Since my country ushered in the first batch of housing loan boom at the beginning of this century, the first batch of housing loans will face the deadline for repayment, and the "first batch of housing loan holders" will also reach the date of collective repayment of housing loans. In this regard, industry insiders remind citizens not to forget to go through relevant procedures while paying off their housing loans. Loan mortgages cannot be careless.

It is understood that about 10 years ago, the country implemented a large-scale housing monetization policy, and at the same time banks began to "open the door" to residential housing loans to handle such business. From the beginning of this century to around 2003, my country ushered in the first wave of housing loan booms. At that time, the housing loan terms were mostly 10 to 15 years. Now that 10 years are about to pass, many of the first batch of mortgage borrowers will also be debt-free. For this first batch of mortgage holders, the current repayment pressure is actually very small. Many people’s monthly repayments are only around 1,000 yuan.

After 10 years, while people’s income has increased, housing prices have also seen a large-scale increase. The property value of that year has often increased several times or even more. Not only people with a 10-year term will basically have repaid their loans by now, but also some citizens who took out a 15- to 20-year loan have already had the ability to repay, because 1,000 yuan is already enough for people today. There are very few, so many people have proposed to apply for it in advance. It should be said that in the past 10 years, the first batch of housing loans has come to a successful end.

So for those residents who are about to repay their loans, what do banks need to remind them? Relevant bank officials reminded citizens that different banks have different operating regulations for paying off mortgage loans. However, when applying for a housing loan, banks generally register a mortgage on the property, and the property certificate with a mortgage registration mark limits the transaction and remortgage of the property. After the loan is repaid, the property holder needs to go to the bank to go through the process of canceling the mortgage registration. After the home buyer and the bank complete the settlement procedures, they go to the housing authority to cancel the mortgage registration. At this time, the homeowner only owns the property. For complete ownership, some transactions are also possible.

(The above answer was published on 2016-11-08, please refer to the actual current relevant house purchase policies)

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