Home > Personal Finance > Personal Loan > Change and Adjustment to Loan Contract
Change and Adjustment to Loan Contract

☆ Introduction
Change and adjustment to loan contract means making change and adjustment on original contracted loan tenure, payment method and pledge within the loan period.
1. Change the loan tenure. Extending or shortening original contracted loan tenure with the agreement of the borrower and loaner and other related people.
2. Change the payment method. Modifying original contracted repayment method with the agreement of the borrower and loaner and other related people within the loan period, due to different income level or certain grand issue, which changes the payment capability of the borrower. 
3. Change the pledge. Altering or increasing pledge with the agreement of the borrower and loaner and other related people, if the borrower changes the house or the value of the house is changed, etc.
You could apply for one or multiple adjustments mentioned foresaid.

☆ Service feature
ICBC offers comprehensive service for housing loan clients to satisfy your altered financial needs and to guarantee the value of your capital or decrease your repayment pressure, in every effort to let you enjoy our kind, thoughtful, convenient loan service.

☆ Application requirements
1. You have already had a personal housing loan in ICBC.
2. Up to the application day, there isn't any maturity non-payment, neither principal, interest nor the penalty interest.  
3. The borrower is capable to make the repayment after the alteration.
4. Alteration must be made with the agreement of other related people, with a written permission. Meanwhile, the original guarantor and mortgager must be willing to continue their liability for the adjusted contract or there is a new acceptable guarantor and mortgager, who would like to take the guarantying liability for the adjusted contract. 
5. If you are applying for changing the payment method, the residual time of original contract should exceed 1 year (including 1 year) and adjusted method should comply with regulations of ICBC.
6. Other requirements set by ICBC.

☆ Materials required for application
1. Original contract of personal housing loan.
2. Acceptable statement of the borrower's income and occupation.
3. Written agreement of the people, who are related in the original contract and written commitment of continuing their liability.
4. If the property of the pledge is jointly owned, documentation from the joint owner, who approves to maintain this pledge after adjustment, should be presented.
5. If the loan is in the guarantee period, the guarantor should present documentation to show his promise to be the guarantor after adjustment.
6. Other materials required by ICBC.

☆ Manual
1. Make an application. You could file a written application and supporting documents to the bank, who issued your original mortgage.
2. Sign a contract. After your application gets approved, ICBC will inform you to sign the agreement on contract adjustment and to accomplish the notarization, insurance and pledge registration, if needed.
3. Make timely payment. You must make repayment according to the payment plan and method specified in the altered contract.
4. Loan settlement. Please refer to the related regulations of personal brand new housing loan application.

The above is for reference only. Details refer to the rules drawn up by local ICBC branch. To save your time, please call your local ICBC before applying for the service.
Personal Finance