Mortgage can be repaid in advance, but the timing of prepayment is also very important. Many banks stipulate that there is a need to collect liquidated damages for mortgage repayment less than one year, and different banks have different regulations on liquidated damages for mortgage prepayment. So what is the penalty for prepayment of ICBC mortgage? Let's get to know each other.

What is the penalty for prepayment of ICBC mortgage?

According to the regulations of ICBC, only when the mortgage repayment is less than one year, you need to pay the penalty, which is 5‰ of the prepayment amount, which means that the penalty rate of ICBC's mortgage repayment is 5 ‰. Assuming that the user repays the mortgage loan of 50,000 yuan in advance at ICBC, the penalty for this settlement is 50,000 * 5 ‰ = 250 yuan. Of course, if the user's mortgage repayment has been completed for one year, there is no need to pay liquidated damages, but the initial repayment amount is 50,000 yuan.

It should be noted that the prepayment of ICBC mortgage can not be handled at any time, and it needs to be applied at least one month in advance. The specific process is as follows:

1 First, you need to contact ICBC to apply for prepayment;

2 after the bank accepts it, agree with the bank on the time of prepayment;

3. Deposit the prepayment into the repayment bank account;

Bring the loan contract and ID card to the bank outlet to go through the formalities of early repayment.