First, try to use provident fund loans.
As we all know, the interest rate of provident fund loans is much lower than that of commercial housing loans, especially after the 30% discount rate is cancelled, the interest gap between the two will be even greater. Therefore, housing loans, provident fund loans are the most economical.
The advantages of provident fund loans are more obvious. As a kind of welfare housing loan, provident fund loan can not only make a down payment of 20%, but also enjoy a provident fund interest rate of 3.87%, which is lower than 30% in many cities.
In addition, because there is no distinction between one suite and two suites in the current provident fund mortgage, as long as the first provident fund loan or the first provident fund loan is paid off, the second provident fund mortgage can be used. Therefore, it is best to take commercial loans for the first home loan and provident fund for the second home loan.
Second, it is cost-effective to change the repayment method.
For borrowers with strong repayment ability, stable income and additional income sources, they can apply to the bank to change the repayment method, and change the original repayment method of equal principal and interest to equal principal repayment to save interest.
At present, the repayment methods of individual housing loans in most banks mainly include equal principal and interest and average principal.
The main difference between the two is that the former has the same repayment amount in each installment, that is, the total monthly principal plus interest is the same, and the repayment pressure of customers is balanced, but the interest burden is relatively large; The latter is also called "decreasing repayment method". The monthly principal is the same but the interest is different. The early repayment pressure is great, the later repayment amount is gradually reduced, and the total interest burden is less.
With a 20-year loan of 6,543,800 yuan (calculated at the benchmark interest rate of 5.94%), the principal and interest are repaid in equal amount, and the interest exceeds 7,654,380 yuan.
However, the principal is repaid in equal amount, and the interest is 596,475 yuan. Compared with the two, the interest difference is about 1 10000 yuan.
It is worth mentioning that average capital's repayment method is not suitable for all buyers, because its monthly payment is an inverted pyramid structure, which means that the early repayment amount is high and it is not suitable for families with high loan pressure.
Third, the mortgage financing account saves loan interest.
For "house slaves" with fixed deposits, they can use mortgage financing accounts to achieve the purpose of deducting loan interest with deposits. It is understood that banks such as Agricultural Bank of China and China Merchants Bank in some cities have launched similar mortgage financing services that can help customers save interest.
Take the south as an example. After the customer chooses the mortgage financing account, as long as the deposit in the customer's card exceeds 50,000 yuan, the loan interest can be deducted according to the corresponding proportion, and the deposit in the card is still a demand deposit, which can be withdrawn at any time without restriction.
Such products have a starting point. The general starting point is 50,000 yuan, which means that if the account has 80,000 yuan, only 30,000 yuan can participate in mortgage deduction, and the deduction rate of each bank is different.
In addition, you can also choose personal loan products that speed up repayment frequency to save interest. The repayment method is changed from once a month to once every two weeks, and the repayment amount is half of the original monthly payment.
This speeds up the repayment frequency and saves the actual occupation of bank funds by customers; Four weeks more than 0~3 days per month, 26 repayments throughout the year, and twice more repayments.
Customers can reduce a lot of interest expenses without increasing repayment pressure.
Fourth, choose to shorten the prepayment period.
With the cancellation of the preferential interest rate of banks and the floating interest rate of second homes, many mortgage borrowers have recently begun to use provident fund or deposits to repay loans in advance. People will encounter a problem when they repay in advance, that is, is it cost-effective to reduce the monthly payment or shorten the loan period?
From the perspective of saving interest, shortening the loan period is definitely the most cost-effective. "Choosing which way to save money is actually very simple. As long as you master one, the more principal, the more interest you save.
If the customer chooses to shorten the loan term and keep the monthly payment unchanged, the repayment cycle of the customer will be accelerated because the monthly repayment amount of the customer has not changed.
If you choose to reduce the monthly payment, the monthly payment pressure will be reduced, but because the monthly principal is reduced, the total loan interest will naturally not be saved as the monthly payment remains unchanged.
Repaying the loan in advance is a good account. For example, the repayment period has been more than half, and the principal in the monthly repayment amount is greater than the interest, so it is of little significance to repay the loan in advance.
As we all know, in 1998, the State Council cancelled welfare housing distribution and commercial housing entered the market. Around 2003, China ushered in the first wave of housing loans, with a term of 10 to 15.
As a result, around 20 13, the first batch of mortgage owners ushered in the day of collective repayment of mortgages. After paying off the mortgage, people who are naturally debt-free but still bear the mortgage can also choose to reduce the interest expense of the mortgage by repaying the loan in advance.
5. Do you want to repay the loan in advance?
Chen Cheng, born in 1980s, bought a house with a total price of around 800,000 in the suburbs at the end of last year. I paid more than 200,000 down payment and borrowed nearly 550,000 from the bank for 20 years. When choosing the mortgage method, the property consultant indicated that there are two options, one is the average principal method to repay the loan, and the other is the equal principal and interest method, and suggested that if you want to repay the loan in advance, you'd better choose the former.
Average capital repayment method, that is, the borrower repays the same amount of loan principal every month, and the interest decreases month by month with the principal, and the monthly repayment amount also decreases month by month. Another way of matching principal and interest is that during the 20-year period, the amount of mortgage repayment is the same every month.
Under the condition of the same loan time, the interest paid by the equal principal and interest repayment method is higher than that by the average capital repayment method. Therefore, if you plan to repay in advance, you'd better choose the average capital repayment method.
Chen Cheng summed up his income, estimated that he still had the spare capacity to repay the loan in advance, so he chose the average capital method, hoping to pay less interest in the future. "The mortgage interest alone is hundreds of thousands, which is really unbearable." Speaking of mortgage loans, Chen Cheng gave a wry smile.
Sixth, how to repay the loan in advance?
Repaying the loan in advance includes two forms: one is to repay some personal housing loans in advance; The other is to repay all personal housing loans in advance. For example, Mr. Chen applied for a bank commercial loan of 550,000 yuan with a loan term of 20 years. On the premise of not overdue repayment, he can repay part of the principal in advance several times, and after each prepayment, the remaining loan principal will be reduced accordingly.
The bank recalculates the borrower's monthly repayment amount according to the outstanding loan principal until the loan principal and interest are fully paid off.
Assuming that the remaining repayment amount is 360,000 yuan (principal is 270,000 yuan and interest is 90,000 yuan), Mr. Chen decides to repay 6,543,800 yuan in advance, so the principal is only 6,543,807 yuan and interest is 90,000 yuan.
According to relevant regulations, the principal of 654.38+10,000 yuan paid in advance will no longer bear interest in the future, and the bank will only recalculate the monthly repayment amount for the unpaid principal of/kloc-0.70 million yuan and interest of 30,000 yuan according to the same period and interest rate.
The interest expense saved by choosing different ways is different, and the interest expense saved by repaying the loan in advance at one time is the biggest. In addition to the prepayment, the monthly repayment amount is reduced, the repayment period is shortened, and the repayment method is changed-for example, the repayment method is changed from matching principal and interest to average capital.
Before choosing, after calculating the repayment results of different ways, we should combine economic strength, comprehensively consider time and opportunity cost, and determine our best way.
Seven, not everyone is the most suitable for prepayment.
(The above answers were published on 20 15-06-26. Please refer to the actual situation for the current purchase policy. )
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