Will there be a short message notice from the bank for prepayment?

Usually, the bank will notify you in advance of repayment by SMS, email, etc. Once the prepayment application is successful, the bank will send you a notice by SMS or email. It should be noted that due to different bank policies and personal circumstances, the actual notification methods may be different.

What is prepayment?

Borrowers can choose to repay in advance, which means paying more than the monthly principal and interest payable. If the borrower does not pay off the mortgage in full, but only pays part of the amount, it is called partial prepayment. According to the contract, prepayment may be prohibited within the agreed period, which is called lock-up period and usually ranges from 2 to 10 years. After the lock-up period, other ways are usually taken to protect prepayment, such as collecting prepayment penalty or maintaining the rate of return.