The down payment for buying a house is not a small expenditure, and the monthly payment will be paid in the later stage, which will also be an important expenditure for families. Therefore, people generally consider when to start paying off the house loan and prepare for repayment in advance. But if there is a shortage of funds and the repayment cannot be made in time, what will happen if the mortgage is overdue?
When do you start paying off the mortgage when you buy a house
The loan is usually repaid the month after the bank makes a loan.
1. The repayment date shall be subject to the date agreed in the mortgage agreement signed between the buyer and the bank. After the first repayment month is the bank loan, the repayment shall begin on the latest repayment date after notifying the buyer.
2. If it is to buy a faster house, the time is more difficult to determine. According to relevant regulations, developers can apply for mortgage only after obtaining the pre-sale certificate. Usually, the pre-sale certificate can only be applied for when the multi-storey residence is capped, and the pre-sale certificate can also be applied for when the high-rise building reaches two-thirds.
3. Mortgage process: documents received by the bank - documents approved by the customer - documents approved by the customer - notify the customer of approval - prepare for lending - lending - notify the customer of lending - the customer repays the loan every month.
What is the impact of overdue housing loans
1. Penalty interest will be generated if overdue, and penalty interest will be imposed according to the loan contract signed with the bank;
2. At the same time, it will also affect personal credit investigation. In case of serious overdue, the bank will enter the bad record into the credit investigation system of the people's Bank of China. If you want to apply for credit card, loan to buy a car and investment from the bank in the future, it will be more difficult. It is worth noting that the impact of overdue credit investigation on housing loans is much more serious than that of overdue credit cards.
3. The bank may also recover all the housing loans in advance. If the repayment is overdue, the bank may recover all the housing loans in one time in advance according to the loan contract. If you don't pay back for a long time or many times, the bank will sue the court. The court will seal up your real estate for auction and force you to pay off all the loans at one time.
The above is the introduction of when to buy a house and the impact of overdue mortgage. Generally, after the loan comes down, we will begin to repay the mortgage. The mortgage may account for more than half of our salary, so we should plan the repayment in advance and ensure our daily living expenses. In case of overdue repayment, there will not only be liquidated damages, but also affect the future personal credit investigation, and the credit will be greatly affected.