In world banking practice there is no uniform classification of the bank Types Of Housing Loans In The Philippines credits. It is connected with the distinctions in the level of development of banking systems in the different countries which developed in them in the ways of granting the credits. However most often in economic literature classification of the credits by the following signs meets:
- to appointment (credit purpose);
- to the sphere of use;
- to use terms;
- to providing;
- to way of repayment;
- to types of interest rates;
- to the sizes.
Types of the bank credits to destination:
- industrial;
- agricultural;
- trade;
- investment;
- consumer;
- mortgage.
Industrial loans are allowed the enterprises and the organizations on production development, on a covering of expenses on purchase of materials, etc.
Agricultural loans are allowed farmers, country farms for the purpose of assistance of their activities for processing of the earth, to harvesting, etc.
Consumer loans are allowed natural persons on a covering of urgent needs, repair and purchase of apartments, houses, etc.
Mortgage loans are issued on the security of the real estate for the purpose of construction, acquisition or reconstruction of housing.
Types of the bank credits depending on the sphere of use: loans for financing of the fixed or working capital. In turn, the credits in working capital subdivide into the credits to the sphere of production and to the sphere of the address.
At the present stage of development of the Russian economy the most profitable and, as a result, the most widespread are the credits, appeals sent to the sphere.
Types of the bank credits depending on use terms:
- poste restante;
- urgent.
The urgent credits can be divided on short-term (till 1 year), medium-term (from 1 to 3 years) and long-term (over 3 years).
Types of the bank credits on providing are subdivided on blank (poor) and provided. The blank credits are issued to the first-class borrowers without use of secondary forms of ensuring recoverability of the credit.
Secured loans are the main kind of the modern bank credit. Depending on a type of providing they can be subdivided on mortgage, guaranteed and insured.
Similar classification of the bank credits is used more in the theory of banking, than in practice. In practical activities of the Types Of Housing Loans In The Philippines banks division of the bank credits in dependence not from a look, and from quality of providing is accepted. In this regard allocation provided, not enough provided and unsecured credits is accepted.
On a way of repayment the bank credits are divided into the loans repaid at a time and the loans repaid by installments. The loans repaid by a lump sum are a traditional form of return of the short-term credit as are convenient from a position of legal registration. The loans repaid by installments mean repayment of the credit two and more payments during all term of crediting. Specific conditions of return are defined in the credit agreement and depend on subject to crediting, term of the credit, inflationary processes and some other factors.