Nowadays, more and more people are using loans to buy houses, but there are still very few people who really understand loans. Many things are half-understood, so I will summarize what you need to know about buying a house with loans.

1. If you repay in equal installments, the amount will also change

Many people think that the contract stipulates the loan repayment interest rate, and if they choose to repay in equal installments, the monthly repayment should be the same. More, but this is wrong. In fact, the repayment amount is different every year.

Home loan interest rates are generally determined by two factors: the base interest rate and the preferential interest rate. If the basic interest rate is adjusted in the previous year, the monthly repayment amount will also be adjusted in January of the next year. If the preferential mortgage interest rate is adjusted in the previous year, for example from 30% to 20%, the monthly repayment amount will also be adjusted.

2. How to choose a loan bank

Some banks agree that early repayment must be above 20, which is too harsh. It would be more convenient if you could choose a bank with less stringent repayment requirements. Small banks are generally wider, but if you need to apply for a credit card or the like, the differences between banks are still very big, so you still need to choose carefully.

3. Prepayment method

One-time payment: Very easy to understand, return all remaining loan principal. Comparatively saving interest.

The term remains the same and the amount is reduced: the monthly pressure is reduced and basically no interest is saved.

Increase the repayment amount and shorten the term: save interest, banks generally do not do this.

4. Early repayment process

If it is a partial repayment, you must first make an appointment at the bank, fill out an application form, agree on the repayment time, and then deposit the money. , and then go to the bank to handle the repayment. If the loan is repaid in full, you will need to enter the process of obtaining the real estate certificate, cancel the insurance, cancel the house mortgage, etc.

5. Choice of repayment method

For those who have an early repayment plan, it is recommended to choose equal interest repayment. The monthly repayment is more, because the principal is repaid more. It saves interest very much. If you choose to repay in equal installments, most of the interest has been paid in the first two years, so there is little point in repaying the loan in advance. If there is a repayment method such as biweekly repayment, it will certainly save more interest.

6. How to calculate the monthly repayment

The loan contract usually has a repayment formula: monthly repayment = principal × monthly interest rate × (1 monthly interest rate ) Repayment to the power of the number of months/[(1 month interest rate) Repayment to the power of the number of months-1]. Monthly interest rate = annual interest rate ÷12.

There is a special situation, that is, in January, if the base interest rate of the previous year is adjusted, how will the repayment amount in January be calculated. Due to the situation of spanning multiple months, part of the interest rate is the loan interest rate of the previous year, and part of the interest rate is the loan interest rate of this year.

At this time, you need to first determine a monthly repayment amount based on the remaining principal, and calculate the interest based on days. It is estimated that December must be calculated based on 31 days at this time. Therefore, the bank will adjust the interest. Kill him with a sharp knife.

7. How to calculate this month’s repayment interest

Calculation of this month’s repayment interest:

This month’s interest = remaining principal × monthly interest rate

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Principal repayment this month = monthly payment - interest this month

8. Attention! Do not choose a big month to repay in advance

A big month refers to a month with 31 days. The interest for early repayment is calculated on a daily basis, and one day will be added when calculating the number of days. Daily interest rate = annual interest rate ÷ 360. There are 365 days in a year. If you calculate it on a daily basis, you will pay a few more days of interest. If there is no repayment date on the disbursement date, interest will also need to be calculated on the dates between the disbursement date and the repayment date.

9. Mortgage is a preferential financing method

Reasonable debt is conducive to planning personal finance, and mortgage is a cheap financing method. When you can get a mortgage, try to use a mortgage to make your own Funds can be invested in areas with higher investment returns. It is really important for individuals to invest boldly. At the same time, mortgage loans can also effectively reduce the risk of inflation and participate in dividing people's deposits.

10. You need to know! At the beginning, all the repayments were interest

Some people took out a loan for 20 years and repaid 2,000 yuan a month. After two years of repayment, they thought they had repaid 50,000 yuan. In fact, this understanding is very wrong. It was all interest, not much principal, so basically it was just 20,000 principal that was repaid, so in the beginning it was just interest.

It is better for everyone to know more about these common senses. If you want to get a loan to buy a house, you must know some common sense so that you will not be easily deceived and you will be more comfortable when applying for a loan.

(The above answers were published on 2017-04-20, please refer to the actual relevant current house purchase policies)

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