The number of people considering buying a house to apply for a loan is countless. Of these, a large proportion would be interested in choosing a loan from the transport bank. Assuming that you are a member of the scheme and that you are interested in paying the loan in advance in the distant future, you might wonder, “How long will this process of early repayment take?”。

How long does it take for the transport bank's mortgage to be repaid

Now, let's see how long it takes for the traffic bank to process. In short, the process of early repayment of mortgages takes about a month in the transport bank. First of all, you need to make a written application to the transport bank’s network about a week to a month in advance and to agree on a payment date. Next, the Transport Bank will apply for two to seven working days for your advance loan. Once the review is successful, you can complete the relevant protocol and submit information at the site with your valid identity card and the relevant repayment documents. In the process of submission, you are also required to deposit the funds in the repayment account of the Transport Bank, which then automatically deducts them。

Of course, in the process, you have to take care of something important。

First, it should be made clear to banks the time requirement for early repayment. Most banks provide for loans to be paid in advance for at least one year, but some will allow you to apply for early repayment at any time。

Secondly, it would be useful to know how the banks adjusted the periodicity of interest. In general, the duration of the mortgage is 10 years and more, and during this period, interest-rate adjustments by central banks are common, and the banks will have their own explanations for such adjustments. Most of the banks, such as business banks, agricultural banks, construction banks, etc., will begin to adjust interest on their loans on 1 January of each year to the most recent Central Bank benchmark rate。

Lastly, it was important to ensure that, once the loan had been repaid, the mortgage registration was not forgotten. Whether the loan is repaid during the life of the contract or is paid in advance, the writing-off of the mortgage is required upon completion of all repayments. However, the operating rules of the various branches of the banks may vary, and some of them need you to register a mortgage so that you can get a real estate certificate with a sign of a mortgage。