With the growth of house price, it is not easy for an ordinary person to afford to buy a house. Now the house price is too high, but you have to buy it. If you can't pay the full amount, you can only consider applying for a loan. So what kind of cost-effective housing loans do? What conditions do you need to buy a house loan?
1、 Use provident fund loan as far as possible
From the current implementation of loan interest rate, the interest rate of commercial loan is slightly higher than that of provident fund loan. Taking the benchmark interest rate of loans with a term of more than five years as an example, the benchmark interest rate of commercial loans is 6.55%, while that of provident fund loans is 4.5%, which is about 2 points lower than that of commercial loans.
Based on the loan of 500000 yuan, the loan time of 20 years, and the method of equal principal repayment. If it is a commercial loan, the total interest paid is 328864.59 yuan. However, if the provident fund loan is used, the interest is only 225937.48 yuan. In other words, the use of provident fund loans than commercial loans, the total need to pay bank interest about 100000 yuan.
In addition, if the amount of provident fund loan is not enough to pay for the house, the combination of provident fund and commercial loan can be adopted, which is more cost-effective than commercial loan.
2、 Select equal principal repayment method
At present, there are mainly two ways to repay the mortgage. The first is equal principal repayment. In this way, the borrower will have a greater monthly burden when he starts to repay the loan. However, with the passage of repayment time, the repayment burden will gradually reduce and the total interest expense will be lower. The second way is to repay with equal principal and interest. The proportion of the principal in the monthly payment increases month by month, while the proportion of interest decreases month by month. The monthly payment of the borrower remains unchanged.
Take a commercial loan of 500000 yuan with a term of 20 years as an example. If the method of equal principal repayment is adopted, the total interest paid is 328864.59 yuan. If the repayment method of equal principal and interest is adopted, the total interest payment is 398223.63 yuan, which is about 69000 yuan more than the first method. Therefore, in comparison, it is more cost-effective to choose the method of equal principal repayment.
（1） Personal housing loan personal housing loan refers to the loan issued by the bank to the borrower for purchasing ordinary house for self use. The borrower must provide guarantee when applying for personal housing loan. If the borrower fails to repay the principal and interest of the loan, the lender shall have the right to dispose of the mortgage or pledge in accordance with the law, or the guarantor shall bear the joint and several liability for the repayment of the principal and interest. （2） The conditions for applying for personal housing loan are as follows: 1. Having a permanent urban residence or valid residence status; 2. Having a stable occupation and income, good credit, and the ability to repay the loan principal and interest on schedule; 3. The assets recognized by the banking institutions are used as mortgage or pledge, or the units or individuals with sufficient compensation ability are used as guarantors for repaying the principal and interest of the loan and can bear joint and several liabilities; 4. If there is a house purchase contract or agreement, the price of the house purchased basically conforms to the evaluation value of the bank or the real estate appraisal agency entrusted by the bank; 5. Meet other conditions stipulated by the bank. The above is about how to buy a house loan is the most cost-effective and what conditions to buy a house loan. If you choose to buy a house with a loan, you'd better shorten the loan life as far as possible within the scope of repayment that you can bear, so that the interest will be much less. I hope this article can help you.