Mortgage definition

 Here said the mortgage is just a word of borrowing, or said is the localization of the mortgage, but not the real intention of mortgage. Mortgage in our country first is not a legal term, it is a habit of appellation. Mortgage is a free translation and transliteration mixed appellation for the people of Hongkong a kind of security in the Anglo American Law of MORTGAGE, but the mortgage and the common law of what we now call in and Hongkong mortgage is completely different, used in China related legal documents in this view is "commercial housing guarantee loan", of course in practice, many people have the habit of known as the mortgage, it must be clear what we said mortgage is actually the commercial housing loan guarantees, but mainly refers to the pre-sale housing secured loan, also known as the top selling commercial housing mortgage or commercial housing mortgage loans.

   The pre-sale of commercial housing mortgage, generally refers to the banking, real estate and business and property buyers to participate in the three side of the real estate business development a financing activities. It refers to commercial housing pre-sale agreement of buyer to pay part of the purchase, and developers will stage (pre) all rights should have signed the "pre-sale contracts in the mouth" Yugouren as loan collateral mortgaged to the bank, at the same time, pre-sale commercial housing as a loan guarantor, such as booking or guarantor fails to fulfill the repayment obligations or obligations, banks can obtain Yugouren all rights in the "pre-sale contracts for commercial housing" in the period of liquidation, to win the all arrears. Generally, the completion of commercial housing, commercial housing mortgage is to commercial housing mortgage.

    pre-sale of commercial housing mortgage insurance is a special but. The bank as mortgagee, Yugouren mortgage, the guarantor is the sale of commercial housing developers. The pre-sale of commercial housing mortgage has parallels with the mortgage, but not equal to the mortgage, the general collateral is provided by the debtor, its ownership or management right of property. And the mortgage in the commercial housing, commercial housing does not actually exist, mortgage people do not achieve the purchase of real estate ownership, he provided to the mortgage of human rights of the guarantee in the future one time to obtain the building right, it is a kind of expectation to interest, rather than in the solid form of buildings.

The basic process of the first commercial housing sale of mortgage loans

(1) the borrower fill out the "loan application" and provide the necessary information;

   The applicant should have the following conditions: 18 years of age, with full civil capacity, method is a valid proof of identity; have a stable income, the ability to repay the loan principal and interest; agreed to purchase the property as collateral; and the developers signed a contract for the sale of real estate.

   The application materials submitted should be including loans: loans Qing Shen book; the borrower's ID card, belonging to the couple shared must provide a marriage certificate; this account; the couple first chapter; proof of income or other proof of repayment of principal and interest for loans; real estate sales contracts for the down payment certificate.

   (2) loan to the borrower's credit status and data review, formal reply to the applicant within three weeks;

   (3) loans bank agreed to loan, loan signing the loan contract. And as the loan guarantee and mortgage contract or the pledge contract, the guarantee contract;

   (4) according to the national and local laws and regulations, and the provisions of the Construction Bank, for the housing insurance, mortgage registration or a notarized contract procedures; bank loans in accordance with the contract issuing loans personal commercial housing loan amount does not exceed 80% of the value of the purchased housing loan limit, the length of not more than 30 years of personal housing loan in 1 years (including 1 years)The implementation of the contract rate,, an adjustment statutory rate, not sub bearing; loan period in more than 1 years, with the adjustment of the legal interest rate, in the beginning, according to the corresponding interest rate level implementation of the new interest rate rules. In accordance with the silver Chuan No. [1999]44, No. 45, from 1999 year September 21st, commercial bank credit funds of the individual housing loan interest rates, the current by the statutory rate minus stalls to: 5 years (including 5 years) by 5.31% per annum, more than 5 years at the annual rate of 5.58%.

The secondary housing mortgage loan process

First step: find good want to buy housing, the housing must be property rights;

The second step: the choice of real estate transaction agent banks designated to handle the mortgage loan business, and in the agency completed the assessment value of property, the payment of property assessment fees;

The third step: the seller and the buyer must provide the relevant information;

The fourth step: go to the bank to fill in the secondary housing mortgage application form;

The fifth step: bank loan to complete the examination and approval work during the work day, as agreed to lend, to loan commitments;

The sixth step: the management of real estate transaction to the house where the city, county housing property transfer procedures.

   Mortgage loans

Mortgage loans, refers to the personal housing mortgage loans for the borrower in the bank, to the third people in the mortgaged to the bank's personal housing transfer (buy a house, buy a house for people) by the people to the banks of the housing loan.
According to the requirements, mortgage loan age generally within 10 years, a complete property right, can be listed in circulation, make the property rights of people (other obligee) agree, can according to the transfer of property.
The basic operation flow, real people to determine their repayment ability, buy a house after an agreement with the owner, the mortgage to the bank application; Guarantee Corporation to provide guarantee; bank for approval and issuance of mortgage loans to purchase mortgage loans to banks; the original seller repayment account; for return bank loans procedures and revocation of the original mortgage registration; for the transfer of real estate transaction procedures and the mortgagee to new bank loans mortgage procedures.
The handling process, while people need to submit the following information: the seller and the valid identity certificate of the total; the transfer of property two certificate and a copy of the original; and the original loan bank signed the "original and repayment of the mortgage loan contract" record; banks and Guarantee Corporation is required to provide the Seller shall also provide the information; repayment records list, the balance of loans to prove.
Buyers need to submit information: effective identity documents; proof of income; and while people signed consent to the transfer of individual housing contract, agreement or letter of intent and other written documents; Guarantee Corporation agreed to prove to provide security for the ("mortgage loan commitment"); requires banks and Guarantee Corporation to provide other information.
For personal housing mortgage loans, the Guarantee Corporation will charge 1% of the loan amount guarantee fee and a few hundred dollars daibanfei.

