Does overdue mortgage repayment have a big impact? Will it be reflected in the credit report if it is overdue for one day?

Because we are currently in the midst of an epidemic, many people are suddenly unable to repay their mortgages, and the impact of overdue mortgage payments has become a matter of concern to everyone. When applying for a mortgage from a bank, many people worry that they will never be able to go to the bank to handle business again. So, how big is the impact of overdue mortgage repayments? Let me tell you about it below.

Does overdue mortgage repayment have a big impact? Will it be reflected in the credit report if it is overdue for one day?

If you fail to pay your mortgage on time, you will face the following consequences:
1. The penalty interest is charged on a daily basis. The penalty interest for provident fund loans is 1.5 times the loan interest rate, and the penalty interest for commercial loans is 1.3 to 1.5 times. If the mortgage is not repaid, the bank will calculate the penalty interest on a daily basis, thereby increasing the repayment burden of the repayer.

2. The difference between being overdue for one day and being overdue for one time in the credit record lies in the number of days of overdue. Generally speaking, as long as the overdue time is within the bank's grace period, it will not have any impact on the credit report; on the contrary, if it exceeds the grace period, even if it is only overdue once, it will be recorded in the credit reporting system, leaving a bad credit record. Different banks have different regulations regarding the grace period, and not all banks offer a grace period.

ICBC stipulates: ICBC has deferred repayments. If the repayment period has expired, call ICBC immediately and pay the outstanding balance in a timely manner. During this deferred repayment period, there will be no bad record. China Construction Bank stipulates that there is an 8-day buffer period. If you pay the outstanding debt on time during these 8 days, there will be no bad credit record.

3. Banks handle real estate. Since most of the current mortgage loans are housing mortgage loans, if the mortgage is not repaid during this period, the bank has the right to handle the mortgage to repay the debt after collection fails. 4. Being blacklisted by the bank If you fail to repay your mortgage, you may be blacklisted by the bank. In this case, not only will the bank not provide lending services to customers, but other financial services will also be affected to a certain extent.

From the above content, we can see that the impact of overdue mortgage repayments is still very large, so everyone must have a correct repayment plan. Since we are currently in the epidemic period, if you cannot repay your mortgage due to the epidemic, you can apply for a grace period from the bank. Perhaps the bank will provide an extension of about one month for repayment.