People who want to own a house can benefit from the housing loan provided by banks if they do not have enough cash. Housing loans also have their own forms of payment. Examples of these types include payment in monthly equal installments, payment in incremental installments and flexible payment options. Consumers benefit from the payment option, whichever suits their income best.

He wonders whether the consumer using a housing loan can make interim payments to the bank when he receives some bulk money in the future. Housing loan users have legal rights as per the legislation. According to the legislation, consumers can make interim payments if they wish, as well as pay a few unpaid installments and close all of their debts.

What is Interim Payment?

Repayments are paid on a monthly basis using a mortgage. Apart from the monthly payment, which is paid regularly every month, extra payments are called interim payments. Interim payments can be determined in advance as well as payments can be made without specifying a certain period.

You can visit our page for information about housing loan usage costs.

Interim Payment Advantages

Interim Payment Advantages

It provides some advantages in case of interim payment in housing loan. Some of these advantages are:

• When the interim payment is made, the number of installments decreases.

• When the payment is made in bulk, interest amount decreases as well as the number of installments.
It is the healthiest to make interim payments in advance by planning and making payments.

Calculation of Interim Payment

Calculation of Interim Payment

What is generally misunderstood about interim payment is that the interim payment will be deducted from the total debt. However, in the normal monthly payment, interest, including the main currency, is included in the items such as fund support fund and bank insurance transactions tax. These items are calculated with different percentages in each payment and the monthly payment remains constant. Interim payments are deducted from the total principal debt.

If a consumer with fixed interest rates pays before one or more maturities, the bank may receive early payment compensation from the consumer by stating in the contract.

Housing loan interim payment compensation is determined by the Ministry of Customs and Trade. If the remaining period of the mortgage loan is less than 36 months, it does not exceed 1% and more than 36 months.

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