For example, ICBC customers can apply to the bank to extend the loan period. According to our investigation, if the situation is true and there is no default in repaying the loan principal and interest, ICBC will accept your application for extension.
China Merchants Bank stipulates that the borrower must first apply to the bank to extend the loan period, and at the same time, he must provide the original of the Purchase Mortgage Loan Contract and the original of the Real Estate Ownership Certificate (if any); After the approval of the bank, the parties concerned sign the change agreement; It is also necessary to notarize the change agreement, go through the formalities of supplementary insurance and change the loan term.
However, the demand reminds that after the loan term is extended, the mortgage interest rate will be raised to the level of extending the term accordingly.
Matters needing attention in handling mortgage extension
1. The longest loan period shall not exceed 30 years:
During the performance of the original mortgage contract, if the borrower fails to repay the loan on schedule according to the original repayment plan, he may submit a written application to the loan bank to extend the loan period. After the loan bank agrees, he shall sign an individual housing loan deferred repayment agreement and go through the relevant formalities, and the guarantor shall sign an deferred repayment agreement at the same time.
The borrower can only apply for a loan extension once, and the sum of the original loan term and the extension term shall not exceed 30 years at the longest. When the original loan term and extension term reach the new interest rate term grade, the loan interest will be charged at the new term grade interest rate from the date of extension. No longer adjust accrued interest.
2. Mortgage loan extension needs to be applied in advance:
If the borrower needs to postpone the repayment of the mortgage loan, it must submit a written application for loan extension five days before the loan maturity date, which will be examined and approved by the handling bank according to the procedures, and obtain the written consent of the guarantor, mortgagor and pledger (unless otherwise agreed in this contract, this contract shall prevail).
As banks have different regulations on mortgage extension, please consult the relevant banks for details.
The above is what Bian Xiao shared about whether the monthly mortgage payment can be extended. More information can focus on the construction industry and share more dry goods.