In modern society, home purchase has become an important milestone for many young people. Large lump-sum payments are often unrealistic, so most young people choose the way to buy a loan: after handing over a down payment, they pass through the bank and then pay off a portion of the amount each month. What, however, would be the consequences of long-term non-payment of the loan? Let's get a little closer together。

You need to know at four

The first form is a fine. If you do not make the payments on time, the bank will charge a fine based on the outstanding amount, which increases your burden. In the case of Provident Fund loans, the interest rate is 1.5 times that of the loan, while in the case of commercial loans, it can be 1.3 to 1.5 times。

Second, a long-term non-payment of a mortgage would seriously affect your personal credit records, thereby tarnishing your credit ratings. Unlike other microloans, mortgages tend to be of a relatively high amount, and therefore the overdue records leave a stain on your credit records。

Besides, the bank might handle your property. Since most mortgages are mortgages, if you are unable to repay them, the bank has the right to dispose of the property you mortgaged after several failed collections and to repay the debt。

Finally, bad repayment records could lead to you being blacklisted by banks. Once blacklisted, not only will lending services not be accessible, but the rest of financial services will be restricted。

In conclusion, the long-term non-payment of mortgages will entail a range of problems, including interest rates, credit stains, disposal of property and blacklisting of banks. It is hoped that this article will help you to better understand the importance of loan repayments and thank you again for your reading。