A mortgage loan for (commodity) residential houses is granted to a borrower to purchase a residential house(s), for which he/she owns the proprietary, including first-hand house(s), second-hand house(s), and economical houses provided by the government.
You may apply to any nearby SPDB branch for a mortgage loan once you meet all the following requirements
1. You are a Chinese citizen or a resident in China.
2. You have a fixed job and stable income.
3. You are definitely intended to buy a house(s) or have signed the formal house-purchasing contract and paid at least 20% of the total price as the down payment.
4. You own the proprietary of the property to be bought.
5. You are able to provide the type of guarantee required by the bank (including mortgage, pledge and/or warrantee).
You shall provide the following documents to the bank
1. A valid ID card and a certificate of permanent residence.
2. Certificate of marital status.
3. Certificate of personal income.
4. Documents confirming the consumption action, such as the house-purchasing contract etc.
5. Loan application form (available at any SPDB branch).
6. Other documents required by the bank.
The maximum mortgage loan amount that a borrower may get from SPDB will be equivalent to 80% of the total price of the first-hand house, or 70% of the second-hand house.
Maximum 30 years
Application---Review by bank---Sign the loan contract and go through the relevant formalities---Grant the loan---Repayment