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Q: How to Buy a House in China: Getting a Mortgage?

anybody got up to date info on this?   first time home buyer in small town China.  20% down is what I have sort of surmised from a whole bunch of outdated articles. 

think about 7000/sq m here   and not sure of interest rates....  6.15% or 4.25%  damned if I can make any sense of these things.

 

http://zhanjiang.58.com/ershoufang/i23k3n5/?PGTID=0d300000-0000-0c0b-718...

 http://loan78.com/zhanjiang/s_tp9m100t12f2,   http://zhanjiang.58.com/house.shtml?PGTID=0d300008-0031-7667-7e69-b9fc1023eedd&ClickID=1

3 years 41 weeks ago in  Housing - China

 
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From my experience, it depends on the bamk and your deposit. I paid 50% deposit and the Construction Bank wanted to throw as much money as we wanted at me for around 3-4% interest. My wife is local and all they wanted was a certificate from my employer stating my salary. It was almost instant. They keep asking if we want more money to this day.
And yes, my (Chinese) name is on the ownership certificate.

It may swing on whether they think it is a development of high potential or not. In the past 3 years, the price in my garden has gone up by over 400% and still rising. We only got the keys 6 months ago.

I suggest you talk to the sales manager and see who he has a backhander deal with. Then check the rates.

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3 years 41 weeks ago
 
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little ditty...  I really do have a hard time calling them "HOUSES"

 

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3 years 41 weeks ago
 
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From my experience, it depends on the bamk and your deposit. I paid 50% deposit and the Construction Bank wanted to throw as much money as we wanted at me for around 3-4% interest. My wife is local and all they wanted was a certificate from my employer stating my salary. It was almost instant. They keep asking if we want more money to this day.
And yes, my (Chinese) name is on the ownership certificate.

It may swing on whether they think it is a development of high potential or not. In the past 3 years, the price in my garden has gone up by over 400% and still rising. We only got the keys 6 months ago.

I suggest you talk to the sales manager and see who he has a backhander deal with. Then check the rates.

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3 years 41 weeks ago
 
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Congratulations. 7,000 sq m  is a very large house.

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3 years 41 weeks ago
 
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if u mean rmb7k/sqm, its attractv being in GD. is it a new bldg or old as tht also affcts the bank's mortgage considertn.

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3 years 41 weeks ago
 
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Buying a house:

In every province the rules are different. Normally you need to pay at least 1 year tax in that province and you as a foreigner are allowed to buy a house.

Usually a 30% down payment is required, also varies from different locations

 

Mortgage:

It depending on your salary. In general banks will give you as a foreigner a loan in the same city you buy. For high salary 40k+ per month they also dony have any worries to borrow you several millions.

 

Interest rates are terrible high with 5-7%. But they want to give you a mortgage for 40 years so the monthly payment can be pretty low

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3 years 41 weeks ago
 
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