Loan bank

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jack2012
Posts: 66
Joined: Sun Dec 03, 2017 12:58 pm

Loan bank

Post by jack2012 » Thu Jan 04, 2018 9:38 am

Hi,

Does anyone know, if someone takes loan from bank as Housing Loan which is supposed for 20 years. After 1 year, if person wants to discontinue, would it be possible or there would be heavy fee/charges on person. How legally it goes?

Kiitos



Loan bank

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FinnGuyHelsinki
Posts: 888
Joined: Sun Nov 08, 2009 8:52 pm

Re: Loan bank

Post by FinnGuyHelsinki » Thu Jan 04, 2018 11:01 am

It goes as is written in the loan agreement. There may be a fee for paying the loan up front (the bank having given out the loan with the expectation that there will be interest revenue for its duration), but not necessarily. If you already have a loan, contact the bank and ask how to pay the loan in advance and whether it entails any extra fees.


Upphew
Posts: 10171
Joined: Tue Apr 08, 2008 10:55 pm
Location: Lappeenranta

Re: Loan bank

Post by Upphew » Thu Jan 04, 2018 11:52 am

jack2012 wrote:
Thu Jan 04, 2018 9:38 am
Hi,

Does anyone know, if someone takes loan from bank as Housing Loan which is supposed for 20 years. After 1 year, if person wants to discontinue, would it be possible or there would be heavy fee/charges on person. How legally it goes?

Kiitos
Surely the bank holds mortgage, so you need to start discussions there anyway. Or have you won lottery and have no need to sell the property?
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betelgeuse
Posts: 2834
Joined: Thu Aug 29, 2013 1:24 am

Re: Loan bank

Post by betelgeuse » Thu Jan 04, 2018 4:10 pm

FinnGuyHelsinki wrote:
Thu Jan 04, 2018 11:01 am
It goes as is written in the loan agreement. There may be a fee for paying the loan up front (the bank having given out the loan with the expectation that there will be interest revenue for its duration), but not necessarily. If you already have a loan, contact the bank and ask how to pay the loan in advance and whether it entails any extra fees.
As long as the loan is variable rate, you have a right by law to pay it back whenever you want without extra cost.

"Luotonantajalla on oikeus saada korvaus kuluttajalta tämän maksaessa luoton tai sen osan ennenaikaisesti, jos luoton korkoa ei ole sidottu viitekorkoon (kiinteä korko)."

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