The so-called renovation loan is a personal credit loan that you applied to a bank or a consumer finance company for the purpose of renovating the family's small nest, which is a mortgage-free, unsecured loan. And you might have a question, "What if I paid off the renovation loan in advance?" Let's go deeper。

Can you repay the renovation loan in advance

Renovation loans can be paid in advance, but you need to be psychologically prepared to be charged a certain amount of contract default. If you have already made the renovation loan in instalments, then in order to pay in advance, you need to have all the remaining principals ready in one hand and the other to pay the corresponding fees in the amount of time already allotted. Moreover, if you choose to pay all the charges in one-time payment at the time of the renovation loan, the bank will refund the charges for the remaining outstanding period, but if you choose to pay the charges in instalments, the bank will no longer charge you for the remaining outstanding period。

How do you get it out? There's another small doorway. In the case of bank renovation loans, the funds are transferred directly to the account of the designated refurbishment company, which ensures that the funds are earmarked. You need to take your identity card, your property certificate, your pension certificate, your land use certificate and your income certificate to apply to the fund management centre. The Provident Fund Management Centre will verify your information and assess your ability to repay and decide whether to extend the loan. If your application is successful, within a month the Housing Provident Fund Management Centre will transfer the loan to your account and then you will be able to withdraw it。

The foregoing is an introduction to the modalities of early repayment and withdrawal of the renovation loan and the renovation loan, which, in the hope of helping you to resolve the confusion. Thanks for reading。