The Shenzhen Supervision Bureau of the State Administration of Financial Supervision and Administration of China has issued a consumption reminder on rational selection of loan products. Recently, some banking institutions have launched new types of housing loan products such as "balloon loans" and "easy repayment", combined with common housing loan combinations such as "equal principal and interest" and "equal principal", providing consumers with more flexible housing mortgage repayment methods. The Shenzhen Financial Regulatory Bureau reminds consumers to make rational choices based on product characteristics and their own needs. 1、 Having a comprehensive understanding of product features, different products have different repayment methods. For example, "Balloon Loan" involves first repaying the loan interest and then repaying the principal in a lump sum in the final installment; The products related to "interest first, principal later" and "two-stage repayment" only pay interest within a certain period of time, and then repay the remaining principal and interest according to the agreement; Traditional products such as "equal principal and interest" and "equal principal" require fixed monthly repayment of related loans, including the principal and interest generated, but there are differences in the interest calculation method and loan cost between the two. Before choosing a loan product, consumers must carefully read the product introduction and contract text, fully understand the important contents such as the product's operation mode, repayment method, and interest calculation. 2、 Based on practical rationality, different products have their own advantages and disadvantages. New products such as "Balloon Loan" and "Easy Supply" have lower initial repayment amounts, but will significantly increase in the middle and later stages. Some even need to repay the entire principal in one go. Although it reduces the financial pressure in the early stage, it requires consumers to have more disposable funds in the future. Compared to traditional products such as "equal principal and interest" and "equal principal", the initial repayment amount is higher, but the expected expenditure is clearer and more stable. When consumers choose products, they should make comprehensive decisions based on the characteristics of the product, their own financial situation, and repayment ability. In addition, the amount of interest generated by different repayment methods varies, and consumers can calculate and compare the interest costs generated by each product to choose the best option. 3、 Effectively safeguarding legitimate rights and interests, consumers should develop good credit habits after using relevant mortgage products, repay loans on time according to the contract, and avoid overdue payments. If there is a need for early repayment or negotiation of repayment, please apply or express your demands through reasonable channels, and actively negotiate with financial institutions to resolve the issue. When disputes arise, seek the help of mediation organizations and do not believe false advertising such as "debt forgiveness" or "credit repair". (New Society)
Edit：NingChangRun Responsible editor：LiaoXin
Source：China News Service Website
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