01.
Definition of Building Mortgage
“Building Mortgage” means that a building or property that has been mortgaged to a bank is mortgaged to a financial company to raise funds for turnover.
02.
Types of Mortgage
There are generally two types of Refinancing: Building Mortgage and Property mortgage.
03.
Building Mortgage
Building Mortgage is the process of refinancing a residential property that has already been mortgaged to a bank to a finance company to raise funds. This is called building mortgage. The buildings that can be refinanced include old buildings, tenement buildings, village houses and Home Ownership Scheme flats that have paid land premium.
04.
Property Mortgage
Property mortgage is to refinance non-residential properties that have been mortgaged to banks to finance companies to obtain funds. This is called property mortgage. Properties that can be refinanced include parking spaces, shops, industrial buildings and land.
05.
Why choose building property mortgage
Advantages of building and property mortgages
Refinancing buildings and properties has a larger loan amount, lower interest rate and longer repayment period than general personal loans.
06.
Application procedures for building and property mortgage
There is no need to provide the title deed for the mortgaged building or property. You only need to provide the address of the mortgaged building or property. After agreeing on the loan amount, interest and repayment period with the finance company, you can sign the loan and mortgage documents to withdraw the loan.
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