Can I use a credit card to buy a house?

Credit cards can be used to pay for the house, and it is not illegal; paying for the house with a credit card can be said to be convenient, as it eliminates the need to apply for a loan from a bank or ask others and the trouble of institutions borrowing money.

The money in the credit card is a credit fund given to you by the bank. The so-called "use it in vain" means that as long as you use the credit card during the interest-free period, you can enjoy zero interest for overdrafts. Cardholders are provided with a certain buffer period.

Except for a few banks that set card swiping limits for real estate consumption, credit cards from most banks can be used to pay down payments, but there are still some issues that need to be paid attention to. Use a credit card to pay the down payment for a house. Since the down payment for a house is generally large, multiple credit cards will be required to meet the payment needs.

So, if you want to use a credit card to pay the down payment for a house, you need to hold multiple credit cards.

What should you pay attention to when buying a house with a credit card?

1. Credit card limit increases will be affected.

If the home buyer is going to use a credit card to pay the down payment, the credit card limit increase may be affected. The down payment for buying a house is also a large amount, but the home buyer should not use multiple cards at the same time when paying the down payment. Because for such large-amount no-points transactions on multiple cards, the bank may suspect that the customer is cashing out and will strengthen risk control. If there are overdue or other problems, it will not be so easy to apply for a limit increase in the future. If you encounter a more serious bank It may also be reduced.

2. Be careful when using the temporary limit of your credit card.

Many credit cards can adjust the temporary limit. When buying a house with a credit card, home buyers must not blindly use the temporary limit, because the temporary credit limit on a credit card cannot be extended on a recurring basis or in installments and needs to be used once upon expiration. If you cannot repay in full when due, it is recommended not to apply for a temporary increase.

3. The repayment pressure is high in the short term, which can easily lead to overdue payments.

For those who buy a house with a credit card, whether it is a credit card or a mortgage, they need to repay it on time. If you apply for credit card bill installments after swiping the card, the repayment pressure will increase in the short term. Failure to repay in time will easily lead to overdue payment, and you will need to pay high interest and late fees. The most important thing is that it will affect the personal credit of the home buyer. Therefore, you must have a clear understanding of your own financial situation before making payment, and remember to blindly swipe your credit card. .

4. It may not be possible to pay the down payment with a credit card for a second-hand house.

If the home buyer plans to buy a second-hand house, he cannot use a credit card to pay the down payment. When buying a second-hand house, the down payment is usually paid by bank transfer, so Everyone will no longer be able to use credit cards, and some areas with strict requirements clearly stipulate that developers are not allowed to use credit cards to pay down payments. Therefore, using credit cards to pay down payments is also subject to local policy restrictions and is not universal.

5. There are no points for buying a house with a credit card.

For home buyers, there are no points when using a credit card to buy a house. Credit card points cannot be accumulated for this type of consumption transaction. In addition, buying a house with a credit card will also have a certain impact on subsequent credit limit increases. Abnormal large-value transactions involving swiping a card to pay on a capping machine are easily considered by banks to be risky transactions, and subsequent applications for a credit card limit increase are unlikely to be successful.

Regulations on not using credit cards to buy a house

There are no regulations in this regard. You can use credit cards to buy a house. However, when you decide to use a credit card to buy a house, you should understand the local bank charges and policies in advance. .

Legal basis:

"Credit Card Business Management Measures"

Article 2 All commercial banks that handle credit card business within the territory of the People's Republic of China and Its branches, cardholders and special units that accept credit cards must comply with the provisions of these Measures.

Article 21 Malicious overdraft refers to the overdraft behavior of the cardholder for the purpose of illegal possession, exceeding the prescribed limit or prescribed period, and the collection by the card-issuing bank is invalid.

Article 68 If a cardholder maliciously overdrafts, he or she shall be held criminally responsible in accordance with the law.

Can I use a credit card as a down payment when buying a house?

It is not possible to use a credit card as a down payment when buying a house.

Paying the down payment for a house with a credit card is very risky, because such large purchases will be recorded on the personal credit report, resulting in a higher debt ratio. When applying for a home purchase loan, you will encounter great difficulties. If the explanation is not clear, it will easily cause bank staff to worry about the applicant's repayment risk, which will lead to the loan being rejected.

The down payment is the minimum proportion of the first payment according to the national proportion when buying a house. Of course, the payment can be higher than this amount, but it cannot be lower than it. The remaining balance is borrowed from a bank loan.

From June 1, 2006, the down payment ratio of personal housing mortgage loans shall not be less than 30%. Taking into account the housing needs of low- and middle-income people, the down payment ratio of 20% is still implemented for those who purchase self-occupied houses with a floor area of ??less than 90 square meters.

The requirement in 2013 is that the down payment for the first house is 30% of the total house price, and the down payment for the second house is 60% of the total house price. Because of the risk of loan repayment, relevant departments will require home buyers to provide a part of the down payment, that is, to pay a part of the house payment personally in advance to prove that you have the ability to repay.

On March 25, 2016, Shanghai announced "Several Opinions on Further Improving the City's Housing Market System and Security System to Promote the Stable and Healthy Development of the Real Estate Market", which clarified that for households that own one house, If you improve your living conditions and apply for a commercial personal housing loan again to purchase an ordinary owner-occupied house, the down payment ratio shall not be less than 50%; if you purchase a non-ordinary owner-occupied house, the down payment ratio shall not be less than 70%.

The amount of down payment is determined according to the country’s policies at the time. For example: a house of 30,000 yuan/square meter, a house of 100 square meters is 3 million yuan. So, 20% down payment is 600,000, 30% down payment is 900,000, and 40% down payment is 1.2 million.

In the "Notice of the General Office of the State Council forwarding the opinions of the Ministry of Construction and other departments on adjusting the housing supply structure and stabilizing housing prices", in order to curb the excessive rise in housing prices, starting from June 1, 2006, personal housing mortgage loans The down payment ratio shall not be less than 30%. Taking into account the housing needs of low- and middle-income people, the down payment ratio of 20% is still implemented for those who purchase self-occupied houses with a floor area of ??less than 90 square meters.

This is the end of the introduction about the reasons why you can’t use your credit card to buy a house and why you can’t use your credit card to buy a house. I wonder if you found the information you need?