Many families settled down in the new apartments, often think how quickly pay off the mortgage and start to make large payments than foreseen mortgage agreement.
We encourage you to read our material on the mortgage and mortgage lending in the Krasnodar.
Previously, most of the banks sought to artificially slow down the repayment of the mortgage, but after the decision of the Arbitration Court on the issue in favor of the borrowers they use other means.
So in some banks set the bar 300 to $ 600 for early repayment of mortgages. Other banks have established that early payments are possible only five years after the signing of the mortgage contract. There are times when the mortgage contract stipulates the impossibility of early repayment of mortgages at all.
The question arises: Is it profitable to extinguish the mortgage early? The answer is simple - it is profitable, because calculation of payments data show that 10% of the entire period of the payment goes to the expense of the principal, and the rest of the year goes to pay off the interest. It is worth remembering that the less taken a loan from the bank, then the lower the interest payments. Therefore it is necessary to accumulate a large sum and to declare that you wish to prepay part of its debt. You bankers offer to reduce the loan term or monthly payments.
In this case, you must choose the second option. It will earn more money every month and buy the necessary things for the family. At the same time in all the years the borrower is entitled to a refund of income tax on the full value of the loan.