What are the loan requirements of rural credit cooperatives?
A rural credit cooperative refers to a rural cooperative financial institution approved for establishment by the People's Bank of China, formed by members' share capital, practicing democratic management, and mainly providing financial services to its members. A rural credit cooperative is an independent enterprise legal person, bearing liability for the rural credit cooperative's debts with all of its assets, and enjoying civil rights according to law. Now let us take a look at what requirements must be met for a rural credit cooperative loan!
Personal private property mortgage loan
A loan issued by a rural credit cooperative to meet short-term funding needs, using privately owned property of the individual or others (including commercial housing, affordable housing, and public housing permitted for listing and trading, etc.) as collateral. The loan target is a natural person between 18 and 60 years of age with full capacity for civil conduct, and the borrower must meet the following requirements:
1. Provide a valid identity document and a copy thereof.
2. Have a stable economic income, good credit, and the ability to repay the loan principal and interest on schedule.
3. In addition to the mortgaged property, the mortgagor has another property (or more than one property) available for the mortgagor to live in.
4. Have assets recognized by the rural credit cooperative as collateral, or (and) have a legal person, other economic organization, or natural person recognized by the cooperative and with sufficient repayment capacity as a guarantor.
5. Other requirements stipulated by the rural credit cooperative.
Personal housing/commercial property loan
A personal housing/commercial property loan refers to a RMB loan issued by a rural credit cooperative to an eligible natural person for the purchase of self-used housing or commercial property (excluding second-hand housing). The loan target is a natural person between 18 and 60 years of age with full capacity for civil conduct. Borrower application requirements:
1. Have legal identity verification and be a local permanent resident with full capacity for civil conduct.
2. Have a stable economic income, good credit, and the ability to repay the loan principal and interest on schedule.
3. Have a legal and valid housing purchase contract, agreement, and other supporting documents recognized by the lending cooperative.
4. Have funds amounting to 20% (inclusive)/40% (inclusive) or more of the total price of the purchased housing as the down payment for the purchase.
5. Have assets recognized by the cooperative as collateral or pledge, or (and) have a legal person, other economic organization, or natural person recognized by the cooperative as a guarantor.
6. Other requirements stipulated by the rural credit cooperative.
Personal second-hand housing loan
A personal second-hand housing loan is a loan issued by a rural credit cooperative to a borrower for the purchase of personal housing or commercial property for which the seller has obtained a property ownership certificate, has full rights of disposal, and which is legally traded on the secondary market. The loan target is a natural person between 18 and 60 years of age with full capacity for civil conduct. Borrower application requirements:
1. Have legal identity and provide a valid identity document and a copy thereof.
2. Have a legal and stable economic income, good credit, and the ability to repay the loan principal and interest on schedule.
3. Have property recognized by the lending cooperative (which must be property for which a housing ownership certificate has been obtained) as collateral, or (and) have a legal person, other economic organization, or natural person recognized by the lending cooperative and with sufficient repayment capacity as a guarantor.
4. Have a legal and valid second-hand housing sales contract, agreement, and other supporting documents required by the lending cooperative, and have a down payment invoice or other voucher for the transaction between both parties.
5. Have funds of no less than 20% (inclusive) or more of the total price of the purchased second-hand housing as the down payment for the purchase, or provide a valid corresponding down payment invoice or other voucher.
6. Other requirements stipulated by the rural credit cooperative.