There's a problem that is common among home buyers, "How many days will I be considered a default if I pay my mortgage late? Housing loans are often not small and occasionally overdue. Perhaps your concern is, where is the overdue line

A few days late is a default

Any failure to pay the monthly contributions on time at the required repayment date, whether you are a few hours or days behind and after 24 p.m. that day, is considered to be overdue. Let me reiterate that the bank does not provide a grace period for mortgage clients。

You might ask, "What time is my mortgage deduction? The answer is that there are usually two deductions, the first between 0 and 6 a.m. or between 7 and 9 a.m. and the second between 17 and 21 p.m。

I therefore strongly recommend that you deposit the dues into the bank before the due date, so as to prevent late deposits on the day the repayment date and miss the time of the bank's debit, which leads to the failure of the repayment and to the delay。

Then you might ask again, "What if I'm overdue? " First, you must pay back immediately and you can communicate with the bank staff by telephone to ask questions about your overdue status. Secondly, if you have found that you cannot repay the loan on time, you should immediately apply to the bank for an extension of the loan. The bank then determines the duration of the extension on the basis of the duration of your loan: the extension of a short-term loan does not exceed the duration of the original loan, the extension of a medium-term loan does not exceed half the duration of the original loan and the extension of a long-term loan cannot exceed three years。

You know, if the mortgage is overdue, the bank finds out the overdue information first. Whether you're a commercial loan or a Provident Fund loan, even if you're only a day behind schedule, a strict bank can report your overdue status to the central bank’s credit system. Once you are in the credit system, it'll be a lot of trouble to apply for credit cards or loans later, even if you can get a loan approval, but the amount of the loan can be significantly reduced。