ICBC's provisions on liquidated damages for prepayment are as follows: If prepayment is less than one year, 5% of prepayment amount will be charged as liquidated damages; If the loan is repaid in advance after one year, no penalty will be charged.

There are two ways to repay the mortgage in advance:

1, all paid off in advance.

It is not difficult for the borrower to pay off the loan in one lump sum. At this time, you can take the relevant materials to the Housing Authority to cancel the mortgage, and you will have full property rights of the house.

2. Repay part of the loan before the repayment period.

There are two kinds of loans that are repaid in advance before the repayment period: one is to shorten the repayment period by keeping the monthly repayment amount unchanged; First, the monthly repayment amount is reduced, and the repayment period remains unchanged. The advantage of the former is that it can reduce interest and save a sum of money; The advantage of the latter is that it can reduce the monthly payment and ease the repayment pressure.

The borrower can choose the way to repay the mortgage in advance according to his actual situation. When repaying the mortgage in advance, you may wish to consult the loan bank first.