If you don't repay your mortgage for three consecutive months, you will be blacklisted by the banking system. As for repossession, that is, if you fail to negotiate with the bank or refuse to negotiate, the bank will apply to the law enforcement department to take measures to repossess the building. In order to buy a new house as soon as possible, many families often can't correctly assess their financial affordability when they apply for bank loans. After starting monthly repayment, I found that I was unable to meet my needs, which seriously affected the quality of life and even led to overdue repayment.
Before buying a house, you should correctly evaluate your economic strength. Since the loan is a fixed living expense, you need a relatively stable job and income source. At the same time, due to the increase in loan expenditure, it will inevitably have an impact on the previous financial planning. Therefore, before buying a house, we should make a new family income and expenditure plan to avoid the impact on daily life after buying a house.
When you have paid off all the principal and interest of the loan, you can go to the district/county real estate trading center where the property is located to cancel the mortgage with the bank's loan settlement certificate and the property right certificate of the collateral. Many friends will choose loans when buying a house, but there are many places to pay attention to when buying a house with loans. Everyone must be careful.
Extended information: introduction of loan to buy a house:
1. Buying a house by loan refers to the loan business in which the buyer applies for a loan from the bank to pay the house purchase price with the building of the house transaction as collateral, and then the buyer pays the principal and interest to the bank in installments, also known as house mortgage loan. Mortgage means that the buyer fills in the application for mortgage loan to the bank and provides legal documents such as ID card, income certificate, house sales contract and guarantee letter.
2. After passing the examination, the bank promises to issue loans to the buyers, and handle the notarization of real estate mortgage registration according to the house sales contract provided by the buyers and the mortgage loan contract concluded between the bank and the buyers. The bank will directly transfer the loan funds to the account of the seller's unit in the bank within the time limit stipulated in the contract.
Second, the mortgage to buy a house process
1. If buyers want to get mortgage services, they should focus on this aspect when choosing real estate. When buyers learn that some projects can apply for mortgage loans in advertisements or through the introduction of sales staff, they should further confirm whether the real estate developed and built by developers has won the support of banks to ensure the smooth acquisition of mortgage loans.
2. After confirming that the property you choose has bank mortgage support, the buyer should learn about the bank's provisions on mortgage loan support for the buyer from the bank or the law firm designated by the bank, prepare relevant legal documents and fill in the mortgage loan application form.
3. The bank receives the legal documents related to the mortgage application submitted by the buyers, and after confirming that the buyers meet the mortgage loan conditions through examination, it issues a loan consent notice or a mortgage loan commitment letter to the buyers. Property buyers can sign the "Pre-sale Sales Contract of Commercial Housing" with developers or their agents.
4. After signing the purchase contract and obtaining the payment voucher, the purchaser signs the mortgage loan contract with the developer and the bank with the relevant legal documents stipulated by the bank, and defines the amount, term, interest rate, repayment method and other rights and obligations of the mortgage loan.
5. Property buyers, developers and banks hold mortgage loan contracts and purchase contracts to the real estate management department for mortgage registration and filing procedures. If the house is delivered in advance, the mortgage registration shall be changed after completion. Under normal circumstances, due to the relatively long term of mortgage loans, banks require buyers to apply for personal and property insurance to prevent loan risks. Property buyers should list the bank as the first beneficiary when purchasing insurance, and the insurance shall not be interrupted during the loan performance, and the insurance amount shall not be less than the total value of the collateral. The policy was handed over to the bank before the principal and interest of the loan were paid off.
6. After the house mortgage loan contract is signed, the buyer opens a special repayment account in the financial institution designated by the bank according to the contract, and signs a power of attorney to authorize the institution to pay the loan principal and interest and arrears related to the mortgage loan contract from this account. The bank is confirming that the buyers meet the mortgage loan conditions and fulfill the obligations stipulated in the building mortgage loan contract. After handling the relevant formalities, the loan will be transferred to the bank supervision account opened by the developer in the bank as the purchase money of the purchaser.
Reference: Baidu encyclopedia loan to buy a house