First, clever use of provident fund loans.
Generally speaking, to apply for a loan from a bank to buy a house, the loan period is more than five years.
According to relevant regulations, the benchmark interest rate of provident fund loans is 3.25% for loans with a loan term of five years or more, while that of commercial banks is 4.90%, even though local banks will give some loan interest rate concessions according to actual conditions. But in general, the loan interest and monthly payment of provident fund loans are definitely less than those of commercial banks.
To some extent, this also means that provident fund loans are more economical than commercial bank loans.
In addition, in the process of applying for housing loans, there is another loan method called portfolio loan, that is, the combination of provident fund loans and commercial loans. This kind of loan portfolio is usually used when buyers have a provident fund loan amount, but the amount is not enough.
Therefore, when using portfolio loans, buyers should try to choose the best principle of portfolio loans, use provident fund loans as much as possible, and the less loans from commercial banks, the better. Only in this way can we make full use of the benefits of the interest rate of provident fund loans and save more interest.
Second, choose the bank with the best loan interest rate.
In commercial banks all over the world, the unified benchmark interest rate is 4.90%, but different regions and banks can give preferential interest rates to loan buyers according to their own conditions. Therefore, when choosing a loan bank, buyers must know more about the loan policies and preferential degrees of each bank.
Developers or intermediaries may recommend some cooperative banks to you at this time, but the interest rates that these banks can give you are not necessarily the lowest. But for the buyers themselves, only by choosing the bank with the lowest interest rate can they enjoy more practical benefits and save money on buying a house.
Therefore, Bian Xiao reminded property buyers that when choosing a loan bank, they should check the real-time interest rate of the bank before making a choice.
Third, equal principal repayment saves interest.
Under normal circumstances, property buyers should determine the repayment method in advance when applying for a loan to buy a house. Generally, there are two repayment methods, equal principal repayment and equal principal and interest repayment.
Generally speaking, if the principal is repaid in equal amount, the pressure on the premise repayment will be greater, but the pressure on the future mortgage will be smaller and smaller, and the interest on the later repayment will be less and less.
With equal principal repayment, the amount to be repaid every month is basically the same (if the interest rate is not adjusted), but generally speaking, the equal principal repayment pays more interest than the equal principal repayment.
However, it is worth noting that the repayment method in average capital is more suitable for property buyers with high income and strong repayment ability. This must be decided according to its actual economic situation, and it cannot be forced, otherwise it may be difficult to bear the huge repayment pressure in the early stage.
Fourth, repay the loan in advance according to the situation.
Whether to choose to repay the loan in advance depends on the situation. If the buyer wants to repay the house loan in advance less than one year after applying for it, the bank is likely to ask you to pay a certain amount of fine. In addition, there are different repayment methods, and it is more appropriate to repay in advance by time.
Generally, if the repayment of equal principal is less than one-third or half, if the central bank raises the benchmark interest rate of commercial banks and has the economic ability to repay in advance, it can choose to repay in advance.
However, if the repayment has entered the later stage at this time, there is not much need for prepayment. Because you have paid off most of the interest in the early stage, and only the principal in the later stage, you can't save much money.
Prepayment can be divided into full prepayment and partial prepayment. Of course, the best way to save interest is to prepay in full, but this prepayment method requires the buyer to have sufficient funds. Therefore, buyers who want to repay the loan in advance should do what they can, and there is no need to affect other uses of their funds.