There is a minimum repayment amount for early repayment of a mortgage. Generally, the minimum repayment amount for early repayment of a mortgage starts from 10,000 yuan. According to the relevant regulations of major banks, the period for early repayment of a mortgage needs to be calculated from the loan date. , you can apply for it only after the loan period reaches one year. Different banks have different time limits. Some banks can repay the loan in advance after half a year.

What should you pay attention to when repaying a mortgage loan early?

1. You must ask about the requirements for early repayment

If a borrower wants to repay a mortgage loan early, he must be in the process of repaying the mortgage loan early. The loan must be repaid for more than half a year, and some banks even require repayment for more than one year. Banks generally require borrowers to submit written or telephone applications 15 working days in advance. Banks must review and approve the borrower's mortgage repayment application, so it usually takes about a month. In addition, various banks have different requirements for early repayment of mortgage loans. For example, some banks require early repayment to be an integral multiple of 10,000, and some banks require a certain amount of liquidated damages.

2. Documents for early repayment of mortgage loans need to be prepared

If the borrower wants to repay the mortgage loan in advance, he or she must bring his or her ID card and loan contract after applying by phone or in writing. Go to the bank to go through the approval procedures. If the borrower has paid off the entire balance, after the bank calculates the remaining loan amount, it will be easier for the borrower to deposit enough money to repay the loan early. If you are a customer or owner of a remortgage business, it is best to find a professional guarantee agency to do entrusted notarization to avoid the risk of the owner not buying the property after the owner repays the loan in advance or the owner using the down payment to help the owner pay off the balance, so that the owner’s price increases.

3. Don’t forget to surrender the insurance and release the mortgage when repaying the mortgage in advance

After the lender settles the entire balance in advance, the bank will issue a settlement certificate, and the borrower will bring the loan issued by the bank. Just provide the original settlement certificate, original copy of the original policy and invoice, call the relevant insurance company and make an appointment to cancel the policy. When a borrower applies for a loan, the bank will register the mortgage. After the customer has settled the loan, he must not forget to release the mortgage. The borrower must bring the real estate certificate, settlement certificate and other mortgage rights certificates in the bank to the construction committee of each district to handle the mortgage release. In this way, your property can be said to be completely your own property.

4. Not everyone is suitable for early repayment

For customers who have signed a 30% discount interest rate loan, compared with the current CPI, the current 30% discount interest rate can be said to be very low. The capital utilization cost of this group of home buyers is very low, so it is not recommended to pay off the mortgage loan early.

The equal principal and interest repayments have been for more than 5 years. Most of the early repayments of the loan are interest. If you repay in advance after 5 years, it can be said that the principal will be more, so from the perspective of capital utilization, You can consider other investment channels, especially those with annual yields exceeding bank mortgage interest rates.

5. After repaying the loan in advance, don’t forget to go to the insurance company to refund the insurance premium within the advance period.

After the borrower repays the loan in advance, the lending institution will return the original insurance premium to the borrower at the same time. The original personal home loan home insurance policy that is kept by the lending institution. Since the borrower had paid all the insurance premiums during the loan period in one go when applying for the loan, the original personal housing loan insurance contract had been terminated early. According to relevant regulations, borrowers can bring the original insurance policy and proof of early repayment of the loan to the insurance company to refund the premium in advance on a monthly basis.

6. Do not repay in advance within the first year of borrowing

According to the relevant provisions of provident fund loans, partial early repayment should be made after one year of loan repayment, and the repayment amount The repayment amount should exceed 6 months. Another point is that the loan contract stipulates that those who repay early should not be overdue. If there is overdue repayment, the debt should be repaid first and then apply for early repayment.