Name
Personal loan of housing for business
Introduction
Personal loan of housing for business refers to commercial loan which the lender uses his own capital to issue loans to borrowers for the business housing (including business premises and offices, etc.).
Credit limit: the highest limit of personal loan of housing for business is not allowed to be over 50% of the price of the purchased housing for business (Lower of Evaluation or Trade Rule). If regulatory requirements have been changed, the lender will follow the new requirements.
Term of Loan: the term of personal loan of housing for business shall not be over ten years.
Interest rate of loan: the loan interest rate of housing for business should be set according to the relevant regulations of the People's Bank of China.
I. Loan Application
To facilitate handling your loan, Bank of China reminds you to prepare the following documents:
1. Loan Application;
2. Legally valid identity documents;
3. Income proof approved by the lender;
4. Proof of down payment for the purchased housing for business;
5. Authorize the lender to inquire the Personal Credit System of People's Bank of China and record the relative results;
6. Contract or agreement for the purchase of housing for business;
7. Other proofs or documents required by the lender.
II. Loan Guarantee
On applying for personal loan of housing for business, you are required to guarantee with property mortgage, pledge, guarantee, etc.
III. Loan Insurance
In principle, the borrower need to buy insurance for mortgaged object in the insurance company which is approved by the lender before the contract is signed.
IV. Loan Repayment
After Mortgage Contract, Pledge Contract or Guarantee Contract come into effect, the lender will transfer the loan to the account of the appointed developer of the purchased housing or special account of the seller according to the Loan Contract.
V. Repayment of Loan
You can choose one-off repayment of principal with interest, matching the principal and interest payment or matching the principal payment, etc. You may make partial or whole repayment in advance if the lender approves.
VI. Loan with Term Extension
If the lender agrees, personal loan of housing for business can be extended. The term of extension should be in coincidence with the rules of relevant law and regulations.
Target Customers
Natural persons with full civil capacity
Process
Please contact relevant outlets of Bank of China.
Kind Reminder
Since you need plenty of documents to apply for loans; for more questions, you may feel free to contact any local outlet of Bank of China with the brand mark "Ideal Home" for advice or call 95566.
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