What Is a Home Mortgage Interest Deduction?

If you want to mortgage a house, with a loan of 200,000 yuan, and return it in 5 years, how to handle it? What is the mortgage rate? How to calculate the interest return correctly? Regarding the issue of house mortgage interest rates like this, many friends who want to do mortgage loans must have it. Let's interpret it [1].

Mortgage interest rate

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If you want to mortgage a house, with a loan of 200,000 yuan, and return it in 5 years, how to handle it? What is the mortgage rate? How to calculate the interest return correctly? Regarding the issue of house mortgage interest rates like this, many friends who want to do mortgage loans must have it. Let's interpret it [1].

Chinese name

Mortgage interest rate

Types of

interest rate

Purpose

loan

Act

Home mortgage

First of all, we must clarify these issues:

1. Beginning with a house mortgage loan, what is a house mortgage loan? It means that the borrower applies for a loan from the bank with his or her third party's real estate as a mortgage for comprehensive consumption such as buying a car or house. A form of credit that repays banks in one lump sum.

2. Conditions for loans: Natural persons who have reached the age of 18-60 and have full capacity for civil conduct have a long-term and stable source of income sufficient to pay the principal and interest of the monthly loan; the property rights of the house should be clear and no other mortgages should be made; The age plus the term of the loan shall not exceed 40 years; the co-owner of the real estate acknowledges their relevant borrowing and guarantee behaviors and is willing to bear relevant legal responsibilities.

4. Mortgage houses require you to bring the following information: ID card and household registration certificate; personal income certificate (with the official seal of the unit); a copy of the business license of the unit (with the official seal); a marriage certificate; the borrower's spouse's identity card and household registration The original and photocopy of the house ownership certificate, the original purchase agreement; the notarized certificate of the house owner and the co-owner agreeing to the mortgage and proof of the use of the loan; the guarantor (need to provide an identity card, household register, and (un) marriage certificate.

5. Loan finance and duration. The starting point for real estate mortgage consumption loans is 5,000 yuan, and the maximum amount cannot exceed 70% of the assessed value of the mortgaged real estate. The term of the loan generally does not exceed five years, and the longest can be up to ten years.

The latest loan benchmark interest rate table shows:

The benchmark interest rate for bank loans for more than five years is 6.14%. The mortgage rate for a home mortgage loan is not the same as the mortgage rate for a home purchase loan. The mortgage rate for house mortgages is based on the benchmark interest rate, while the first home mortgage loan is down 10-30%. This is their main difference.

Below we take an example to calculate the interest to be paid according to the house mortgage interest rate, so as to better understand it.

Suppose Xiao Li wants to mortgage a house, with a loan of 200,000, and repay it in five years. How to pay interest? According to the method of equal principal and the latest benchmark interest rate, the first monthly 200,000 * 6.14% / 12 = 1023.33 yuan is the first one. The monthly interest payable is RMB 200,000 / 60 = 3333.33, so the principal and interest payment for the first month is RMB 1023.33 + 3333.33 = 4356.67. Similarly, in the second month, the interest payment is 193333.33 * 6.14% / 12 = 1006.28 yuan, the principal amount is 3333.33, the second month principal and interest payment is 1006.28 + 3333.33 = 4339.61 yuan, and so on.

(1) The house mortgage is the guarantee of the original debt and debt relationship, the original debt and debt relationship is the master contract, and the house mortgage is the subordinate contract. It is based on the legal existence of the original master contract and cannot exist independently.

(2) The mortgaged house may be kept by the mortgagee, or by the mortgagee, usually by the mortgagee. The custodian shall carefully maintain the mortgaged house.

(3) When a party with the obligation to pay off its debts fails to perform its obligations, the house mortgager can directly exercise the house mortgage right and realize its rights without relying on the debtor's actions.

(4) The mortgage must be a house. The mortgagee can be a debtor or a third party. The mortgagee must have ownership of the mortgaged house. If the mortgaged house is a state-owned house, the mortgagee must enjoy sanctions against the mortgaged house. right.

(5) The establishment of the mortgage of the house shall generally be in written form, and the scope of the guarantee shall be clearly defined.

(6) The house mortgagor does not lose the ownership of the house after the house is mortgaged. Therefore, the mortgagor should bear the risk of accidental loss of the house.

(7) The house mortgage is a security right. If the house mortgagee transfers the mortgaged house to a third party without the consent of the house mortgagee, the house mortgagee enjoys the right of recourse against the house being mortgaged, and the loss to the house assignee is borne by the house mortgagee.

Loan term	unit:%
Six months	4.6
Six months to one year	4.6
One to three years	5
Three to five years	5
More than five years	5.15