      The secondary housing mortgage procedures

 1, because the seller has been secured through the purchase of mortgage loans of commercial housing, so when the second transfer occurs, must be with the consent of the mortgagee -- agreed to the original loan bank;
2, reached in second transactions intention, to the buyer bank issue time difference between loan and housing property transfer, the existence of transaction risk. The parties in the contract, should pay attention to avoid the risk of signed terms or accessories;
3, if the sale of housing mortgage loans to buy Yigougongfang, then the new purchase loans life will be affected by the age restriction. Loans for the longest period of not more than 20 years, when the age over 30 years, the bank will no longer approve a loan. So both parties shall pay attention to by Yigougongfang trading again when the loan limit.
In addition, consumers need to understand is, when the buyer's bank lending, and not carrying cash to the seller's Bank to the original early owing on the loan, but bank transactions between postings, consumers don't see cash, so do not have to worry about money conversion process has what risk.

      Pre-sale mortgage real estate legal characteristics

(1) the sale of commercial housing mortgage is a kind of legal act, shall sign a written contract, and shall be in the real estate management regulations for registration formalities;

   (2) the sale of commercial housing mortgage is a kind of from the contract, is to guarantee the principal creditor's right can be realized and concluded; commercial housing mortgage loans secured contracts is the pre-sale of commercial housing contract in the buyer's property buyers and banks signed a loan contract contract, it is the loan contract, mortgage contract is certainly invalid. The principal claim secured by commercial housing mortgage loans is a special purpose, creditor's rights can only be commercial housing forecast people borrow to a bank loan for the rest of the payment of commercial housing purchased the tickets for the first payment of the purchase in.

   (3) the sale of commercial housing mortgage contract is promissory contract, once the contract is approved by the establishment of three party binding. The pre-sale of commercial housing mortgage contract after the contract, without the consent of the mortgagee, mortgagor shall be provided with mortgage. The mortgagee of priority. Commercial housing purchased the tickets or in the construction of the collateral, the registration organ shall record in the mortgage contract. Mortgage real estate mortgage period is completed, the parties concerned shall obtain the ownership certificate of the real estate in the mortgagor, the re registration of real estate mortgage. Therefore, commercial housing was not completed, the purchase of commercial housing mortgage loans for mortgage system. Once the completion of commercial housing, the parties for the housing and land use warrants, collateral is a specific object, the general real estate mortgage system.

    (4) of pre-sale real estate mortgage is paid. The bank is mainly through the interest charged by the.

   (5) no specific subject matter. Because the commercial housing mortgage loans subject matter is not built or under construction of commercial housing, mortgage is often not given no specific "". Because the commercial housing mortgage loans subject matter is a pre commercial housing, commercial housing purchased the tickets by the mortgagor is often not yet built or under construction, so its essence is a kind of expectant right.

The commercial housing mortgage loan materials to be provided
Commercial housing mortgage loans in the first step is to evaluation of new buyers, expected loan limit. This step by the buyers themselves, at the same time and conduit company signed the "three party agreement"; then, by the mortgage companies specialist with the seller and the buyer signed the application documents and the mortgage contract and other documents; later, need to submit these documents related to the bank, the bank approved loans; the next transfer transactions and mortgage registration, and then it is bank loans to the former owners; finally, these documents are filed by the bank.
    In these procedures in the process, must be clear, determine the loan applicant qualification:
1, must be 18 years old, Chinese citizens with full civil capacity or has a valid residence permit in Chinese, foreign citizens, overseas;
2, the loan period and age and no more than to apply the relevant provisions of the bank;
3, a stable source of income, with debt servicing capacity;
4, agreed to purchase the property as collateral loans;
5, bank loans in repayment under the agency to open special savings passbook or credit card;
6, the purchase of housing property rights, can flow into the real estate market, and housing units notice not in range.
  In the commercial housing secondary transactions, buyers need to provide information including:
Proof of identity in 1 original, legitimate, Hong Kong, Macao provide Home Return Permit, foreigners and Taiwan to provide passport, residence permit;
2, residence booklet original or a copy;
3, proof of marital status: marriage certificate or the unmarried certificate original;
4, nearly a year to the proof of income (such as proof of income units, certificates of deposit, securities and other proof of income).
  The owners need to provide information: 
1, to sell housing property documents original;
2, mapping and a copy of the original;
3, a total of real estate shall be submitted to the "real estate consists of (with) Certificate" and written comments on the sale of real estate co;
4, such as rental housing has, to provide tenants with relocation supporting information;
Proof of identity in 5 original, legitimate, Hong Kong, Macao provide Home Return Permit, foreigners and Taiwan to provide passport, residence permit;
6, residence booklet original or a copy;
7, proof of marital status: marriage certificate (copy or original) or the unmarried certificate.