Housing Loan Calculator 2020

What is the real estate loan?

Housing loan, also called housing mortgage loan, is a kind of national welfare loan. The annualized interest rate of housing loans is relatively low and fluctuates with the benchmark interest rate. At present, the benchmark interest rate of commercial loans is 4.90%, and the benchmark interest rate of provident fund loans is 3.25%, which is a special preferential rate. The loan term of the housing loan is longer, and the longest loan can be 30 years.

If you have a sustained and stable income, even if you are able to buy a house in full, it is still recommended that you buy a house with a loan. Because the horizontal comparison shows that the interest rate of the house loan is low in the overall market, using the loan can revitalize the cash flow and earn income higher than the loan interest rate through reasonable investment.

What is the down payment ratio in the housing loan?

The down payment is the lowest proportion of the first payment when buying a house. The proportion is generally determined by local policies. The down payment proportion will vary depending on local policies. In most cities, the down payment for the first set of housing is 30%, and the down payment for the second set of housing is 50-60%. If you want to buy a house of 3 million yuan, you need to take out 900000 yuan as the down payment when you make the first payment.

There are also different ways to distinguish between the first set of housing and the second set of housing in different places. There are three ways to determine whether you are the first set of housing: "buy a house and then buy a loan", "buy a house but not buy a loan", and "buy a loan but not buy a house".

• House purchase and loan purchase: if the lender has a house under his name or has a house loan, as long as one of the two meets the requirements, even if you have lost the qualification to purchase the first house, it will be calculated as the second house.
  
• House recognition rather than loan recognition: only depending on whether there is a house in the local area under the name of the lender, some will lose the qualification to purchase the first house. The presence or absence of housing loans has no impact.
  
• Loan recognition rather than house recognition: it only depends on whether there is a house loan under the name of the lender, and does not care whether there is a house under his name. Only the lender who has a house loan in the local area will lose the purchase qualification of the first set of housing, which will be calculated as the second set of housing.

When it comes to housing loans, is there a big difference between a new house and a second-hand house?

The loan difference between new houses and second-hand houses is mainly reflected in the total amount of loans and loan duration.

1、 Loan Term:

• The loan term of the new house is long, up to 30 years.
• The loan life of second-hand housing is relatively short. The second-hand housing is limited by the previous housing age. In many cases, it is less than 30 years. The older the housing age, the shorter the loan life.

Down payment calculation: the charges and taxes of new houses are generally calculated according to 100% of the total house price; For second-hand housing, the bank will evaluate its price based on risk considerations. Generally, the evaluation price of second-hand housing is 80% of the total price, which means that for a house with the same total price of 1 million yuan, the second-hand housing can only be calculated as 800000 yuan.

2、 Difference of down payment:

• Down payment of new house=total house price * down payment proportion.
• Down payment of second-hand house=total house price - (total house price ✖️ Appraisal price proportion ✖️ (1-down payment ratio)).

If the total house price is 3 million yuan, the down payment ratio is 30%

Due to the different nature of houses, the down payment of the two is particularly different.

3、 The calculation of taxes and fees will also vary greatly

• New houses need to pay deed tax, housing maintenance fund, transaction handling fee, stamp tax and ownership registration fee. concrete New house tax calculator address »
• Second hand houses need to pay deed tax, value-added tax, individual income tax, intermediary fees and other fees, and generally need to pay more taxes.

Which of the three housing loan modes should I choose?

There are three main ways of housing loan: one is commercial loan; One is provident fund loan; There is also a combination of commercial loans and provident fund loans.

1. A commercial loan is a loan that the bank gives you and you mortgage your house to the bank. It is also called housing mortgage loan. The benchmark interest rate for commercial loans is 4.9%. The rate is high, but it can be loaned for up to 30 years. The bank's approval process is fast, and it can be completed in a few working days.
2. The provident fund loan is a loan issued by your local provident fund center from a bank designated by the provident fund center. Its benchmark interest rate is only 2.75%, far lower than commercial loan, but its approval time is extremely long and the time is highly uncertain. In cities where the housing market is hot, houses are in demand, and real estate developers are unwilling to wait, hoping to withdraw funds quickly. It is difficult for provident fund loans to buy new houses.
3. A portfolio loan is a combination of a provident fund loan to some assets and a commercial loan to another. The reason for portfolio loans is that the benchmark interest rate of provident fund loans is low, and everyone is willing to use provident fund loans. However, provident fund loans in every city have a loan ceiling. It takes 3 million yuan to buy a house, and provident fund loans may only reach 1 million yuan. The excess of 200w can only be used for commercial loans. The combined interest rate is lower and more cost-effective.

From the perspective of rate, provident fund loans are better than portfolio loans, and portfolio loans are better than commercial loans.

However, in the actual purchase process, we still have to make a comprehensive measurement based on our city and the seller's situation.

• Generally speaking, the first set of housing is purchased with commercial loans. On the one hand, developers are anxious to withdraw funds, while our first set of housing may be rigid housing with weak option. At the same time, when it comes to the first set of housing, the bank will have corresponding discounts, which may be 8.8%, 9%, 9.5%, etc;
• It is recommended that you use provident fund loans for the second set of housing estates. The second set of housing estates can only borrow 40% of the total loans. Although there is a loan ceiling for provident fund loans, it may also cover 40% of the loan limit. At the same time, there is no discount for commercial loans of the second set of housing. At the same time, the state forces the interest rate of the second set of housing to rise by 10% compared with the first set of housing. Compared with the rise of commercial loans, even if the provident fund loan rises by 10%, the interest rate is much lower, which can save more money. At the same time, the second set of housing is generally an improved housing. In a relatively sufficient time, you don't have to worry too much about the developers' rejection of your purchase because of provident fund loans.
• If you don't have other housing purchase plans too far away, and the developer allows you to use provident fund loans, you can directly use provident fund loans. If the amount of provident fund is insufficient, the rest will be used for commercial loans.

