How can I pay back the loan in advance?

Step 1: telephone consultation

To learn more about prepayment, first call the Subbranch where the loan was originally handled, and contact the loan handling clerk or the customer manager to check whether the Subbranch can handle the loan in advance and whether the prepayment is required, determine the time. Some banks do not provide consultation services on early loan repayment every day. For example, if you want to consult with the double elm sub-branch of Beijing Commercial Bank, you can only make calls every Monday or Friday.

Step 2: make an appointment

In order to ensure orderly business operations, most banks require customers to make an appointment in advance, and the time and procedures required for each sub-branch are different. For example, the Beijing Branch of the Agricultural Bank of China requires that you apply for a loan repayment one month in advance, and each sub-branch handles the application on a reception day based on their respective workload.

Step 3: complete the procedures

Before repayment, the customer needs to prepare an ID card and a loan contract signed with the bank. The procedure for prepayment is very simple and can be completed within one day. Take the Agricultural Bank as an example. In addition to repayment, the customer only needs to fill in two forms, that is, the "application and approval form for reducing personal housing loans of Agricultural Bank of China's Beijing Branch" and the "agreement for reducing personal housing loans of Agricultural Bank of China's Beijing Branch".

Step 4: Refund Insurance

If the customer chooses to repay all loans in advance, the original home loan housing insurance contract will be terminated in advance after all loans are paid off. In accordance with the relevant provisions, the lender can carry the original insurance policy and proof of prepayment of the loan, and refund the paid insurance premiums to the insurance company. Therefore, after completing the prepayment procedure, the lender should never forget to go to the insurance company to get the money of his own.

What should I pay attention to when repaying loans in advance?

Minimum prepayment limit

Currently, several banks in Beijing have stipulated that customers should pay back an integer multiple of 10 thousand yuan when applying for partial prepayment.

No liquidated damages required

Because early loan repayment is equivalent to a disguised breach of contract, the Bank of Shanghai refused to repay the loan in advance for customers who borrowed less than a year, or received a certain amount of liquidated damages. The liquidated damages system has not yet been implemented in Beijing, and customers who borrow less than one year do not have to set restrictions on prepayment.

Deduct monthly subscription for the current month

Some banks require that, on any day of the current month, you must first settle the loan for the current month before proceeding with the prepayment formalities. Therefore, before you go through the prepayment formalities, you 'd better consult with us or check whether the loan contract has been specified. Commercial loans cannot be repaid first

Many lenders deal with individual housing portfolio loans, that is, loans using a combination of provident fund loans and commercial loans. Provident Fund loans include policy subsidies. loan interest rates are much lower than commercial loans before interest rates are raised. It is relatively cost-effective if the lender can return the commercial loan in advance. However, the Beijing provident fund management center currently stipulates that, when the individual housing portfolio loan is returned in advance, the Provident Fund loan and commercial loan must be returned in proportion. That is to say, the ratio of the Provident Fund loan to the commercial loan at the beginning of the loan to the bank should also be returned in advance.