I believe that most people want to buy a house, but in modern society, for ordinary families, they can only choose loans to buy a house. Even so, many families will still be burdened with heavy debts. However, when making a loan, the borrower can give priority to applying for provident fund. How many years is the provident fund loan suitable? Is it appropriate to repay part of the provident fund in advance?
How many years is the provident fund loan suitable?
The official loan term of provident fund mainly includes 5 years, 10 years, 15 years, 20 years, 25 years and 30 years, that is, the longest loan term is 30 years. With the extension of the loan term, the borrower will have to pay more loan interest, but at the same time the repayment pressure will be reduced.
If you apply for a provident fund loan, most people think that 20 years is more appropriate. With a 20-year loan, the borrower has little pressure to repay the house, and the interest will not be much. The longest loan period of housing provident fund can not exceed 30 years, and it can not exceed the statutory retirement age of employees or their spouses.
However, the borrower's actual repayment ability needs to be considered. It is not the best choice to blindly reduce the loan interest and shorten the repayment period, which will bring great repayment pressure to yourself. Because, once there is an emergency in the repayment process, which leads to the break of the capital chain, the repayment will be overdue.
Is it appropriate to repay part of the provident fund in advance?
If the family doesn't have good financial management ability and can't create more income in the future, then for the family, you can always choose to repay in advance. If family financial management is very good, the financial income can exceed the interest rate of provident fund loans at this time, and it is not appropriate to repay in advance at this time.
If family financial management is very good, the financial income can exceed the interest rate of provident fund loans at this time, and it is not appropriate to repay in advance at this time.
The above is the sharing of "How many years is the appropriate provident fund loan", and I hope it will help everyone!
Is the housing provident fund loan good in the short term or long term? Why?
Housing provident fund loans are divided into two grades, one is within 5 years, and the other is over 2.755 years. 3.25 is simply divided into these two grades, so the best choice for everyone is two. One is to pay off within five years, which is naturally a low interest rate. But if five years is absolutely endless, you might as well choose the longest loan term.
Because the provident fund loan itself has a maximum ceiling, which is generally 500,000, and in some areas it is 600,000. It won't make much difference. Even if the minimum loan of 500,000 yuan is paid off in five years, it will be 6,543,800 yuan in one year. If you have such strong financial ability, what do you do with the loan? Wouldn't it be nice to pay in one lump sum? Therefore, most people will choose 10 or even 20 years if they can't use up their provident fund loans within five years. Well, since it has been more than five years and the loan interest rate is 3.25, why not choose a longer time? Make your repayment less stressful.
The loan interest rate of provident fund is about 3.25, and the interest rate of commercial loan of 5.25 may not be able to stop the difference between these two points, so the interest finally found out in 20 years may cost tens of thousands of dollars or even more. Everyone chooses a longer repayment period, which not only reduces the repayment pressure, but also takes into account the increase in personal income brought about by inflation. It may be difficult to pay back 5,000 yuan a month now, so 20 years after 10, this 5,000 yuan may be the same as 1000 yuan, and naturally there will be no such great repayment pressure.
Choosing a long time to be sleepy does not have much impact on individuals buying a house, because individuals can only use the housing provident fund twice, once for 1 set and once for the second set. If you have a particularly strong ability to buy a third set, you don't need provident fund. In some places, there is a purchase restriction policy. You can choose a longer loan period and see a house that really belongs to you, and you will be satisfied. Repayment in 20 years, buying a house at the age of 25, and being able to pay it back at the age of 45, the intermediate income suddenly increased, and prepayment did not have much impact.
How many years is it cost-effective to choose provident fund loans? This is the most economical!
Buying a house with a loan is a more cost-effective way. Because the interest rate is relatively low, the state often introduces various policies, so it is best to give priority to provident fund loans when everyone meets the conditions. In addition to the repayment method, the repayment period is also the focus of attention. 20 years or 30 years, how many years is more cost-effective?
First, the longer the better.
