What are the precautions for applying for a portfolio loan?
1. Only provident fund depositors can apply for portfolio loans: property buyers need to pay provident fund loans if they want to apply for portfolio loans. Because portfolio loans include provident fund loans and commercial loans, buyers must be employees who pay the provident fund on time and the provident fund account is still in a normal state of payment.
2. Make full use of provident fund loans: When applying for portfolio loans, buyers should make full use of the amount of provident fund loans, because the interest rate of provident fund loans is relatively low, which can effectively save interest rates, extend the term of provident fund loans as much as possible, and greatly shorten the term of commercial loans, thereby reducing the monthly repayment amount and saving loan costs.
3. The commercial loan should be repaid before the repayment period: If the property buyer intends to repay the loan in advance, the commercial loan should be repaid in advance after applying for the portfolio loan, and the provident fund loan can be repaid in a hurry, because in the portfolio loan, the loan interest rate of the commercial loan is higher than that of the provident fund loan. If the commercial loan is paid off first, the borrower can save a lot of mortgage interest.
4. Choose the repayment method that suits you: Before applying for a portfolio loan, buyers should clearly understand the repayment method and determine the repayment method they want to choose. When choosing the repayment method, you should also choose the repayment method that suits you, because once the repayment method is agreed in the contract, it is generally not allowed to change during the whole loan period.