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Personal Commercial Housing Loan

☆ Introduction
An ICBC loan to borrower to buy commercial property.

☆ Features
1. Various purposes - the loan can be used for buying shops, commercial houses in residential area, office (office building), hotel or car space (park).
2. Simple steps - same procedures as in applying personal housing loan, we can guarantee that you can receive ICBC commercial housing loan fast and easily.

☆ Application Conditions
1. Natural persons with full civil capacity of age between 18 (inclusive) and 65 (inclusive) years old. Borrowers of foreign nationality or from Hong Kong, Macau and Taiwan must meet the State policies concerning buying houses by foreign citizens;
2. Hold legal ID document, certificate of marital status, proof of permanent residency (or proof of residence);
3. Good credit history, willing to repay;
4. Stable source of income and ability to repay all principal and interest of loan when due;
5. Under 3 loans (except the settled) from ICBC for buying commercial property by single account of the borrower (and spouse);
6. Sales (Pre-sale) Contract of commercial property or Property Sales and Purchase Agreement (except houses for auction);
7. Able to pay the down payment of the commercial property, provide invoice for down payment, receipt and other vouchers issued by seller;
8. If the loan is released to authorized party, authorize ICBC to release the loan to the specific borrower stated in the contract;
9. Produce a guarantee recognized by ICBC;
10. A personal settlement account opened in ICBC;
11. Other conditions stipulated by ICBC.

☆ Loan Amount
Up to 50% of the market value of the commercial property purchased, up to 55% of the market value of residential/commercial property.

☆ Loan Tenure
Shortest: 1 year (inclusive), up to 10 years.

☆ Loan Interest Rate
Loan rate follows the PBOC's rules, minimum rate is 110% of the PBOC's benchmark rate for loans of the same tenure same class.

☆ Repayment Options
Options available are straight line repayment, reducing balance method, balloon repayment (every 2 weeks or 3 weeks) and "Repay Anytime". Repayment of loans of 1-year tenure can be monthly, quarterly, every 6-months or balloon payment.

☆ Service Channel and Hours
Application can be submitted at the sales office of the real estate developer, real estate agency partnered with ICBC, or submit the application in person at ICBC personal loan center or personal credit loan business department of local ICBC branch.

The monthly installment is relatively high, what if my income fails to meet the requirement?
For repayment of the loan, ICBC also considers the rental income when you rent out the commercial property bought, besides your stable source of income.

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