Product Definition Product Features User Guide
Personal pre-owned residential/commercial property loans are loans granted to borrowers by IB for the purpose of purchasing the house for which the seller has acquired a house property ownership certificate to which he has full disposition and which can be lawfully traded in the market, and the housing property purchased by the borrower is used as security to IB.
The Bank offers special functions to you such as grace-period for loan repayments, EZ Pay and Bi-weekly Pay, with which you may experience personalized loan services!
• Application requirements
1. The borrower must be a natural person aged between18 (inclusive) and 65 (inclusive) and with valid proof of identification, proof of residence, income certificate and sound credit history.
2. The sum of the applicant’s age and the loan term should not exceed 70.
3. Applicants should have a stable career and income, as well as the capacity to repay the loan.
4. The borrowers are required to provide a residential (commercial) house purchase contract or agreement and have paid the first installment as prescribed.
5. Applicants are required to open a personal settlement account with IB and use a Natural Life Family Wealth Management Card for loan settlement.
6. Other requirements specified by IB.
• Credit line, tenure and interest rate
1. The maximum loan amount shall be determined according to the age of the building, number of housing properties and other factors.
2. Loans for the purchase of personal pre-owned residential housing cannot exceed 30 years; for pre-owned commercial property, the loan tenures cannot exceed 10 years, and the sum of the loan tenure and the age of the property should not exceed 35 years in principle.
3. The loan interest rate should be determined according to the number of housing properties and other factors.
For specific loan requirements, please consult your local branch.
• Method of repayment
1. Where the loan tenure is no more than one year (inclusive), both the principal and interest shall be repaid on a lump-sum basis when the term of the loan ends. Alternatively, interest may be calculated monthly (or quarterly), and the principal and interest will be settled when the term of the loan ends.
2. Where the loan tenure is longer than one year, principal and interest repayment methods include equal principal and interest repayment, equal principal repayment or other repayment methods accepted by IB.
• Application materials
1. Valid proof of identification, permanent household residence certification or valid proof of residence and marriage certificate of the borrower and his/her spouse.
2. Proof of income and other assets of the borrower and his/her spouse.
3. Purchase contract of commercial property.
4. Other materials required by IB.
(The above information is for reference only and specific handling requirements are subject to provisions of local IB branches. Please consult your local IB outlet for details before going through relevant application procedures.)
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