Which qualifications of the customers are mainly reviewed for housing loans?

The housing loan will mainly carry out qualification review for the following situations:

1. With legal and valid identity certificate
2. Whether it meets the local qualification for housing loan. Different cities have different requirements for housing purchase qualification. Generally, they need to meet the requirements of local household registration, the time limit for paying five insurances and one fund, and whether there is a house under the family name. The corresponding regulations are hard and fast. Those who do not meet the conditions should not consider buying a house for the time being.
3. It must have stable and legal economic income and be able to provide corresponding income and asset certificates. The income will affect the audit. The net income of a month is more than twice of the monthly payment of an individual, and it will generally pass the audit. Credit cards, etc. will be included in liabilities, and the net income will be reduced due to the monthly liabilities, which requires additional attention. The personal asset certificate can make up for the lack of personal monthly income and help to pass the audit.
4. A natural person with full civil capacity and no bad credit record. Credit record is very important. Recently, there are bad records in personal credit investigation, which will basically lead to loss of loan eligibility. Overdue loans or credit cards must be avoided.

• Overdue or non repayment of credit card
• Overdue or non repayment of house loan and car loan
• Providing guarantee for a third party but the third party fails to repay the loan on time
• The expected annual interest rate of the loan is increased, and the loan is still paid according to the original amount, resulting in overdue interest
• Non repayment of student loans
• High debt and large loan amount
• Credit investigation has been inquired by others for many times
• Bad records in spouse or public records

The longest loan term, usually how long?

In theory, the longest housing loan is 30 years, but not all houses can be loaned for 30 years, mainly due to the following factors.

1. It is related to personal age. The personal age+loan term needs to be lower than an age limit. This boundary will vary from bank to bank. Most banks require 65 years, and 70 or 60 years. The younger, the longer the loan term.
2. It is related to the age of the house. National regulations: loan term+housing age generally cannot exceed 50 years, and second-hand housing will be restricted because of certain housing age.
3. The nature of the house purchased and the loan life will be limited

• For commercial users and commercial residential housing, the loan term cannot exceed 10 years
• For private property transfer houses and auction houses, the loan term cannot exceed 20 years
• For new and second-hand residential houses, the loan term cannot exceed 30 years

Loan conditions and restrictions of provident fund loans

Because of different policies in different regions, the loan conditions and restrictions of housing provident fund in different regions are different. Take Beijing as an example.

1、 Beijing provident fund loan conditions:

• Housing provident fund shall be paid continuously More than half a year And my housing provident fund account is in Normal deposit state
• There is no outstanding housing provident fund individual housing loan under the name of the borrower's husband and wife

II Beijing Provident Fund's recognition of the first and second housing estates

• First suite: no house, no loan
• Second suite: no loan for the first local suite
• Second suite: no local house, no loan
• In fact, it is: house recognition and loan recognition

III How much can Beijing provident fund loan

• First set of housing: 100000 yuan can be loaned every year, with a ceiling of 1.2 million yuan. At the same time, the proportion of down payment should not be less than 35%
• Second set of housing: the maximum loan is 600000 yuan, and the down payment ratio shall not be less than 60%
• Loan term, up to 25 years

The official website of housing provident fund in major cities across the country can view different policy conditions in different places.

Which repayment method is more cost-effective, equal principal and interest repayment or equal principal repayment?

There are mainly two kinds of loan modes in China: equal principal repayment and equal principal interest repayment. The two repayment methods are quite different.

• Repayment of equal principal: the monthly repayment amount is different. It is to divide the loan amount equally according to the total number of months of repayment (equal principal), and then use the remaining loan principal you owe the bank as the base to calculate the monthly interest of the remaining principal of the previous period, forming a monthly repayment amount. As the monthly interest will be less and less, the repayment amount of the equal principal method in the first month will be the most, and then it will be reduced month by month, and the less. The total interest paid is less than the equal principal and interest method. However, this repayment method has a high repayment amount early in the loan period, which is suitable for lenders with strong repayment ability early in the loan period. Older borrowers can use the equal principal method, because income may decrease with age or retirement.
• Repayment of equal principal and interest: the monthly repayment amount is the same. In the distribution proportion of "principal and interest" in the monthly payment, the proportion of interest repaid in the first half of the period is large, but the proportion of principal is small. After the repayment period is over half, it gradually turns into a large proportion of principal and a small proportion of interest. The total interest paid is more than the equal principal method, and the longer the loan term, the greater the difference in interest. However, since the repayment amount is the same every month, the equal principal and interest method can be used for the expenditure plan suitable for families, especially for young people, because the income will increase with age or position promotion.

Difference between the 25 year equivalent principal and the equivalent principal and interest repayment method for a 3 million loan

If there is no cash pressure in the short term, I suggest you choose both Equivalent principal , less payment, more cost-effective.

Is it necessary to prepay?

It is not recommended to prepay 。
On the one hand, the loan interest rate of the housing loan is low, and the same debt funds can obtain a higher level of income through reasonable investment and financing to cover the interest generated by the housing loan. In addition, prepayment will cause short-term cash flow pressure, especially for families with parents and children, the burden is heavier. In case of family illness, it is easy to have a big impact on the family economy.

Of course, in some cases, prepayment needs to be considered: for example, the settlement policy, the children's school policy, the purchase of a second house and other situations that require no mortgage under the name. Or you are young enough. A few years before the monthly payment, you already have enough funds to repay in advance, which can really save some interest.