How to get a cost-effective loan to buy a house

Buying a house with a loan is now the choice of most people, not only because they do not have enough funds to pay off the house in full at once, but also because You can get a loan from a bank to pay for the house with a relatively low interest rate. So what kind of loan will be more cost-effective to buy a house? Let’s take a look with the editor below.

1. Provident Fund loans are more cost-effective

Many developers now refuse to allow homebuyers to use Provident Fund loans to buy houses, mainly because Provident Fund loans are slow and developers cannot get their money back in time. In fact, if you want to get a loan to buy a house, it is much more cost-effective to choose provident fund than a commercial loan. It can be said to be the first choice for loans to buy a house, and the down payment ratio can reach 20%, and the highest interest rate is only 4.9%, which is very favorable, while commercial loan interest rates do not have the highest Due to the limit on the amount, a high interest rate of 7.05% is also very possible.

2. A lower down payment ratio is more cost-effective

Generally speaking, if you have extra money, you will have more initiative. When applying for a loan, if the down payment ratio is lower, it means that you can get a loan. More funds are very cost-effective for people doing business, especially those who choose provident fund loans can also use the provident fund to repay monthly payments, which is very cost-effective. But if your income is unstable, it is better to make a larger down payment.

3. Equal-amount principal repayment is good

In the equal-amount principal repayment method, the first monthly payment is the highest, and then it decreases month by month. The monthly principal is the same, and the interest has been decreasing. Generally speaking, you can get a lot of discounts, and there will be less pressure in the later period. It is a bitter-before-sweet approach, but if you have a stable career such as a civil servant or teacher, and provident fund There are also many professions where it is cost-effective to choose equal principal and interest.

4. A longer loan period is more beneficial

Many people think that repaying a loan for a long time is very painful when you think about it, but in fact, the longer the loan period, the better, not only This is because of the problems of inflation and RMB depreciation, but also because more repayment months mean that more provident funds can be used to repay, which can invisibly reduce a lot of expenses, which is very cost-effective.

Editor’s summary: The above is an introduction to how to get a cost-effective loan for buying a house. It will definitely be more cost-effective to choose a provident fund loan for buying a house. Other repayment methods and loan terms should be chosen according to your own situation. I hope The content shared by the editor can give you some reference. With a deposit of 250,000, what is the most cost-effective way to get a loan?

For a loan of 250,000, you can choose a consumer loan from a bank. This is the safest and most direct loan method. The loan period is based on personal needs and the work of the bank. After consultation, the bank's personal loan interest rate is between 7% and 8%, which is a relatively reasonable range, and the loan money can also be used for multiple purposes, and the loan disbursement speed is also very fast.

You can also borrow money online or go to a loan company, but it is best to go to a formal company for a loan, which has certain risks compared with bank loans. How to get a more cost-effective personal loan

Legal subjectivity:

As long as a personal loan meets the relevant conditions and brings relevant information, you can go to the bank to apply for a loan. To apply for a loan, you must have full civil capacity. Adults, with the ability to repay loans, no record of breach of trust, stable economic income, etc.

Objective law:

Article 674 of the "People's Republic of China and Civil Code" The borrower shall pay interest according to the agreed period. Article 675 of the "People's Republic of China and Civil Code" The borrower shall repay the loan within the agreed period. If there is no agreement on the loan period or the agreement is unclear, and it cannot be determined according to the provisions of Article 510 of this Law, the borrower may return the loan at any time; the lender may urge the borrower to return the loan within a reasonable period of time. Article 676 of the "People's Republic of China and Civil Code" If the borrower fails to repay the loan within the agreed time limit, he shall pay overdue interest in accordance with the agreement or relevant national regulations. Article 677 of the "People's Republic of China and Civil Code" If the borrower returns the loan in advance, interest shall be calculated based on the actual loan period, unless otherwise agreed by the parties. Article 678 of the "People's Republic of China and Civil Code" The borrower may apply to the lender for an extension before the expiration of the repayment period; if the lender agrees, the extension can be made.

What is the most cost-effective way to get a home loan

① Reduce the down payment: Every city has minimum down payment requirements for loans to buy a house. When applying for a home loan, home buyers can choose to pay the down payment according to the minimum down payment ratio.

② Pay attention to loan methods: There are several ways to buy a house with loans. Different loan methods generate different interest rates, such as provident fund loans, commercial loans and combination loans. Although most people now use commercial loans. Loans, but in fact provident fund loans have lower interest rates than commercial loans, and can save more loan costs.

③ Pay attention to the loan period: When buying a home loan, you should pay attention to the loan period. If the home buyer chooses the loan period without considering his own emergency, then the shorter the loan period, the better. Then the cost of buying a house with a loan will be lower.

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1. How to calculate interest on loan for house purchase

①Equal principal and interest calculation formula Calculation principle: The bank first collects the remaining principal from the monthly payment The interest on the monthly payment is paid, and then the principal is collected; the proportion of interest in the monthly payment decreases as the remaining principal decreases, and the proportion of principal in the monthly payment increases due to the increase, but the total monthly payment remains unchanged.

②Equated principal calculation formula Monthly repayment = monthly principal + monthly principal and interest Monthly principal = principal / repayment month Monthly principal and interest = (principal - total cumulative repayment ) Represents the number of months of the loan, ^n represents the nth power, such as ^240, represents the 240th power (loan for 20 years, 240 months).