This is a loan by the lender to the borrower to buy house built and sold (pre-sale) by real estate developer under law.
☆ Target Client
The borrower should be a natural person with full civil capacity within 18-65 (inclusive) years of age, good credit history, willing to repay loan.
1. Long tenure -- up to 30 years.
2. High credit line -- up to 70% of the market value of the house purchased
3. Low cost -- no banking charges.
4. Flexible repayment option -- a wide range of repayment options and unique repayment services are available for borrowers to choose the best option to repay loan.
5. Fast drawdown -- loan can be released before registration of the mortgage, provided you provide effective guarantee.
6. After-lending service -- Convenient services such as change in terms of repayment or loan.
☆ Application Conditions
The borrower should meet the general conditions below:
1. Valid identity documents (ID card, Household Register or other valid identify document), marriage certificate;
2. Good credit history, willing to repay loan;
3. Stable source of income and ability to repay principal and interest on time;
4. Commercial House Sales (pre-sale) Contract or letter of intent for the house purchased;
5. Downpayment ability;
6. A personal settlement account opened in ICBC;
7. Valid guarantee recognized by ICBC;
8. Other conditions stipulated by ICBC.
Prepare and submit the following if you are applying for personal loan to buy new house:
1. Identity document of the borrower and spouse, marriage certificate;
2. Borrower's proof of permanent residency (permanent resident booklet or other valid proof of residence);
3. Borrower's proof of income and job profession;
4. Commercial House Sales (Pre-sale) Contract or Letter of Intent for Buying Commercial House signed between borrower and real estate developer;
5. Photocopy of the receipt of down payment or invoice from real estate developer, or the bank deposit slip for down payment;
6. Other documentation or details required by the lender.
☆ Loan Amount
Up to 70% of the market value of the house purchased.
☆ Loan Tenure
Up to 30 years, sum of borrower's age and loan tenure is 70 years maximum. 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 is based on the PBOC's benchmark rate for loans of the same tenure same class;
☆ Repayment Option and Services
Following repayment options are available:
1. Straight line repayment. Repay by equal installment on the principal and interest of loan every month during the loan period.
2. Reducing Balance Method. Repay principal of loan equally every month, loan interest decreases as the outstanding principal decreases every month.
3. Balloon repayment (every 2 weeks or 3 weeks). 7 days or integral multiples of 7 days are taken as one repayment cycle under straight line repayment or reducing balance method. The shortest cycle is 7 days and not longer than 21 days (inclusive).
4. "Repay Anytime". During the repayment period stated in the contract, the repayment amount in straight line repayment will be used as the minimum repayment for each installment. Based on this, you can repay more any time in order to repay the loan in advance.
5. "Move in and Repay". When you buy property-right house or buy house under construction with mortgage agreement signed with ICBC and interim guarantee provided by real estate developer, you can repay principal of loan later, only repay the loan interest.
In general, repayment date for each installment is the date of the month that matches with the date starting from the month next to the drawdown date of loan. If no date matches, repayment date will be the last date of the month. The repayment date of the last installment is the expiry date of the loan. You can judge your income accordingly to choose fixed repayment date for each installment so that you can arrange your expense and income reasonably.
☆ Service Channel and Hours
Submit loan application to ICBC customer manager at the showroom of the real estate developer partnered with ICBC, or go to ICBC personal loan center or personal credit loan business department of local ICBC branch.
☆ Interest Rate
RMB Loan Interest Rate Table
1. How to determine the loan amount and tenure?
In principle, the amount repaid for each month is based on your income and will not over 50% of your monthly income. ICBC customer manager will suggest different combination of loan amount and tenure according to your age, the price of the house you buy and other factors. You can choose the best combination that suits you most.
2. How to choose the best repayment method?
Presently the most common and frequently used repayment methods include equivalent repayment of principal and interest and equivalent repayment of principal. According to equivalent repayment of principal and interest, when interest rate is fixed, the sum of the monthly repayment of principal and interest is fixed. If only you deposit a certain sum before the repayment date of each month, the bank will deduct a fixed sum for repayment. So it is very convenient. According to equivalent repayment of principal, in case the interest rate is fixed, the monthly principal repayment is also fixed, while the interest is decreasing monthly. It is suitable for borrower who can repay during initial period. Use this option if you choose to repay more during initial period to release the pressure in the future.
Besides, if you require special repayment plan, balloon repayment (weekly); "Repay Anytime", "Move in and Repay" are some unique repayment options offered. Check with your local ICBC for further details and our customer manager will recommend you a repayment option in line with your actual needs.