Central Bank interest rate cuts in January next year monthly mortgage may not be reduced

In November of this year Central Bank cut interest rates more than 5-year benchmark lending rate from 6.55% to 6.15%. For those who have mortgages to the public, is a good news. Because many older "slaves" monthly adjusted principles are in case of change in the Central Bank's benchmark interest rate, at the "January 1" implementation of the latest interest rates. Interest rate cuts, mortgage monthly natural drop. Do you think so? But, according to newspaper recently interview in the understand to of situation, due to Bank mortgage system adjustment way exists differences, and next year January mortgage repayment compared special, will suffered across years for "segment meter card", so, despite cut has, next year January of months for is has may appeared "not drop anti-rose" of special situation. Bankers reminds you that much lower monthly mortgage payments to try to save some.

effects of old house slave after the rate cut monthly mortgage "burden"

November after a central bank interest rate cut, before the more than 5-year benchmark lending rate 6.55% per cent to 6.15%. With 500,000 yuan of 20-year commercial housing loans, for example (assuming that the repayment period interest rate without any adjustments), access to credit is based on benchmark rates, according to periodic repayments and repay the principal and interest of about 3743 Yuan a month before, the interest amounted to 398,000 yuan; after the monthly about 3626, total interest of approximately 370,000 yuan. By contrast, about 117 months for less, pay less total interest of about 28,000 yuan.

above is for interest rate cuts both before and after comparison customer receive loan under the same circumstances, and for those in front of the interest rate cut had mortgage loans currently outstanding old "house slaves", which has cut interest rates mortgage calculator for monthly through professional, before deduction of principal has been part of the calculation.

currently most Bank mortgage customers implementing "the following year on January 1" principle. Well, let us take a simple example, suppose a customer on January 1, 2013, a sum of 500,000 yuan of 20-year mortgage, when the benchmark interest rate is 6.55%, and monthly payments of about 3743. Effective January 1, 2015, the customer's loan interest rate will be based on the latest interest rate 6.15%. And over the past two years of repayment period, principal of the loan remaining about 460,000 yuan, remaining repayment period of 18 years, monthly payments to about 3635. About 108 months for less than it was before.

special cases special cases: interest rates drop next January mortgage money may not be less

exuberance, interest rates, mortgage monthly natural drop. However, with the exception of special circumstances worthy of attention, that is, lowering loan interest rates for next January after months didn't drop, and even "did not fall but rose". For borrowers, loans overdue or less, will suffer a penalty interest. Therefore remind you that in the few days before new year's day the best communication with the lender, to check monthly payment amount changes, the most insurance approach is not to blindly less interest next month instead of next January monthly deposit some more appropriately.

special cases: Bank mortgage system differences. Wang, for example, a bank customer, July 2011 regarding mortgages, cut interest rates twice in 2012, but his mortgage in January 2013, prior to 1641. Bank's explanation is "to facilitate customer payments", so keeping the months of December and January the following year, only monthly payments represent the "meaning", in January the monthly principal, interest is low.

two special circumstances: new year's "sectional interest", monthly increased rather than decreased. A bank customer is equal principal repayment, repayment date is the 6th of each month. January monthly payments calculated as: December 6 to 31st using the original interest rate, January 1-5th with new rate, a total of 31 days. The past month for a monthly interest rate (30 days), direct calculation which leads to next January than December this year, "" 1-day interest. If this extra day interest rates than 1st ~ 5th 5 days due to interest rate cuts and pay more interest, then it will appear monthly in January next year, "increased rather than decreased," the most exceptional circumstances.

special case three: the old "House slave" breathing at different times. In addition to the "January 1" principle to breathe outside, there are banks in the mortgage contract is for one year (or half) period of adjustment, adjustment of monthly, quarterly adjustments in other ways. For example, if you are using a "year, month, day" principle, then you're in June this year for the loans, and to implement a new interest rate will have to wait until June 2015.

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