Mortgage payments will be deducted on Saturdays and Sundays. Mortgage loans will be deducted on the repayment date in accordance with the loan contract. Whether the repayment date is a weekend or a working day, the lending institution will deduct the money in accordance with the loan contract. Therefore, the borrower only needs to ensure that sufficient amount is deposited into the repayment bank card before the repayment date to ensure that the system successfully completes the deduction.

If the system fails to deduct the money for the first time, the borrower needs to make active repayment. This is because it is impossible to determine whether a second deduction will be initiated after the system deduction fails. In order to avoid the loan being overdue, the borrower can choose to repay the loan proactively. If the proactive repayment is successful, it will still be regarded as repayment on time.

Is it still considered overdue if the automatic deduction of a mortgage fails?

Mortgage is a personal loan. Unlike a credit card, which has a grace period, the lender must ensure that the bank deducts the mortgage on the repayment date. The payment was successful. Usually the bank will only deduct the amount once on the repayment date, and the specific deduction time varies from bank to bank.

If the bank fails to successfully deduct the payment on the repayment date, it will be deducted again the next day, but this is already considered overdue. However, it depends on what caused the failure to debit, such as whether it was due to the lender or the banking system.

1. Lender’s reasons:

If the lender’s repayment card does not have enough money when the bank deducts the money, causing the bank to fail to deduct the loan and fail to recover the loan, overdue is It’s a done deal, so it’s necessary to deposit enough deducted money into the card before repaying the mortgage, at least to avoid affecting your credit score.

2. Bank system reasons:

For example, the borrower has enough money in the repayment card, but the bank failed to deduct the money in time due to system upgrades and maintenance on the day of deduction. This is an internal problem of the bank. We don’t have to bear the blame for the overdue payment. It’s not our fault anyway, and the bank generally won’t blame us.