How to repay the mortgage in advance

What are the procedures for repaying the loan in advance?

Generally, you need to make an appointment with the bank before repaying in advance, and you can consult the relevant policies of the loan bank for details. The process of repaying the loan in advance is:

Step 1: First, check the requirements of prepayment in the loan contract, and pay attention to whether it is necessary to pay a certain penalty for prepayment.

Step 2: Call the loan bank in advance to inquire about the application time and minimum repayment amount of the loan and other materials that need to be prepared.

Step 3: According to the requirements of the bank, apply for early repayment in person to the relevant departments.

Step 4: The borrower takes the relevant documents to the borrowing bank and goes through the relevant formalities of prepayment.

Step 5: Submit the prepayment application form and deposit the prepayment in the counter.

Precautions for advance payment:

Don't forget to make an appointment with the bank to repay the mortgage in advance. The waiting time may be as long as one month.

At present, most banks do not charge liquidated damages for repaying loans in advance, but please ask before going through the formalities.

Banks have different restrictions on the number of early repayments and the minimum repayment amount within one year. Please consult in advance.

Remind borrowers that if property buyers pay off the loan balance in advance, they can apply to the insurance company for surrender. When surrendering, you should bring the insurance policy, the loan bank repayment certificate and other relevant documents (the original insurance policy is kept by the loan bank and the copy of the insurance policy is kept by the buyer) to the insurance company to handle the relevant surrender procedures. The refunded premium is: (actually paid premium-the loan amount is the premium that the buyer should pay according to the actual loan period) (1-5%).

Five ways to repay the loan in advance

For property buyers who intend to prepay, they must first understand five prepayment methods:

Early repayment, that is, the customer pays off all the remaining loans at one time;

Some loans are repaid in advance, and the monthly repayment amount of the remaining loans remains unchanged, and the repayment period is shortened;

Partial prepayment, the monthly repayment amount of the remaining loan is reduced, and the repayment period remains unchanged;

Partial prepayment, the monthly repayment amount of the remaining loans is reduced, and the repayment period is shortened;

Individual banks allow borrowers to keep the remaining loan principal unchanged and increase the monthly repayment amount, thus shortening the repayment period.