A Research On Chinese Housing Mortgage Loan Insurance System

The Housing Mortgage Loan Insurance is an effective means to help poor people to buy their own house. The insurance is set up to pay off interest or the loan instead of people when they can't afford the housing mortgage loan with special difficult.The first Housing Mortgage Loan Insurance began in America and in foreign mature mortgage loan insurance market there exist three kinds of mortgage loan insurance: property insurance, life Insurance and credit Insurance. After viewing the experience that developed countries set up their housing mortgage loan insurance mechanism, the issue consider the key points to their success were based on the government credit and perfect legal situation.In China, since first housing mortgage loan insurance in 1992, it developed slowly in recent years. In nowadays, the mortgage housing insurance of the Chinese insurance companies met many problems and therefore can't meet the needs of housing mortgage loan. It is necessary for us to refer to the successful experience abroad and then set up Chinese characteristic insurance mechanism for housing mortgage loan.The issue discussed the problems that Chinese housing mortgage loan insurance market exist and consider lacking of legal mechanism, mortgage loan insurance products and personal credit mechanism were the main reasons that limited development of Chinese mortgage loan insurance mechanism.To develop Chinese housing mortgage loan insurance mechanism, government credit and legal mechanism are necessary. And it is also important to develop personal credit mechanism in order to provide housing mortgage loan market with good condition.