What does mortgage payment mean?

What does mortgage payment mean?

 The mortgage payment mentioned here is another term for the loan and is often used for house purchases and vehicle purchases. So, what does mortgage payment mean mortgage payment? Loan service fee-charging standard? To help you better understand the relevant legal knowledge, the editor of Legal Express has compiled the relevant content, let’s take a look at it together.

What is the meaning of mortgage payment?

 A mortgage loan refers to a loan business carried out using a mortgage. For example, a housing mortgage loan is a personal housing loan business in which a house buyer uses the house he purchased as a mortgage and is guaranteed by the real estate company of the house he purchased. The so-called mortgage means that the mortgagor transfers the property rights to the mortgage, and the beneficiary acts as the repayment guarantor. After the mortgagor repays the loan, the beneficiary immediately transfers the property rights involved to the mortgagor, and the mortgagor has the right to use it in the process.

Loan service fee-charging standard

 There is no specific standard, and both parties need to specifically agree. If it is a fee agreed by both parties, and the fee plus interest does not exceed the annual interest rate of 24%, it is legal. It is recommended to take a loan from a regular bank.

 Article 26 of the Provisions of the Supreme People’s Court on Several Issues Concerning the Application of Law in the Trial of Private Lending Cases, where the interest rate agreed by the borrower and lender does not exceed the annual interest rate of 24%, and the lender requests the borrower to pay the interest at the agreed interest rate, the people’s court shall support. The interest rate agreed by the borrower and the lender exceeds the annual interest rate of 36%, and the excess interest agreement is invalid. If the borrower requests the lender to return the paid interest that exceeds 36% of the annual interest rate, the people’s court shall support it.

 Article 30, where the lender and the borrower have agreed not only on the overdue interest rate, but also the liquidated damages or other fees, the lender may choose to claim overdue interest, liquidated damages, or other fees, or they may claim them together, but the total exceeds the annual interest rate 24% of the part, the people’s court will not support.

Mortgage loan process

 (1) Apply. The customer submits a written loan application to the bank and submits relevant information.

 (2) Sign the contract. After receiving the notice of loan approval from the bank, the loan applicant should sign the loan contract and the guarantee contract at the lending bank, and go through the relevant procedures such as notarization, mortgage registration, insurance, etc. as the case may be.

 (3) Opening an account. Customers who choose to repay by entrusted deduction shall sign an entrusted deduction agreement with the bank, and open a savings passbook account or a savings card or credit card account for repayment at the business outlet designated by the lending bank. At the same time, the house seller should open a house sale settlement account or a special deposit account in the lending bank.

 (4) Disbursement of loans. For the loan approved by the lender, after completing the relevant procedures, the lender will transfer the loan directly to the deposit account opened by the borrower in the lender by the loan contract, or transfer the loan to the seller in one or several installments. In the deposit account opened by the lending bank.

 (5) Repayment on time. The borrower shall repay the loan principal and interest according to the repayment plan and repayment method agreed in the loan contract. There are two repayment methods available: entrusted deduction and over-the-counter repayment.

 (6) Loan settlement includes two types: early settlement and normal settlement. The early settlement means that the loan is settled before the maturity date of the loan (one-time principal and interest repayment loan) or the last installment of the loan (amortization loan); interest rate) or the last installment of the loan (amortization loan) to settle the loan. If the loan is settled in advance, the borrower must apply to the lender for early settlement 10 working days in advance after paying off all the payables. After the loan is settled, the borrower will receive the “Loan Settlement Certificate” from the lending bank, retrieve the real estate ownership mortgage registration certificate and the original insurance policy, and take the “Loan Settlement Certificate” issued by the lending bank to the original mortgage registration department for mortgage processing. Registration and cancellation procedures.

 The above is a detailed introduction to the relevant knowledge of what mortgage payment means mortgage payment. The so-called mortgage means that the mortgagor transfers the property rights to the mortgage, and the beneficiary acts as the repayment guarantor. After the mortgagor repays the loan, the beneficiary Immediately transfers the property rights involved to the mortgagor, and the mortgagor has the right to use it in the process. If you have other legal questions, please consult Legal Express, we will have professional lawyers to answer your questions.

By aamritri

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