Home Business Many banks need to make an appointment in advance to handle stock mortgages, and there is a wave of early repayment? _Finance_China Net

Many banks need to make an appointment in advance to handle stock mortgages, and there is a wave of early repayment? _Finance_China Net

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Many banks need to make an appointment in advance to handle stock mortgages, and there is a wave of early repayment? _Finance_China Net

Recently, the interest rates of first-home loans in many places across the country have continued to decline, and the interest rate gap with stock mortgages has widened. The reporter recently learned from a number of bank outlets in Beijing that users need to make an appointment to handle early mortgage repayment, and the queue time is at least one month. Experts said that it is not advisable to blindly follow the trend and repay the loan in advance.

Stock mortgage interest rate is higher than investment income

“After saving some money, I wanted to pay off the mortgage as soon as possible.” Mr. Wang, who bought a house two years ago, said that the commercial loan interest rate was 5.15% when he bought the house, but now the interest rate of ordinary wealth management products is only about 3.3%. If you can’t beat the mortgage interest rate of around 5%, it’s better to repay the loan early!”

“The commercial loan interest rate has exceeded the wealth management interest rate. My home loan interest rate is 4.5%. There is no wealth management product with such an interest rate in the market, so I also repay the loan in advance.” Ms. Wang, a white-collar worker, also has the same mentality.

The reporter learned that the investment income is not as good as the mortgage interest rate, and the high interest rate of some existing housing loans is the reason why most people choose to repay the loan in advance. Two years ago, Mr. Song began to repay the mortgage in advance. He calculated the accounts for the reporter, the mortgage interest rate is 5.25%, the total loan is 3.3 million yuan, and each time the loan is repaid 100,000 yuan in advance, the monthly payment will be 600 yuan less. At present, he has repaid 1.2 million yuan in advance, and the monthly payment has dropped from nearly 20,000 yuan to 12,000 yuan. “If you repay the loan in advance, the interest saved is equivalent to the income earned.”

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Many home buyers said that the loan interest rate for buying a house was at a high level at that time, but now the first-home loan interest rate has dropped below 4%, and there is a nearly 2% interest rate difference with their own loan interest rate.

Many banks need to make an appointment in advance

Faced with the increasing number of home buyers who repay their loans in advance, many banks said that they need to queue up to handle the early repayment business, and they must make an appointment at least one month in advance or even longer. Different banks and different outlets have different responses to early loan repayment, and the queuing time is also different.

Mr. Wang recently made an appointment for repayment business through the ICBC APP, and found that he had to wait in line for two months for early repayment. The reporter called the Personal Loan Department of a branch of ICBC as a customer and also learned that users can make an appointment to repay the loan in advance through mobile banking, and now the appointment can be made until the end of April at the earliest.

“Unexpectedly, repaying the money also requires robbing!” Li Le, a citizen, told reporters that to repay the loan in advance on the China Construction Bank APP, you need to make an appointment online at 2 pm every day. It takes less than 1 minute to show that the quota is full. The customer service staff of CCB Beijing Chaoyang Sub-branch said: “Currently there is a large amount of early repayment business, and the queue will not be available until the end of February at the earliest.”

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Some banks also stated that the early repayment business is still handled normally. A personal loan manager of a commercial bank in Shangdi told reporters that the outlets did not raise the threshold for early repayment of loans, and handled customer needs normally. “Recently, there have been more people who repay loans early, but it is not a ‘loan repayment wave’.”

The boom in repayment may be flattened

“For individuals, the most direct way to judge whether they need to repay a personal loan in advance is to see whether the investment income can cover the loan interest. If the investment return rate is higher than the loan interest rate, then consider using more funds for investment; vice versa. Consider repaying the loan in part or in full. Of course, you also need to reserve enough funds for daily expenses, future pensions, and medical care.” said Dong Ximiao, chief researcher of China Merchants Union Finance.

Centaline Real Estate reminds that the situation that is not suitable for early repayment includes low mortgage interest rates, equal principal and interest repayment has reached the middle of the repayment period, and equal principal repayment period has passed one-third, etc.

Practitioners in the financial field also reminded that it is not advisable to blindly follow the trend and repay loans in advance. If the funds in hand are repaid the mortgage, the opportunity to use it to increase value will be lost. How to evaluate whether you want to reduce debt or retain liquidity depends on your specific financial situation and make a careful choice.

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Dong Ximiao suggested that attention should be paid to the excessive interest rate gap between some existing mortgages and new mortgages. Taking into account the stabilization and recovery of the macro economy and the recovery of the real estate market in 2023, the prepayment boom in the next stage may be flattened.

Yan Yuejin, Research Director of the Think Tank Center of E-House Research Institute, also believes that attention should be paid to the phenomenon of excessively high interest rates on existing mortgages, and all localities should conduct systematic research on the relationship between “mortgage interest rate reduction” and “mortgage repayment in advance”, so as to protect the rights and interests of home buyers. Angle actively reduces the burden on home buyers.

(Editor in charge: Wang Qingyu)

Disclaimer:The purpose of reprinting this article by China Net Finance is to convey more information, and it does not represent the views and positions of this website. Article content is for reference only and does not constitute investment advice. Investors operate accordingly at their own risk.

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