Secret Business Tips

Recently, the major commercial banks have been lending in the implementation of new policies to attract buyers to buy a house. This article analyzes the Bank of China for your second mortgage loan business. It is characterized by allowing the public to use the bank’s real estate mortgage loans, to a certain percentage of re-mortgaged to the bank and get another loan.

What is second mortgage?
Simply put, that is, with a house in two mortgages, you can get two loans. Bank of China launched the service, as has been the bank housing loan borrowers, a second mortgage.
Borrower must repay loan principal, and if the temporary need for funds for personal consumption or business, can the value of the mortgage balance after subtracting the difference between the original loan as collateral for loans the Bank of China again. For example, buy a house loans 800 000 1 100 000 years later, also the. Then the house appreciation, and more than 30% of the original price. If you need a sum of money to do business at this time, you can apply for a loan to the Bank of China. So, this business can meet customer’s “emergency needs.

Loan objects
Bank of China, the borrower must be a mortgage customer, has scheduled more than repay the mortgage in December, no less an interest rate, credit a good person.
Loan conditions
Second mortgage for the housing, the main need to have the following three points:
1, for the secondary mortgage market assessment of the housing price is higher than 30% of the original price.
2, the second for personal housing mortgage loans for housing must have a miscarriage of residential permits.
3, second mortgage loans for housing Fangling must be 1999 (including 1999) since the nature of residential apartments and is located within the outer ring, and 2001 (including 2001) the nature of space beyond the garden.
State: the second mortgage loan customers need to apply for Bank of China, the original point of processing the mortgage process line, the current Bank of China, Minhang branch except the second mortgage loans have not yet opened, the other district branches can be handled.

Loan Limit
Loan amount = value × housing mortgage rate – the original principal balance of the loan.
State: housing or commercial buildings in the secondary mortgage loan mortgage rate no more than 60%.

Term of the loan
Second mortgage loans extended under the loan to determine the specific uses for personal consumer loans to a maximum of 5 years, such as a car, decoration, etc.; for personal business loans of a maximum of 3 years, such as open shop business.

Case Explanation
The original price of 500,000 yuan to housing, for example, 30% down payment loans to people to 2,000 yuan a month for 12 months after the repayment rate, then the principal has also enough about 2 million in loans to 33 million Housing completed in 1999 (including 1999) after a miscarriage and has received certificates, consumers can hear cases at this time, please apply for housing 二次 mortgage, bank’s commission assessment agency inspection has been higher than the assumed value of the housing the original value of 3 percent, that is, assess the current market price in order from the original 50 million, rising to 65 million banking through the final review, can give off a mortgage rate of 6, that is 650 000 × 0.6 = 39 million line of credit, net not yet paid 330,000 yuan bank loans for the first time, consumers can get 60,000 yuan in loans.

Consumers should be rational to treat the second mortgage
Foreign body in the square she was already planned buy a house, and took a fancy to a 200 thousand yuan for family cars. She was not concerned about their ability to pay, but stressed that the second mortgage interest rates are attractive, or in the interest rates unchanged, which banks will give preferential.
Another has rooms, a car project, said Miss Lee, he will not easily choose secondary mortgages, mortgage buy a house itself, the risk of already large, but car use is the same collateral (your property), Once the work accident, there could be their own rooms, cars, money, the “three no’s case, this is not consistent with the principles of sound financial management.
First-time home buyers down payment of young people have spent most of their savings, many people can not afford the cost of the subsequent renovation, this time with a second mortgage can really alleviate the urgent needs. Should be reminded, once selected second mortgages, consumer loans in addition to restore the house, will also secondary mortgage loan, in three to five years, will jump on the loan amount. In addition, interest rates second mortgage for the purely commercial interest rates, higher mortgage rates, buy a house with a loan and uneconomical.

No interbank loan transactions transferred
In order to meet the secondary mortgage loan, the Bank of China recently launched a cross-bank transactions without transfer of mortgage. That is, consumers can go to other bank loans the Bank of China, and then apply for secondary credit.
Tips: Interbank transfer no transaction fee required mortgage
Guarantee fee: mortgage 6 per thousand
Assessment fee: 50 yuan / sets of the following, charged 300 yuan
50-100 million / sets, 500 charge
More than 1 million / sets, charging 1 per thousand
Attorney witness fee: 850 yuan / set
. Insurance costs: can the original lending bank insurance expenditure surplus to offset the Bank of China transferred the mortgage insurance premium.

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