What are the consequences if the loan is overdue for 5 years?

1. Impact on personal travel

If your personal credit record is on the blacklist, for example, if you maliciously default on bank loans and fail to repay, you will be sued by the bank. This will result in the borrower being unable to fly, stay in a star hotel, etc.

2. Impact on employment

Some companies will conduct background checks on employees before joining. If a bad credit record is found, they may think that the person has integrity problems and refuse to let him join the job. .

3. Impact on children’s education and daily life

If parents are included in the list of dishonest persons, in some schools that require political review, the child’s qualification review is likely to fail, and even more serious It will affect joining the army, applying for military academies, taking exams for civil servants, institutions, and state-owned enterprises, etc.

Methods to solve the problem of mortgage loan repayment:

1. Extend the loan term: If you cannot repay the mortgage loan on time according to the original repayment plan, you can apply to the bank to extend the loan term. After the bank approves it, you can sign a deferred repayment agreement. There is usually only one opportunity to apply for deferred repayment, and the maximum extended period cannot exceed 30 years.

2. Apply for a repayment extension: Currently, you can apply for a mortgage loan from many banks. When the borrower is unable to repay, he can temporarily explain the situation to the bank and apply for a repayment extension. The extension time can be decided by the borrower, but there is a maximum period limit, and extension can usually only be applied for once or twice.

3. If you are really unable to repay your mortgage, you can seek help from relatives and friends to temporarily solve the problem and try not to cut off your mortgage payments. If the payment is suspended for a long time, the house will most likely be auctioned.

4. If the home buyer is unable to repay the mortgage on time due to changes, he can apply to the lending bank for a loan extension 30 days in advance. After verification by the bank, the mortgage term will be appropriately extended and the monthly payment will be reduced.

5. Finally, there is another way to sell the house. Find an intermediary company to advance the remaining loan (of course the intermediary will charge a certain fee), and then entrust the intermediary to sell the house and earn a certain price difference.

How is the mortgage loan calculated?

Equated principal and interest calculation formula

Monthly repayment = monthly principal and monthly principal and interest

Monthly principal = principal/month of repayment

Monthly principal and interest = (principal_total accumulated repayment) × monthly interest rate

The amount of mortgage principal that needs to be repaid each month is unchanged, the mortgage interest will decrease as the principal is repaid less and less. The bank will first charge the interest on the remaining principal from the monthly payment, and then deduct the principal, which means that it needs The interest paid on the mortgage will decrease as the remaining principal that needs to be repaid decreases.

How to apply for a loan to buy a house

First of all, the parties involved in applying for a home loan need to prepare the following information:

ID cards of the applicant and spouse

Hukou Original and 3 copies of the household registration number

Original of the house purchase agreement

Original and 1 copy of the down payment receipt for a house price of RMB 20 or more

Applicant’s family Income certification materials and relevant asset certifications, including: salary slips, personal income tax returns, income certificates issued by the unit, bank deposit certificates, etc. After preparing the above materials, follow the following steps:

1. First of all Submit a housing loan application to the lending bank and wait for review.

2. Go to the bank where the loan is provided to sign a loan contract, and then go to the property rights department to handle the loan guarantee procedures.

3. Go through the procedures for housing mortgage insurance.

4. Sign the repayment agreement and transfer the money.

5. The parties applying for the loan go to the bank to handle the payment procedures at the agreed time.