One period is usually 30 days a month, and some have no time limit, just a sequence. There are two situations here: First, in the financial field, one installment refers to a specific time period for installment repayment, which is 30 days a month. For example, if it is divided into 6 installments, then the repayment is divided into 6 months. The number of days in a month is usually 30 or 31 days, so one phase is uniformly calculated based on 30 days; secondly, in the field of engineering construction, one phase refers to the sequence of time periods for the completion of a certain batch of projects.

Instalment payment refers to installment payment by the user. As for the payment amount, it is still a one-time payment to the merchant instead of installments.

What will happen if the first installment of the mortgage is not paid off?

1. There will be a credit record on the mortgage loan record. If the loan is not repaid for a period of time and exceeds the bank's repayment grace period, an overdue bad credit record will be left on the credit, which will affect the borrower's application. Other loans.

2. After the housing loan is overdue, if it is a commercial loan, the penalty interest of most banks will be charged at 1.3 to 1.5 times the agreed interest rate. If it is a provident fund loan, the penalty interest will be charged at 1.5 times the loan interest rate. .

3. If there is no repayment for one period, the applicant’s repayment pressure will increase. The current status of the loan is all overdue interest. Only when all overdue interest is paid off will you have the opportunity to repay according to the original repayment plan.