Simply put, the longer the provident fund mortgage, the more cost-effective, because the provident fund loan is the lowest interest rate available in the market. Of course, the premise is that there will be no large amount of funds such as investment and wealth management in the future, and the work income will be relatively stable.
For example, my colleague Xiao Wang bought a house at the end of 20 18 and used a provident fund loan. The benchmark interest rate of loans is only the benchmark interest rate of commercial loans, and the mortgage interest rate of commercial banks will be raised by 20%-30% in two or three years. At one time, the interest rate of provident fund loans was significantly lower than that of commercial loans.
Second, everyone is suitable for long-term mortgage.
For some people who are extremely conservative and unwilling to get into debt, they can decide according to their own income. Generally speaking, the monthly repayment amount should not exceed one-third of the family income.
At present, the term of provident fund loan is five years, 10 year, 15 year, 20 year, 25 year, 30 year, and the interval is five years for you to choose. Everyone can decide according to their own needs.
In short, the longest term of provident fund loans is 30 years. If you can borrow for 30 years, it is earned. Conditional partners try to extend the deadline, which is more cost-effective.
How many years is the provident fund loan suitable?
When it comes to housing loans, many people can think of using provident fund loans because the interest rate is much lower than that of commercial loans. at this point
Everyone knows, but many people will have doubts about the loan period, and they are not sure how many years it is better to use provident fund loans. 10 years? Twenty years? Thirty years? How to choose more cost-effective?
Let's first look at the principal and interest of provident fund loans with different maturities. If a person borrows 600,000 yuan from the provident fund, the interest rate is 3.25%.
1. Loan 10 year
Matching principal and interest: repay 5863 yuan per month, * * pay interest 103600 yuan, * * * pay principal and interest of 703600 yuan;
Average capital: the first installment is 6,625 yuan, and the repayment amount in each installment is about 14 yuan, with total interest of 98,000 yuan and total principal and interest of 698,300 yuan.
2. Loan for 20 years
Matching principal and interest: the monthly repayment is 3,403 yuan, * * the interest is 2 1.68 million, and the principal and interest are 8 1.68 million;
Average capital: the first installment is still 4 125 yuan, and after that, the repayment amount will be reduced by about 17 yuan, * * * interest will be paid195,800 yuan, and the principal and interest will be * * * 795,800 yuan;
3. Loan for 30 years
Matching principal and interest: the monthly repayment is 26 1 1 yuan, with interest of 340,000 yuan and principal and interest of 940,000 yuan;
Average fund: 3292 yuan in the first installment, and then the repayment amount in each installment will be reduced by about 5 yuan. * * * The paid interest is RMB 293,300, and the principal and interest are RMB 893,300.
It can be seen that with the increase of repayment period, interest is also increasing. The 30-year interest rate is 240,000 more than that of 10, and 20 years more than that of130,000. However, in different repayment methods, the average capital interest is generally lower than the equal principal and interest, ranging from 5000 to 50000.
In this way, it seems very simple. Choose the one with less repayment, and the average capital is 10. However, it should be noted that once the repayment pressure is taken into account, the monthly expenditure is nearly 6,000 yuan, plus other loans and daily expenses, so 10 year is not a good choice for families with insufficient funds.
What about 20 years? 20 years looks good. You only need to pay back 3,000 to 4,000 yuan a month, and the equivalent principal and interest will be 20,000 more than the average principal, but the early repayment pressure is small, and only more than 3,000 yuan is needed. I choose 20 years of equal principal and interest! There is nothing wrong with this choice, but let's see if 30 years is better.
Many people choose to borrow directly for 30 years. First, because the interest rate of provident fund is really low, the interest rate of provident fund for loans over five years is 3.25%, and that of commercial loans is 4.9% or even higher, which is really favorable. Second, the repayment pressure is smaller. Third, more importantly, you can make use of the interest spread to gain income. The interest rate of provident fund loans is 3.25%, and the income of many wealth management in the market is higher than 3.25%. Then you can pay less back to the bank every month and spend more of your own money on financial management, with a 4% or 5% profit. The interest on the price difference is the income you earn from it. Coupled with inflation, the money is getting less and less valuable, that is, the later you pay it back, the better for you.
