Buying a house with a loan is the choice of many home buyers, but do you know how to get a loan to save money? You must know that different loan methods and repayment times will lead to very large differences in the cost of purchasing a house in the future. You must read the following tips to save money when buying a house with a loan.

Provide fund loans are the most cost-effective

For some people, provident fund loans are the most cost-effective. The interest rate of provident fund loans is much lower than that of commercial housing loans. Especially after the 30% discount interest rate is cancelled, the interest gap between the two will be even greater. Therefore, provident fund loans are the cheapest to buy a house.

A financial planner from a state-owned bank said that for buyers who want to buy a second home using commercial loans for their first home, they can undoubtedly save a lot of interest by using provident fund loans. After the implementation of the new housing loan policy, the down payment for a second home must be 50%, and the interest rate will increase by a minimum of 10%.

The advantages of provident fund loans are even more obvious. As a kind of welfare housing purchase loan, the provident fund loan policy of our city has not changed yet. Not only can you still pay 20% down payment, but you can also enjoy a provident fund interest rate of 3.87%, which is lower than the 30% interest rate.

In addition, since there is currently no distinction between provident fund housing loans for first and second homes, as long as the first provident fund loan is paid off or the first provident fund loan is paid off, then a provident fund housing loan can be taken out.

Therefore, it is best to use commercial loans for first-home loans and provident funds for second-home loans.

Change the repayment method to save interest and cost-effectively

According to a financial planner from a state-owned bank, for borrowers with strong repayment ability, stable income, and additional sources of income, you can Apply to the bank to change the repayment method, and change the original equal principal and interest repayment method to equal principal repayment to achieve the purpose of saving interest.

At present, most banks’ personal housing loan repayment methods mainly include equal principal and interest and equal principal.

The main difference between the two is that the former has the same repayment amount in each installment, that is, the total monthly principal plus interest is the same, and the customer's loan repayment pressure is balanced, but the interest burden is relatively high; the latter is also called " "Declining repayment method", the monthly principal is the same but the interest is different. The early repayment pressure is high, but the repayment amount will gradually decrease in the future, and the total interest burden will be less.

Based on a 20-year loan of 1 million yuan (calculated based on the base interest rate of 5.94%), using the equal principal and interest repayment method, the interest will exceed 710,000 yuan.

The principal will be repaid in equal amounts, and the interest payment will be 596,475 yuan. Comparing the two, the difference in interest is about 110,000 yuan.

It is worth mentioning that the equal principal repayment method is not suitable for all home buyers because its monthly payment is an inverted pyramid structure, which means that the early repayment amount is higher and is not suitable. Families with high loan pressure.

Mortgage financing account saves loan interest

For "housing slaves" with fixed deposits, you can use your mortgage financing account to offset loan interest with your deposits.

(The above answer was published on 2016-12-14, please refer to the actual current relevant home purchase policies)

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