Mortgages for Foreign Nationals in China
Local banks and other lenders do issue mortgages to foreign nationals in China, but the process can be more challenging as foreign nationals may not have a credit history in China and may not have the same documentation requirements as Chinese citizens or permanent residents. Additionally, the Chinese government has implemented strict regulations to cool down the housing market and foreign nationals are subject to certain restrictions when buying property in China.
Local Lenders
Some local lenders that provide mortgages to foreign nationals in China include:
- China Construction Bank: This bank offers mortgages to foreign nationals, but typically requires a higher down payment and may have stricter documentation requirements.
- Industrial and Commercial Bank of China: This bank also offers mortgages to foreign nationals, but may have similar requirements as China Construction Bank.
- Agricultural Bank of China: This bank offers mortgages to foreign nationals, but may have similar requirements as China Construction Bank and Industrial and Commercial Bank of China.
Deposit Requirements
The amount of deposit required when buying a property in China can vary depending on the lender and the type of property, but typically ranges from 30-50% of the purchase price. Some lenders may require a higher deposit for foreign nationals.
Outstanding Debts on the Property
New property owners in China are responsible for outstanding debts on the property, such as unpaid property taxes or utility bills. However, it is important to conduct a proper due diligence before purchasing a property to ensure there are no outstanding debts or liens on the property that could become the responsibility of the new owner.
It is important to note that laws and regulations for foreign nationals buying property in China can vary. It is advisable to consult with a lawyer or real estate agent familiar with the laws and regulations before making a purchase.
