Home >Loan calculator> Prepayment Calculator       > Mortgage Prepayment Remarks

Mortgage Prepayment Remarks

Time: 2016-11-22         Source: Financial 360 finishing         Author: 360 Financial consolidation

Most banks require at least one year of repayment before they can applyRepayment in advanceHowever, there are also individual banks that can apply for early loan repayment at any time. In the state-owned banks, BOC and CCB need to repay loans for one year before they can apply for early repayment of loans. ICBC needs six months to repay loans in advance. In addition, banks such as China Merchants Bank and Bank of Communications need a year to apply for early loan repayment.HSBC BankIt means that you can apply for repayment at any time. The general mortgage period is more than 10 years. During this period, it is unavoidable for the central bank to adjust interest rates, and the timing of interest adjustment by banks is also inconsistent. Most Chinese-funded banks such as ICBC, Agricultural Bank of China, China Construction Bank, etc., generally begin to adjust their new repayment interest rate on January 1st each year according to the recent benchmark interest rate of the central bank. Foreign banks generally choose to adjust in the current month or the current quarter. Citibank will implement the new interest rate at the beginning of the next quarter, and HSBC will begin to implement the new interest rate on that day. For the mortgage lenders, which kind of interest rate adjustment is more cost-effective? Experts said that if you are in the interest rate cut channel, it is obviously faster to adjust the more cost-effective; if you are in the interest-rate cycle, it is more cost effective to adjust it later. Citizens choosePrepaymentIn general, a handling fee, also known as "penalty" or "liquidated damages," is usually given in the contract. State-owned large-scale construction, agriculture, China, construction, and pay-in, the Bank of China does not charge fees for repayment in advance, and ICBC needs to receive 2 to 3 months of interest as a handling fee, while other banks need to receive 1 month of interest. Among them, a one-month interest rate that ABC repays in advance within three years of the loan is used as a handling fee, and no fee is charged after three years. Bankers reminded that whether or not the loan is completed within the contract period, or repayment in advance, the public should not forget to apply for cancellation of mortgage registration after the repayment is completed. According to the different circumstances of the ownership certificate, the procedures for reclaiming the title certificate after the loan is also divided into several types. The simplest case is that the original ownership certificate has been mortgaged to the bank. If this is the case, the homebuyers will also have completed the loan, or will receive a repayment certificate after the loan is completed in advance. The bank will also return the original copy of the title certificate and the original purchase contract to the home buyer. In this way, homebuyers can get back their own ownership certificates and have nothing to do with the banks. However, because the operating rules of different branches of different banks are not uniform, some branches only need to make a mortgage registration, and home buyers can hold real estate certificates with a mortgage registration mark. Before the loan is repaid, the real estate license will be obtained in advance. The housing status will be indicated in other items on the real estate license. If this is the case, after the buyer has finished the loan, in addition to repeating the above steps, he will also perform a procedure to cancel the mortgage registration. After the purchaser and the bank have completed the settlement procedures, they will go to the Housing Authority to cancel the mortgage registration, that is, the cancellation of the chapter in the column of the real estate certificate.

【Exclusive Manuscripts and Disclaimer】 All works marked as “Future 360 ​​Original” must be reproduced, excerpted or otherwise used by any entity, organization or individual without authorization in writing. Has been authorized in writing, indicating the source melts 360. Violation of the above statement will infringe upon 360's legal rights and interests and will be legally pursued. The materials and conclusions in the work are for reference only and do not constitute operational recommendations. For written authorization, please email: academy@rong360.com

Comment list (User comments are only for users to express personal views, does not mean that this site agrees with their views or confirms their description)
you may also like
  • Mortgage Prepayment Remarks  Most banks require at least one year of repayment before they can apply for early repayment, but there are also some banks that can apply for early repayment. In state-owned banks, BOC and CCB need to repay the loan for one year before they can apply for early loan repayment. ICBC needs six months to repay the loan in advance...
  • How to advance the mortgage loan? Bank processing procedures and precautions  How to apply for early repayment? What are the steps for early repayment? Do you have to pay the penalty? What procedures are needed? How long will it take to finish? **** How is the bank specified? Please look down! According to financial 360 understanding, commercial banks repayment in advance, different bank regulations do not ...
  • Loan Prepayment Notice  Buying a house with a loan is a common way of buying a house nowadays. In the process of repaying the mortgage, some people want to repay the loan in advance. So, for those who buy a house for loans, what precautions should be paid in advance? Early loan repayment: refers to the borrower's partial loan to the bank...
  • Prepayments for Student Loans  When the funds are rich, many people first think of reducing their own burdens, apply for early repayment to reduce debt burden, and save money. A friend who applies for a student loan is certainly not an exception. What precautions need to be kept in mind when trying to repay the loan in advance? (1) Advance...
  • Prepayment Considerations in 2015  The Chinese people have always said that there is no debt, so some friends plan to repay the loan in advance. What need to pay attention to early repayment in 2015? Financial 360 Xiaobian teach you five steps! The first step: Look first at the loan contract for early repayment of the regulations. Look at the contract...