Description

A loan granted to the borrower for the purpose of purchasing his/her residential house (second-hand residential house excluded).

Handling Guide

•  Eligibility

A borrower is qualified to apply if he/she:

（1）is a Chinese resident with full civil capacity;

（2）holds the sum of his/her age and the credit period under 65 years;

（3）has steady job and income, sound credit, and solvency of principal and interest;

（4）is able to pay off down payment of purchase price;

（5）has a valid contract or agreement of house purchase;

（6）can offer the guarantee that acceptable to Industrial Bank;

（7）opens personal settlement account with the bank and handles the loan through Wealth Management Card;

（8）meets other requirements prescribed by the bank.

•  Line, Term and Rate

Credit Line :

The RMB loan can cover up to 80% of the total purchase price or the appraised value from a real estate appraisal agency recognized by the bank (the lower one is preferential).

The foreign currency loan can cover up to 50% of the total purchase price or the appraised value from a real estate appraisal agency recognized by the bank (the lower one is preferential).

Credit period : Up to 30 years for RMB and 10 years for foreign currency.

Credit rate : The loan rate for RMB will quote its counterpart from the PBOC and the loan rate for foreign currency will quote according to the floating rate released by the Industrial Bank.

Documents Required

（1） The original and photocopy of ID documents (resident's ID card, residence household book or other valid residence certificates);

（2） Marital status certificates;

（3） Income certificate by working company (private enterprise owners are supposed to supplied latest tax statement);

（4） Purchase contract or agreement signed between the borrower and the developer (or seller);

（5） Fund certificate of down payment;

（6） Guarantee documents.

· In the case of using the house title as collateral, the title mortgage registration of the house or the presale house shall be fulfilled; the hazard insurance and other relevant insurance shall be handled by the borrower.

·In the case of using joint property as collateral, written authorization from the joint holder shall be presented.

·In the case of using assets as pledge or providing a third-party guarantee of joint and several liabilities, the handling shall be pursuant to relevant regulations of the bank.

•  Repayment

Two repayment modes are available for home loans within 1 year,

·One-off repayment of the lump-sum principal and interest, and

·Monthly/quarterly interest installment and principal and interest of the last period upon due.

For the loan term longer than one year, the borrower can choose straight-line repayment schedule, reducing-balance repayment schedule or the other repayment methods. The specific repayment schedule shall be settled between the borrower and the handling bank.