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Fixed-Interest Personal Housing Loan

☆ Introduction
Fixed-interest housing loan is issued by the loaner to the borrower for house purchasing with the advantage of fixed interest, which means loan interest, within a contract period, will not float even if the PBC interest or market interest is changing.

☆ Target Client
The borrower of fixed-interest 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 ability to judge anticipated interest rate change and bear interest rate risk.

☆ Features
Fixed-interest personal housing loan has the following features besides the unique advantages offered in floating-interest personal housing loan:
1. Fixed monthly repayment--the executed loan interest rate will not change with the benchmark interest rate stipulated by People's Bank of China in contracted period so that you can control interest expense and reasonably arrange fund.
2. Flexible term and grade choice--3 fixed interest rate terms: 3, 5 and 10 years. You can choose according to demand.
3. Flexible interest rate mode choice--ICBC offers various interest rate modes like fixed interest rate in whole term, phased fixed interest rate, combination of fixed and floating interests. You can choose the best mode according to your anticipation on the loan interest rate.

☆ Application Conditions
Please refer to the conditions of applying personal loan for first-hand house, second-hand house.

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

☆ Loan Tenure
Up to 30 years, sum of the borrower's age and loan tenure is 70 years maximum.

☆ Loan Interest Rate
Loan rate follows the ICBC's fixed rate for the loans of the same tenure same class.

☆ Service Channel and Time
You can submit the loan application to ICBC consumer manager at showroom of the real estate cooperating with ICBC in mortgage loan, or ICBC personal loan center or credit loan business department of local ICBC branch.

☆ Operation Guide
Please refer to the operation guide on personal loan for first-hand house.

☆ FAQs
1. Can the existing personal housing loan consumer apply for fixed-interest personal housing loan?
ICBC fixed-interest personal housing loan aims at not only new consumers, but also existing ICBC personal housing loan consumers. You should fill in an application table in ICBC. After approval by ICBC, the consumer meeting the requirements can execute fixed interest rate according to supplementary contract.
2. Should I pay for penalty for advance repayment within fixed rate term?
According to ICBC provisions, the consumers who repay for the fixed-interest personal housing loan in advance within fixed rate term shall pay for penalty in terms of certain proportion. The penalty standard shall be executed according to contract.
3. Can the fixed interest rate term be terminated before schedule?
In case the renewal period of your loan with fixed interest rate has gone through 1 year, you can apply for advance termination of loan with fixed interest in ICBC. You shall submit a written application and ICBC will collect penalty for your action of ending up the fixed interest rate term in advance according to the provisions of the contract.

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