The house loan can be paid off in one lump sum after 3 years. Under normal circumstances, after the mortgage is completed and the repayment is completed for one year, you can apply to the bank to repay the mortgage in advance, but you need to make an appointment in advance and go through the formalities after the bank agrees.

Prepayment process of mortgage loan

According to the regulations of the bank, customers who repay their mortgages in advance generally need to submit a written application one week to one month in advance and agree on the repayment date. Then, according to the agreed date, bring your ID card and the loan contract signed with the bank, go to the bank to fill out the loan repayment application form and the prepayment agreement, and deposit the money to be repaid into the account where the principal and interest of the loan are withheld according to the requirements of the bank, and the bank will automatically deduct the money.

Banks have different procedures. Some banks have restrictions on the time and amount of prepayment, and some require repayment for one year or six months before they can apply for prepayment. Some also stipulate the repayment amount, for example, the repayment amount must be an integer multiple of 654.38+0 million yuan, and some even require the number of times of prepayment, for example, only once a year. Many people are also concerned about whether prepayment is cost-effective. In order to ensure the expected interests of banks, many banks will stipulate liquidated damages for early repayment or require buyers to re-sign loan contracts, and stipulate interest on the remaining loan amount, depending on whether the loan contracts signed by buyers and loan banks are cost-effective.

Legal basis: Interim Measures of the People's Bank of China for the Administration of Loans to Financial Institutions Article 19 When granting loans to financial institutions, the People's Bank of China must adhere to term management and recover the loans at maturity. When the loan expires, financial institutions should take the initiative to handle repayment procedures; If the repayment procedures are not completed at the due date, the People's Bank of China has the right to transfer the loan to the overdue borrower and deduct it from the depositor when necessary. After the loan of the People's Bank of China to a financial institution expires, if it is really difficult for the financial institution to repay it on time, it shall apply for extension in advance, and each loan can only be extended once, and the extension period shall not exceed the original period.