First, the equal principal and interest repayment method (concept): that is, all the principal and interest of the mortgage loan are added together and then evenly distributed to each month of the repayment period. The monthly repayment amount is fixed, but the proportion of principal in the monthly repayment amount increases month by month, and the proportion of interest decreases month by month. This method is the most common and recommended by most banks for a long time.
2. Calculation formula: monthly repayment amount = [loan principal× monthly interest rate× (1+monthly interest rate )× repayment months ]=[( 1+ monthly interest rate )× repayment months]
Third, the application process: 1, submit the application materials; 2. Bank acceptance bills (investigation and approval); 3. Both parties sign a credit contract; 4. Apply for mortgage guarantee, and the quota will take effect; 5. When you need to use the loan, you can go through the loan and repayment procedures through bank outlets, self-service equipment and online banking.
How much the mortgage is repaid every month, the repayment method of equal principal and interest will be adopted. The calculation method of equal principal and interest is to add up the total principal and interest of the loan, and then spread it evenly to each month of the repayment period, so the repayment amount of each month is the same, and the proportion of principal in the repayment amount increases month by month. For the lender, the repayment amount of equal principal and interest every month is fixed, which is simpler to operate and convenient to arrange various expenses every month.
If you choose equal principal and interest, the interest you need to pay is higher than the average capital, which is suitable for people with stable income, and the pressure of repayment in the early stage will not be too great.
Monthly repayment of provident fund loans can be deducted from the provident fund account.
When the balance in the housing provident fund account is greater than the required repayment amount, it will be deducted directly from the provident fund account. When the balance of the account is insufficient to deduct the repayment amount, the required repayment amount shall be deposited into the provident fund joint card. It should be noted that the deposit amount must be equal to or greater than the repayment amount of this period, and the amount of insufficient provident fund cannot be deposited.
After handling the provident fund loan, if it is overdue because it is not repaid on time, it will seriously affect the personal credit and reputation. Property buyers should deposit their own funds into their accounts before the repayment date, and don't wait until the repayment date, because even on the repayment date, banks will have specific time requirements, such as withdrawing money before 0: 00. If the buyer deposits money after 1: 00, the bank will have no funds when withdrawing money, and it will be considered overdue.
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There are two repayment methods for provident fund loans:
1, "monthly matching principal and interest repayment method" refers to the repayment method that the borrower repays the loan principal and interest unchanged every month, but the loan principal in the monthly repayment amount increases month by month and the loan interest decreases month by month.
2. "Monthly average capital repayment method" refers to the repayment method in which the borrower repays the principal regularly every month and the loan interest decreases month by month. It should be noted that the personal loan of provident fund within one year should be repaid in one lump sum at maturity; Personal provident fund loans with a term of more than one year shall repay the loan principal and interest on a monthly basis.