Many people now opt for loans to fulfil their housing dreams. But this also means that it becomes a responsibility to pay back on time every month. What would be the impact of a late act on the way to repayment? What should we do if we don't have a loan

Does it have any effect on the mortgage being overdue

First, with regard to the effects of a housing loan delay, the length of the delay needs to be seen. If the delay is less than three days, usually falls within the grace period of the bank, and generally does not directly affect the personal call record. But this does not mean that there is no influence, and banks may place you on a control list and mark you in a letter system as an important basis for other financial institutions to refer to your credit qualifications。

However, the situation would be much more complicated if the period of delay exceeded the bank ' s grace period. With the increase in overdue periods, the recording of letters can be further affected. Long delays (for example, over 90 days) indirectly result in individuals entering the blacklist and, ultimately, being denied access to various types of loan products, whether banks or private financial institutions, or Internet lending platforms, may refuse to grant loans。

There are several responses if the loan is found to be overdue and cannot be repaid by itself:

1. ** Request for extension of loan**: Before the loan is formally overdue, the loan bank may be contacted directly to provide proof of difficulty (e.g. sick hospitalization, unemployment, etc.) and apply for extension of loan services. Banks will consider, at their discretion, the normal extension of three to six months。

2. **Consultative repayment**: If the loan is overdue, immediate contact with the bank ' s client service is required to explain practical difficulties and to negotiate the repayment programme, with an attempt to extend the repayment period or to apply for a second instalment。

3. **Call for family and friends**: If only short-term liquidity is not available, it is possible to borrow money from family and friends to repay the loan, avoiding the negative effects of overdue payments. Reimbursing the family and friends after the economy is well developed。

4. ** Transfer or sale of property**: If the bank refuses to negotiate repayments, and the individual is unable to do so, the transfer or sale of property may be considered for response. With the consent of the bank, financial losses are reduced through the sale of property。

In conclusion, occasional short-term delays may not pose a major problem, but long-term delays can have a negative impact on letters of call and affect future loan applications. Responses need to be tailored to the situation。