How To Mow A Loan

In an effort to encourage foreign real estate investment in Shanghai, the regulatory changes made in mid-2001 have seen an easing of the restrictions on foreign expatriates applying for bank loans for the purchase of residential real estate here in Shanghai. Loans are available from almost all local banks as well as a select number of international banks, with the requirement of a 40% deposit on the purchase price of property. Loan periods vary from around 15 to 20 years.
The requirements for foreigners wanting to obtain a property mortgage here in Shanghai are currently as follows:
Requirements
•The loan must be for the purchase of residential property within Shanghai
•The applicant must have worked in a registered company in Shanghai for at least two years
•The applicant must have a proven ability to make repayment of the loan amount within the timeframe of the loan
•The applicant must have a written reference from a local resident
•The applicant must have a written reference from either the property developer or licenced real estate company involved in the transaction
Required Documentation
•Letter of application
•Notarised copy of the sales contract
•Copy of the applicants passport
•Copy of the corporate business licence of the applicants employer
•Notarised copy of the applicants salary certificate, past years tax records and past six months bank transaction record
•Written reference from a local resident and copy of the referee’s ID card
•A notarized copy of the referee’s salary certificate and past years tax records