Repayment of Loans in Advance (2)

Some lenders who repay their loans in advance can choose two ways: one is to reduce the monthly repayment, the repayment period is unchanged, and the other is to shorten the repayment period, the monthly repayment amount remains unchanged. If the lender's income continues to increase, you can choose to shorten the repayment of the loan term, as soon as possible to achieve the debt-free desire. If there is not much increase in income, it can be done by reducing the repayment amount and the repayment period unchanged, which will reduce the pressure on the repayment.

It is worth mentioning that the Application Form for Early Repayment is irrevocable once confirmed by the borrower's bank and serves as a supplementary term to the loan contract, which has the same legal effect as the loan contract. If the purchaser of the loan fails to repay the loan in accordance with the date and amount specified in the early repayment application issued by the borrower's bank for any reason, it shall be deemed to be overdue, and the purchaser of the loan shall bear the corresponding liability for breach of contract according to the loan contract.

Precautions

Don't forget to give up your bail.

After the borrower repays all the loans in advance, the original personal housing loan housing insurance contract is also terminated early at this time. According to the relevant provisions, the borrower may carry the original insurance policy and early repayment of the loan certificate, to the insurance company monthly refund of the premium paid in advance. It is easier for banks to handle such lump-sum early repayments. Customers are generally required to notify the bank in advance (usually 10 working days to 1 month in advance), the bank calculates the total amount owed by the customer, designates the customer to pay the bank to pay the month's interest, the bank sends the deed to the law firm designated by the contract, handles the cancellation of the mortgage loan and registers with the real estate management department, and the lawyer, after all the formalities, has completed all the formalities, it will notify the owner to collect all the real estate contracts. Some banks do not go through the lawyer, as long as the formalities they directly to the property certificate or purchase contract to the customer.

After repaying all your loans in advance, don't forget to get your own money back from the insurance company and the tax department.

After the borrower repays all the loans in advance, the original personal housing loan housing insurance contract is also terminated early at this time. According to the relevant provisions, the borrower may carry the original insurance policy and early repayment of the loan certificate, to the insurance company monthly refund of the premium paid in advance. Early repayment of the loan to refund the insurance premium, according to the original purchase of the house is the current or the period of housing, the actual term of the insurance fee (six months or more of the insurance period is generally the loan term minus 1 year calculation), the original one-time payment of the discount rate of the premium and the calculation factor, etc. , the calculation formula is: early repayment of the loan refund insurance premiums , the current value of the insurance premium paid in advance - the early return of the insurance premium spending in advance of the present value.

Don't forget the tax refund.