But you have to remember that many banks have provisions for prepayment, which can only be paid off after one year. Generally, the money is paid off first and then paid.
Moreover, it is best to pay off the loan in a short time, because most of them are paid off in the later period, so even if they are paid back in advance, there is not much discount. Besides paying back the money in advance, it can also reduce the monthly interest or shorten the loan time.
What should I pay attention to in prepayment? 1. Appointment
During the loan period, one year after the loan is issued, the bank may be required to repay the loan in advance with the consent of the bank. It takes an average of 2-7 working days for the bank to complete this business. Different banks have different regulations on prepayment. Before deciding to prepay, you must understand the bank's operation process.
2. Prepare loan documents.
If the borrower wants to repay the loan in advance, he usually needs to apply by phone or in writing, and bring his ID card and loan contract to the bank for approval. If the borrower has repaid all the loans, the bank can provide convenience for the borrower to repay in advance after calculating the loan balance.
If it is the owner and the customer, it is best to find a professional intermediary company to notarize it, so as to avoid the risk that the customer will not buy it after the owner repays in advance, or the owner will raise the price after the customer pays the final payment with the down payment.
3. Calculation method of interest rate after interest rate reduction
The new interest rate standard will be calculated early next year. Therefore, even if the loan is to be repaid in advance, the lender should seize the time and strive to repay it as soon as possible before the new interest rate takes effect at the end of the year. After paying off all loans in advance, banks should remember to go to insurance companies and other institutions to handle the surrender procedures.
Step 4 give up
After the lender pays all the final payment in advance, it shall contact the insurance company to handle the surrender formalities with the original settlement certificate, original policy, original policy and invoice issued by the bank. When a borrower applies for a loan, the bank will mortgage it.
The above is the answer about whether the house loan can be paid off in advance in one lump sum. I believe everyone has understood. I hope the above content is helpful to you.