To close a mortgage loan early, a borrower can make regular early payments. Financial expert, head of the Sodeistvie Group of Companies Alexey Lashko told Izvestia how and on what days it is best to make such payments.
“Firstly, [лучше вносить платежи] on the days of receiving an advance and salary, since debt obligations should be a priority expense,” he emphasized.
Secondly, according to him, these days must be compatible with the days when the bank can classify these payments as early repayment. To do this, you need to carefully look at the conditions under which the financial institution issued the mortgage.
“We are now talking about partial early repayment (full early repayment can happen any day). Some credit institutions have a write-off day. For example, on the 30th day, and until the 30th day, the funds will be in the transit account, they will be transferred to the credit account on this very day, and the current payment will be written off, and the balance will be written off for repayment, a reduction in payment. That is, it is better to pay on the day of debiting, and not in advance,” the expert explained.
Lashko expressed the opinion that the payment should be made to reduce the monthly payment. However, this does not always depend on the client, because he may not have such a choice. But if the borrower has a choice – to reduce the payment or the mortgage term, then it is better to choose a reduction in the current payment, says a financial expert.
“For example, the client will pay a conditional 30 thousand rubles instead of the original 50 thousand rubles. This will allow you not to go into arrears if some force majeure occurs, which will allow you to avoid ruining your credit history. You can also continue to pay 50 thousand rubles each, if there are available funds, and continue to reduce the amount of the current payment. But I would advise it is better to save this money for “your future self,” since we live in very turbulent times,” Lashko concluded.
Earlier, on September 28, Sergei Babin, head of the Mortgage Lending Department at VTB, said at the International Banking Forum in Sochi that, according to the bank’s estimates, borrowers’ demand for mortgages will cool in the fourth quarter. However, based on the results of 2023, the issuance of housing loans will reach 6.9 trillion rubles for the first time in history, the financial institution suggested.
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