2. Equal principal and interest method:
Calculation formula: monthly repayment amount = principal * monthly interest rate *[( 1+ monthly interest rate) n/[( 1+ monthly interest rate) n- 1]
Where n represents the number of months of loan, and n represents the power of n, such as 240, representing the power of 240 (20 years and 240 months of loan).
Monthly interest rate = annual interest rate/12
Total interest = monthly repayment amount * loan months-principal
3, the law of average capital:
Calculation formula: monthly repayment amount = principal /n+ remaining principal * monthly interest rate.
Total interest = principal * monthly interest rate * (loan months /2+0.5)
4. Loan interest is generally divided into annual interest rate, monthly interest rate and daily interest rate.
5. The interest rate is expressed as a percentage, the monthly interest rate is expressed as one thousandth, and the daily interest rate is expressed as one thousandth.
6. Annual interest rate ÷ 12= monthly interest rate; Monthly interest rate ÷30= daily interest rate; Annual interest rate ÷360= daily interest rate.
What are the precautions for loans?
1. Apply for the loan amount according to your own ability.
When applying for personal housing loans, borrowers should make correct judgments on their current economic strength and repayment ability, and at the same time make correct and objective predictions on their future income and expenditure.
2. Choose a good loan bank for mortgage.
For borrowers, they can choose their own loan banks to buy existing houses or second-hand houses. The more services provided by mortgage banks, the more detailed they are. You will get flexible and diverse personal financial services, as well as a rich service and product portfolio. From the perspective of citizens, there is no doubt that the more choices citizens have, the better.
3. Choose the repayment method that suits you best.
At present, there are basically two ways to repay personal housing loans: one is equal repayment, and the other is equal principal repayment. The advantage of equal repayment method is that the borrower can accurately grasp the monthly repayment amount and arrange the family's income and expenditure in a planned way. Average capital's repayment method is more suitable for individuals who have strong repayment ability and want to repay a large amount of funds at the initial stage of repayment to reduce interest expenses.
The information provided to the bank should be true.
To apply for commercial personal housing loans, banks generally require borrowers to provide proof of economic income. For individuals, the true personal occupation, position and recent economic income should be provided. Because if your income doesn't reach a certain level and you don't have enough ability to repay the loan, but you exaggerate your income level, you may default at the initial stage of repayment, and it is confirmed by the bank investigation that you have provided false certificates, which will greatly reduce the bank's trust in you and thus affect your loan application.
5. Provide my address accurately and timely.
If the address provided by the borrower to the bank is accurate, the bank can contact it conveniently and receive the repayment notice from the bank on time every month. When the People's Bank of China adjusts the loan interest rate, you can receive the interest rate adjustment notice from the bank at the beginning of the year. In addition, special attention should be paid to borrowers. When you move to a new house, you must inform the loan bank of your new contact address and contact information in time.
6. Tax refund should be considered when determining the property owner.
According to the relevant regulations of Shanghai, individuals who purchase commercial housing after June 1998 1 can enjoy personal income tax deduction. Since the object of deduction is only the property owner listed in the real estate license, it is necessary to carefully determine the property owner (purchaser) of the house purchased for each family.
7. Repay on time every month to avoid penalty interest.
For borrowers, before the agreed repayment date every month, they should pay attention to whether there are enough funds in their repayment accounts to avoid being punished by the bank for their negligence, and never lose money because of their negligence, and at the same time leave a bad credit record in the bank.