Generally speaking, the repayment pressure of 10 year is not a good choice. 20-year repayment pressure is moderate, suitable for people who don't want to borrow for too many years, or feel that 30-year interest is too much. However, on the one hand, the repayment pressure in 30 years will be reduced, and on the other hand, it will be cost-effective to earn the difference income through interest spread and inflation.
Which is more cost-effective to pay off the provident fund loan in three years or five years?
Three years is the most cost-effective
Because the repayment pressure of equal principal and interest repayment method is balanced, but it needs to pay more interest, it is suitable for people with certain savings, but their income may be flat or declining, and their living burden is increasing day by day, and there is no early repayment plan. And the repayment law of average capital,
Because the lender can repay the principal quickly, it can pay less interest, but the early repayment amount is large, which is suitable for people with higher income at present or expected to increase significantly in the near future.
It is more beneficial to those who are prepared to repay in advance. The repayment amount of average capital is decreasing, and the monthly repayment amount of equal principal and interest is fixed.
Is a provident fund loan of 500,000 years suitable or 10 years suitable?
Provident fund loan of 500,000 yuan. If you have sufficient funds, it is certainly more appropriate to borrow for five years. In this case, you only need to pay interest for five years.
Provident fund loan.
Housing provident fund loans are loans enjoyed by employees who deposit housing provident fund. According to national regulations, all employees who have paid housing provident fund can apply for individual housing provident fund loans according to the relevant provisions of provident fund loans.
Commercial loans, also known as personal housing loans, are commercial banks and housing savings banks approved by the People's Bank of China, which provide loans for urban residents to purchase ordinary housing for their own use, and the legal loan interest rate is implemented.
The difference between provident fund loans and commercial loans
Difference 1: the loan interest rate is different.
The benchmark interest rate for commercial loans over five years is 4.9%, and the interest rate for provident fund loans over five years is 3.25%.
Difference 2: The loan ratio is different.
For the same house, if the first set of urban commercial loans can be 70%, then the first set of pure provident fund loans will be almost 80% at most.
Difference 3: The loan process is different.
To apply for a commercial loan, the loan must be reviewed before the transfer, and the provident fund loan is reviewed after the transfer.
Difference 4: The approval time is different.
It takes about 20 working days to approve commercial loans and 40 working days for provident fund loans. Commercial loans are faster than provident fund loans.
Difference 5: Different sources of loans
Commercial loans mainly come from public funds raised by commercial banks and other lending institutions, while provident fund housing loans are funds paid by provident fund depositors.
Difference 6: Different users.
Commercial loans are for all eligible members of the public, while provident fund loans are only for employees who pay provident fund.
Difference 7: Interest is used for different purposes.
The interest of commercial loans is the profit of commercial activities and belongs to relevant investors, while the interest of provident fund is used according to the policy and can only be used for the construction of affordable housing.
Difference 8: The examination and approval institutions are different.
Commercial loans are mainly approved by banks, which make decisions; The provident fund mortgage needs the approval of the provident fund management center, and the decision is made by the provident fund management center, and the bank is only the executing agency.
Difference 9: The year and quota are different.
Different cities, different banks and provident fund management centers have different regulations. Generally speaking, commercial loans can choose a longer and more flexible repayment period and a higher amount.
Difference 10: The second suite is different.
Commercial loans have more restrictions on the second home loan policy and higher interest rates; Provident fund loans are less affected by the second home loan policy and can also enjoy preferential interest rates.
To sum up, commercial loans and provident fund loans are not only different in interest rates, but also in auditing and second-home loans, which also reminds buyers that it is best to find a unit that can pay housing provident fund for you when looking for a job, so that you can have more choices when choosing loan methods.