Can I apply for a mortgage payment deferral due to the epidemic? How to apply?
| Recently, epidemics have occurred in many places in China, and the situation in some areas is relatively severe. Due to the continued impact of the epidemic, many people are unable to go to work on time, but have to face economic pressures such as mortgages, rent, credit cards, and daily consumption. So, can you apply for a delay in mortgage repayments due to the impact of the epidemic? How to apply? 1. Can I apply for a delay in mortgage payments due to the impact of the epidemic? Can. Recently, the five major banks, Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank and Bank of Communications, stated that they can provide service support including postponing repayment time, extending loan term, adjusting bill plans, etc. to personal housing loan customers affected by the epidemic. 2. How to apply for delayed mortgage payments due to the epidemic? According to the notice on further strengthening financial support for the prevention and control of the novel coronavirus pneumonia epidemic, we can know: 1. Who can apply for a delayed mortgage payment? The following four categories of people will be given appropriate preference in credit policies, and flexible adjustments will be made to the repayment arrangements for personal loans such as housing mortgages and credit cards, and the repayment period will be reasonably postponed: The first category is people who are hospitalized or quarantined due to infection with the new coronavirus; the second category is people who need to be isolated for observation due to epidemic prevention and control; the third category is staff participating in epidemic prevention and control; the fourth category is people who have temporarily lost their source of income due to the epidemic. 2. How to apply for delayed mortgage payments due to the epidemic? (1) The borrower needs to submit an application for deferred repayment to the lending bank one month in advance. (2) Explain your willingness to repay and the specific reasons why you are temporarily unable to repay on time, as well as your future repayment plans. (3) Wait for bank staff to review your personal credit, repayment plan, etc. (4) Once the application is approved, you can repay the loan according to the new repayment plan. 3. What are the consequences of overdue mortgage payments? 1. Once a bad personal credit record results in a mortgage default, whether it is a commercial loan or a provident fund loan, the lending bank will be able to see your overdue repayment record. If it is a stricter bank, even if you are only overdue for one day, the bank will enter the overdue information into the credit reporting system of the central bank. Once the overdue record enters the credit reporting system, it will have a serious impact on everyone's future applications for credit cards or loans. Even if you can get a loan, the loan amount will be much lower. 2. Penalty interest and late payment fees will be generated. If the mortgage is overdue, the bank will remind the borrower to repay the loan by phone or text message. If you repay the loan late, penalty interest will be incurred. The penalty interest rates of different lending banks vary, and basically they are 30%-50% higher than the original loan interest rate. Generally speaking, the bank will give everyone 7 days to pay the outstanding balance. If all the funds can be paid within 7 days, no late payment fees will be incurred. However, if it exceeds 7 days, the bank will charge penalty interest and late payment fees. 3. Risk of seizing mortgaged property. Banks usually set default clauses in mortgage contracts. If the borrower is overdue for three consecutive times or six times in total, the borrower will be required to repay all the principal and interest of the loan in one lump sum. If the home buyer fails to repay the mortgage for more than 3 months, the bank will file a lawsuit in court in accordance with the provisions of the loan contract and guarantee contract. The court will take measures such as property preservation, freeze deposits in all bank accounts of the lender and guarantor, and seal up the pledged property. As you know, you can apply for a delay in mortgage repayments due to the epidemic, but the regulations of each bank may vary. It is recommended that you consult the respective banks before going through the relevant procedures. |
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