How to get a loan to buy a house in Beijing: the latest policies and practical guide
Recently, Beijing's real estate market has continued to gain momentum, and home purchase loan policies have become a hot topic. This article combines the hot content on the Internet in the past 10 days to sort out the latest policies, practical steps and precautions for home purchase loans in Beijing to help you complete your home purchase plan efficiently.
1. Beijing’s latest home purchase loan policy (updated in July 2024)
| Loan type | first suite | Second suite |
|---|---|---|
| Commercial loan down payment ratio | 35% | 60% (common house)/80% (non-common house) |
| Provident fund loan down payment ratio | 30% (below 90㎡) 35% (above 90㎡) | 60% |
| Loan interest rate (LPR benchmark) | 4.2% (commercial loan) 3.1% (provident fund) | 4.8% (commercial loan) 3.575% (provident fund) |
| loan limit | 1.2 million (provident fund single set) | 600,000 (two sets of provident fund) |
2. Comparison of mortgage interest rates from popular banks
| Bank name | First home interest rate | Second house interest rate | Loan cycle |
|---|---|---|---|
| ICBC | LPR+0BP | LPR+60BP | 2-3 weeks |
| China Construction Bank | LPR-20BP | LPR+55BP | 3-4 weeks |
| China Merchants Bank | LPR-15BP | LPR+50BP | 1-2 weeks |
3. Loan application 5-step process
1.Pre-qualification: Confirm house purchase qualifications (Beijing household registration/5-year social security), and confirm that there are no bad records in the credit report
2.Material preparation: ID card, household register, income certificate, bank statements (need to cover 2 times the monthly payment), house purchase contract
3.Bank interview:Select a cooperative bank outlet to submit materials and confirm the loan plan
4.mortgage registration: Go through the mortgage procedures after the property transfer (3-5 working days)
5.Loan and house collection: The bank releases funds to the seller's account and completes the transaction.
4. Answers to recent hot questions
1.The impact of the new provident fund policy: Starting from July, the Beijing provident fund loan limit will be linked to the payment period. You can borrow 100,000 yuan for each year of payment, with an upper limit of 1.2 million.
2.Feasibility of relay loan: Some banks allow parents to be co-repayers, but they must meet the age of the primary borrower + loan period ≤ 75 years old
3.Early repayment liquidated damages: Most banks stipulate that liquidated damages will be waived after one year of repayment. China CITIC Bank and others still charge a 1% handling fee.
5. Expert advice
1. Priority loan combination: Provident fund + commercial loan combination model can reduce interest costs (for example: a loan of 3 million yuan can save about 400,000 yuan in interest)
2. Pay attention to LPR dynamics: LPR data is released on the 20th of each month. It is recommended to apply for loans during the downward interest rate cycle.
3. Be wary of business loan risks: The business loans promoted by some intermediaries for house purchase are illegal and may face the risk of loan withdrawal.
Beijing's home purchase loan policies continue to be refined. It is recommended that home buyers obtain the latest information through official channels (Beijing Housing Provident Fund Management Center, the official website of the People's Bank of China), or consult a professional loan consultant to develop a personalized plan.
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