Is the mortgage loan directly deposited into the developer’s account?

Mortgage loans are not directly deposited into the developer’s account. The bank will transfer the money to the home buyer's account, and it will be transferred to the developer's account within a minute. This process is actually just to check the account, indicating that the bank has extended the loan to the home buyer as agreed, and then transfers the money The money is earmarked exclusively for paying home buyers.

When signing a house purchase contract, the buyer is required to open a special repayment account in the bank and provide a bank card. However, this bank card is not used to receive bank loans, but to allow everyone to Repayment. Generally, after the loan is approved, the bank will transfer the loan to the developer's bank supervision account at the bank at one time as the purchase price of the home buyer.

So, after the mortgage loan is approved, the purchase money will eventually be paid to the developer, but it does not mean that the home buyer does not have to repay the money if he does not receive the money. The bank has already paid the house payment for the home buyer, so he must pay the money. The contract stipulates that the loan should be repaid on time. The repayment time is usually the day of the month following the loan date, and so on.

As a reminder, the bank will deduct funds from the home buyer’s repayment account every month on the loan repayment date to recover the loan. If the bank fails to successfully deduct the loan on the same day, it will be overdue. It is likely to incur various liquidated damages and other interest charges, and even affect the credit of the home buyer.

For this reason, if you want the bank to deduct the money smoothly, it is recommended that you deposit enough money into the repayment card before the repayment date.

Will there be notifications before the mortgage loan is disbursed?

Mortgage loans generally do not send notices to customers before the loan is disbursed. Only after the loan is disbursed will a text message be sent to the customer to notify the customer that the loan has been completed. As for the text messages sent on the day of loan disbursement, users can generally receive them on the same day. If there are special reasons, they will also be received within 1-2 days after the loan is disbursed. If the SMS notification is not received, the user can directly ask the developer to see if the developer has received the loan amount.

After the mortgage loan is disbursed, the user will begin to make repayments as agreed. Overdue repayments will affect personal credit.