The mortgage loan contract has the following functions: 1. It can determine the loan time, loan amount and loan interest; 2. Be able to determine the rights and obligations of both parties and the liability for breach of contract; 3. If the borrower fails to perform its obligations normally, it can be used as important evidence for prosecution.

legal ground

Article 30 The lender shall issue the loan on schedule according to the loan contract. If the Lender fails to issue the loan on schedule as agreed in this Contract, it shall pay liquidated damages. If the borrower fails to use the money as agreed in the contract, it shall pay liquidated damages. Article 32 The borrower shall repay the loan principal and interest in full and on time in accordance with the loan contract. The lender shall issue a notice of repayment of principal and interest to the borrower before the short-term loan expires 1 week and the medium-and long-term loan expires 1 month; The borrower shall prepare funds in time and repay the principal and interest on schedule. The lender shall promptly issue a notice of overdue loan collection, and do a good job of overdue loan principal and interest collection. Lenders charge interest on loans that cannot be repaid within the time limit stipulated in the loan contract; If the principal and interest cannot be repaid or executed, it shall be urged to repay or bring a lawsuit. The borrower shall negotiate with the lender when repaying the loan in advance.