According to different repayment methods, the borrower can choose to reduce the term or amount. It is understood that at present, most banks can provide five ways to repay loans in advance for customers to choose from:
First, all loans are repaid in advance, that is, customers pay off all remaining loans at one time. No interest is required, but the interest paid is non-refundable. )
Second, a part of the loan will be repaid in advance, and the monthly repayment amount of the remaining loan will remain unchanged, thus shortening the repayment cycle. Save more interest. )
Third, repay some loans in advance, reduce the monthly repayment amount of the remaining loans, and keep the repayment period unchanged. (Reduce the monthly payment burden, but the saving degree is lower than the second one. )
Fourth, repay some loans in advance, reduce the monthly repayment amount of the remaining loans and shorten the repayment cycle. Save more interest. )
Fifth, the remaining loans keep the total principal unchanged and only shorten the repayment period. (The monthly payment is increased, and some interest is reduced, but it is relatively uneconomical. )
Generally speaking, most customers prefer to borrow money to buy a house in Shanghai. Because of the need to replace the house or have idle cash on hand, the owner or lender will apply to the bank for early repayment of the loan because of the above factors. As long as the conditions of the owner or lender meet the requirements, the bank allows this situation, that is, the owner can choose to apply for early termination of mortgage repayment, and the owner who needs to repay the loan in advance can choose the best according to the above conditions and his own conditions.