Need. Rural commercial banks pay liquidated damages for mortgage loans issued in advance. Different banks have different liquidated damages standards for early repayment of loans, and different branches of the same bank have different liquidated damages for early repayment of loans. Details are as follows:

1, partial prepayment shall not be less than 6 times of monthly payment, and the maximum prepayment shall not exceed 35% of monthly payment. Partial prepayment can be paid once a year for free;

2. If all prepayments need to bear liquidated damages, repay the loan one to two years in advance, and charge 2% of the prepayment amount;

3. If the loan is repaid two to three years in advance, an early repayment of 1% will be charged. However, the specific repayment amount needs to be implemented in accordance with the contract.

Is it principal or interest to repay the mortgage in advance?

Repaying the mortgage in advance is to repay the principal, which is different from repaying the loan normally. Normal loan repayment needs to calculate the current month's interest, while prepayment directly repays all or part of the principal, and no calculation is needed when repayment. However, prepayment is not necessarily without consumption, and some banks need to pay a certain penalty for prepayment.