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Personal Self-constructed Housing Loan

☆ Introduction
Self-constructed housing loan is issued by loaner to borrowers to finance their self-constructed residential house.

☆ Target Client
The borrower of personal self-constructed hosing 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.

☆ Application Conditions
Borrowers applying personal loan for self-constructed house must fulfill the following conditions besides the basic conditions for personal housing loan:
1. The house constructed is designed reasonably, marketable with strong realization ability; can be set as mortgage;  
2. The land for constructing house must be acquired with compensated transfer method and the borrower must own nation-owned land use right;
3. The house constructed has obtained the project approval by relevant authorities with legal, complete, authentic and valid procedure; 
4. Borrower (construction declarer) has acquired some construction documents like "Nation-owned Land Use Certificate", "Construction Land Planning Permit", "Construction Project Planning Permit" and "Construction Project Construction Permit";
5. Borrower has paid off land transfer fee and obtained land transfer fee payment voucher;
6. Has Estimate and Budget of Building Engineering and Engineering Construction Schedule for the house self-constructed;
7. No property right dispute exists in the house constructed.

Before applying personal loan for self-constructed house, prepare and submit the following regarding the house besides borrower's personal particulars.
1. Copies of project approval document, design plan and 4 necessary certificates for the self-constructed house;
2. Voucher certificating that the land fee of self-constructed house has been paid off;
3. Account voucher of construction fund that has been inputted into the self-constructed house;
4. Estimate and Budget of Building Engineering and Engineering Construction Schedule for the self-constructed house;
5. Certificate of guaranty ownership and written documents signed by common owners of the guaranty about the agreement on mortgage;
6. Guaranty Appraisal Report that was issued by appraisal agency recognized by loaner;
7. In case the united land sales of real estate developer for self-constructed house have been approved by the government, the approval documents about agreement on construction issued by relevant authorities shall be offered.

☆ Loan limit
Loan limit is 70% of the cost price of the 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 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), and "Repay Anytime". For further details, please refer the details of 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 guide on personal loan for first-hand house.

☆ Interest rate information
RMB Loan Interest Rate Table

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