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Direct personal housing loan

☆ Introduction
Direct personal housing loan is a loan directly applied through ICBC without referral by real estate developer or agency.

☆ Target Client
The borrower of Straight-back personal housing loan shall be the natural person of full civil capacity within 18-65 years old (including 18 and 65 years old) with good credit history and willingness for payment as well as a valid phased guarantee.

☆ Features
In addition to all the advantages in first-hand and second-hand housing loans, direct personal housing loan has the following features:
1. Flexible choice of developers -- ICBC loans are available to any real estate projects, not restricted to projects with mortgage cooperation agreement signed between ICBC and the developer.
2. One off payment preference -- you can sign a One-off Payment House Sales Contract with developer after the approval on the loan so as to enjoy one off payment preference.
3. Flexible guarantee options -- with no guarantee required to secure the loan, you may get the loan early by providing valid interim guarantee recognized by ICBC.

☆ Application Conditions
See details on personal loan for first-hand house, second-hand house for the conditions and documentation required for applying direct personal housing loan.
When applying direct personal loan for first-hand house, submit the following regarding the house besides the borrower's personal particulars:
1. Letter of Intent for Buying Commercial Housing signed between borrower and seller or other documentation proof;
2. Borrower's bank deposit slip for the down payment.

☆ Loan limit
Loan limit is 70% of the market value of the house purchased at most.

☆ Loan Tenure
Up to 30 years, sum of the borrower's age and the loan tenure is 70 years maximum. If the loan is for buying second-hand house, the loan tenure cannot longer than the remaining years of land use right of the mortgaged house. For loan applied by two (inclusive) or more borrowers, the loan tenure can be based on the younger borrower if all conditions are met.

☆ Loan Interest Rate
Loan rate follows the PBOC's rules, floating margin based on the PBOC's benchmark rate for loans of the same tenure same class.

☆ Repayment Option and Services
Options available are straight line repayment, reducing balance method, balloon repayment (every 2 weeks or 3 weeks), "Repay Anytime" and "Repay interest only before moving into the house". For further details, refer the personal loan for first-hand house.

☆ Service Channel and Time
You can submit the loan application to ICBC personal loan center or credit loan business department of local ICBC branch.

☆ Operation Guide
Please refer to the operation process of personal brand new housing loan or consult local ICBC branch for details.

☆ Interest rate information
RMB Loan Interest Rate Table

☆ FAQs
1. How to apply for the direct housing personal loan?
If the house you bought is not constructed by the real estate developer cooperating with ICBC in mortgage loan or you have bought second-hand house, you have to submit application for direct personal housing loan to nearby ICBC personal loan center or ICBC credit department. Our customer manager will refer your situation and offer suggestions on the guarantee option or application procedures.
2. What interim guarantee options are available for the direct personal housing loan?
According to ICBC rules, You can choose one of the following options: mortgage/pledge of other house, guarantee by natural person, interim guarantee from professional guarantee company or other company, escrow service on the transaction amount for second-hand house. In the case of direct personal loan for first-hand house and the loan is guaranteed other than interim guarantee from professional guarantee company, the borrower must be ICBC's top customer. Visit the nearest ICBC credit department or personal loan center, our customer manager will assess your situation and offer suggestions on the guarantee option.

The above is for reference only. Details refer to the rules drawn up by local ICBC branch. To save your time, please call your local ICBC before applying for the service.

Personal Finance