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"Mortgage" has two meanings: real estate mortgage and installment repayment.
It means that the mortgagor transfers the property right of the property to the mortgage beneficiary (bank) as a repayment guarantee, and after repayment, the mortgage beneficiary transfers the property right of the property back to the mortgagor.
Specifically, the mortgage loan refers to the purchase of the building as collateral to obtain loans from the bank, and the purchase of the house pays the bank in installments according to the repayment method and time limit agreed in the mortgage contract; Banks charge interest at a certain rate. If the lender defaults, the bank has the right to take away the house.
Installment payment is mostly used for some product transactions with long production cycle and high cost. Such as the export of complete sets of equipment, large vehicles and heavy machinery and equipment.
Installment payment means that after the import and export contract is signed, the importer pays a small part of the payment to the exporter as a down payment, and most of the rest is paid in installments after part or all of the products are produced and shipped, or after the goods are installed, debugged, invested and guaranteed.
Mortgage and installment payment mainly have the following differences:
1. Installment payment: It depends on the requirements of each developer. As far as Beijing is concerned, it is generally divided into three parts: signing 30%, capping 60% (some developers require time, such as within 3 months), and moving in 10%. This method is suitable for people who have money but don't want to pay it all at once.
2. Mortgage loan: mortgage the house to the bank, lend the money to the developer through mortgage, and directly transfer the money to the developer's account after approval. If you can't repay your house for personal reasons during the repayment period, the bank has the right to auction your house.
3. Installment requires money, which is equivalent to one-time payment, but there is a time difference and no interest; You only need to pay 20%-30% of the total mortgage loan, and the rest of the loan has high interest and low capital requirements.
4. The installment period is generally not more than 1 year, and the object of installment repayment submission and modification is the developer, and no interest is paid; The mortgage is not only long-term, but also the repayment target is the bank, which has to pay interest;