Direct Salary Credit aka Payroll Credit: Paying Your Mortgage On Time
Homeownership is a goal many seek to achieve. Once you procure your home loan and you move into the house, you have an important monthly responsibility. To keep your home, repayments must arrive on time and without fail. The direct salary credit automates the repayments, which is beneficial for homeowners.
What is a Direct Salary Credit?
A direct salary credit, or payroll credit, is an automated payment to your lender for the mortgage from your pay. Set it up through your employer by providing the correct payment information such as account number and amount. The DSC is a backup in case repayment does not arrive on time, or vice versa. For example, schedule the payment to arrive two days before the due date. If payment does not or it is not the sufficient amount, repayment is taken from a designated bank account. The lender simply ensures payments arrive on-time in one form or another. A direct salary credit offers an additional payment instrument.
Keep in mind that processing is different for fixed rate and variable loans. If you need guidance, our team is available to you.
Things fall through the cracks. Even the most organised individual slips up at least once. To prevent these slip ups, payment automation takes one monthly responsibility off of your plate. Those who travel for work, have a growing family or additional responsibilities like caring for aging parents, benefit from it. Technology does some great things. Let it work for you, too.
Direct Salary Credit Conclusion
Preparation and organisation are two home purchase requirements because the lender expects on-time repayments. The direct salary credit automates those payments according to your specifications. To estimate your potential monthly payment, use our online mortgage repayment calculator. Then, speak with one of our Mortgage House professionals for more information.