YOGYAKARTA You have to consider profit and loss of mortgage repayment early before making a decision. The reason is, sometimes the payment done faster does not always have a good impact. On the other hand, there are also those who actually have certain benefits by paying off mortgages early.
This article will discuss the advantages and disadvantages that may be obtained by people who buy a house with a Home Ownership Credit (KPR) system.
Early mortgage repayment can actually be done, either approaching the expiration period or even long before the tenor ends. For example, you buy a house in Yogyakarta with a KPR system with a tenor of 15 years.
For one thing, you choose to pay off your mortgage installments in the 7th year or you can also pay it off in the 10th year. The early mortgage payment step is permissible with the credit giver's or Bank's license. However, sometimes there are also consequences that must be borne as a result of violations of the agreement between the bank and the buyer of the mortgage house.
However, in some conditions, early mortgage repayment also provides certain benefits. Here are some of the benefits that will be obtained.
The most pronounced advantage is that the debt burden is reduced immediately. Some people feel that buying goods in installments is something that triggers severe stress so that after large installments they will be very relieved. Especially if the mortgage that must be paid every month is quite high, then the reduction in the debt burden will be felt.
After the mortgage is paid off, the monthly bill that must be paid will be lost so that money can be transferred to other purposes such as savings or rushed to other investments. This step will bring benefits to those of you who pay off the mortgage early.
There are people who choose to pay off mortgages so they can apply for other credits. The purpose of applying for this credit can vary, for example, for additional business capital or buying property again. Usually other credit applications after mortgages are paid off or apply for property purchases again after mortgages are paid off will be very profitable.
Some people choose to immediately pay off their mortgages early with the aim of securing finances. This step is usually taken by entrepreneurs or people who have non-permanent monthly income. When mortgages are paid off, future monthly finances will be safer and calmer.
The world economy that has plummeted is able to affect many things, including the potential for someone to lose their job. Paying off mortgages early can minimize the possibility of being bad due to the decline in the global economic turnover.
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In addition to profits, there are also losses that will be borne by a person when paying the mortgage earlier, namely as follows.
The banking sector will impose a penalty in the form of a fine when it chooses to pay off the mortgage early or before the tenor ends. The fine that must be paid is also quite large, approximately 1 to 3 percent of the repayment made. This fine is quite heavy for some people because the figure is quite large.
Early mortgage repayment is usually done by draining the savings collected for years. When savings run out, you automatically don't have savings that might be useful if something goes wrong beyond your imagination.
There are also those who pay off mortgages by applying debts. This step can indeed be taken but has the potential to become a financial position in the future.
That's some of the profit and loss of mortgage repayment earlier. Visit VOI.ID for other interesting information.
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