Liquidated damages for early repayment are the terms agreed in the contract between the borrower and the lender. Once the borrower pays off all the loans or most of the principal in advance within the specified time, the borrower will pay the liquidated damages. Liquidated damages are generally calculated according to the percentage of the outstanding balance at the time of prepayment (generally 2% to 5%); Or agree on interest for several months. However, the maximum liquidated damages are subject to contract or law.

1. If the borrower needs to repay the loan in advance, he should generally bring his ID card and loan contract to the bank for examination and approval after applying by phone or in writing. If the borrower has settled all the balance, after calculating the remaining loan amount, the rural commercial bank will deposit enough funds to repay the loan in advance.

2. Partial or full prepayment of individual housing loan means that the borrower repays a certain amount or all of the loan in advance on the basis of ensuring monthly repayment of the principal and interest of individual housing payment, so as to achieve the purpose of "shortening the repayment period and reducing interest expenses". The specific method of "partial prepayment" is that the first bank must ensure that the monthly repayment amount after prepayment exceeds the original repayment amount before it can apply for partial prepayment.

3. The specific method of "all in advance" is: first, go to the bank to find out the outstanding principal and interest, and pay off the remaining loan in one lump sum, then the bank will issue the repayment certificate and the certificate of agreeing to cancel the mortgage, and then go to the Housing Authority to apply for the certificate of canceling the mortgage, and the loan and mortgage relationship between the customer and the bank will be terminated.