One, the user chose a fixed rate model when they took out the home loan. If the user chooses the fixed rate mode, then no matter how much the lpr goes down or up, the interest rate on the home loan will always remain unchanged.
Two, it is not yet the repricing day. For those who have opted for a floating rate model when getting a home loan, their home loan interest rate is going to change with the change in lpr, if lpr goes up then the home loan interest rate will also go up, if lpr goes down then the home loan interest rate will also go down. But the change in lpr will not be immediately reflected in the mortgage rate because there is a repricing date for the adjustment of the mortgage rate. The repricing date can be agreed upon by the lender and the bank***, if there is no agreement on the repricing date, then the default repricing date will be January 1 of each year, and if there is no repricing date, then even if the lpr goes down, the mortgage rate will not change. For example, if the lpr goes down this year for example on January 1 of this year, the mortgage rates will not go down until January 1 of next year.
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Expanded:
Why is the monthly deduction on the mortgage unchanged with the lpr cut?
There are three main reasons:
1, mortgage rates are fixed interest rates
Fixed interest rates, as the name implies, has been fixed, to the loan settlement, mortgage rates will not change, and the lpr interest rates have nothing to do with the lpr rate, so the lpr downward adjustment of mortgage monthly deduction remains unchanged.
2, mortgage interest rate is the CPF loan interest rate
CPF loan interest rate and lpr interest rate is not intersecting two parallel lines, there is no effect on each other, even if the lpr down, will not be lower than the CPF loan interest rate, so the monthly deduction of the CPF loan will not change.
3, mortgage rate is lpr floating rate but not yet to the repricing day
lpr rate is updated monthly, but the repricing cycle of mortgage rate is generally one year, so the change of mortgage rate can not keep up with the rhythm of the lpr rate, the adjustments will not be so timely and frequent.
Mortgage rate adjustments must wait until after the repricing date, when the mortgage monthly deduction is repriced using the lpr rate for the same period, updated the previous month, as a reference.
So, find out which mortgage rate you have first, and you'll know why the mortgage monthly deduction is unchanged by the lpr cut.