Explain in detail the various loans, comparing which method is right for you
with the development of society and the progress of the times, along with the development of various industries and slowly refine, for mortgages, there are multiple ways, but for personal, not all loans are suitable, this here today to introduce the advantages and disadvantages of the various loans, you compare, choose your way to lending, which can save a lot of money then:
Provident Fund loans
advantages: "acknowledge denied loans", that is, as long as the name is not property, considered as first-time buyers. Low lending rates and more flexible repayment, borrowers monthly payments just not below the "minimum payment", you are free to determine the monthly payment.
weakness: loan limit is lower, generally below 800,000 yuan. Purchases of second homes, using Fund loan conditions, in accordance with the relevant provisions of Provident Fund loans: personal loans for second homes is only confined to existing per capita housing floor space less than 28.81 sq m (not included) paid into the family.
suitable crowd: white collar people who work, have per capita housing area is less than 28.81 sq ft (not included).
advantage: high line, long repayment period, typically 30 years. Repayment method, for example, equal principal, bi-weekly, and so on.
weakness: "acknowledge and recognize loans", that is, as long as credit history, which is also be considered as second homes. No award of loans for third homes. In addition, commercial loans with Provident Fund loan repayment rates are slightly higher.
apply for: generally applies to senior or earn more stable populations.
advantage: increased loans, can significantly reduce the monthly stress.
weakness: for combination loans, borrowers are required to handle a provident fund loans, and then once the loan, prepare more material, procedures are cumbersome, and the borrower's loan funds in completing transfer of property rights on and be issued after registration is complete and included in the seller's name in the specified account, need to 2-3 months to complete.
apply for: down payment funds are not strong, and higher purchase price of the borrower.