Generally, the longest mortgage loan can be 30 years, but according to the regulations of most banks, the borrower's age plus the loan period cannot exceed 65 years. In addition, the specific loan term also needs to distinguish between housing types and loan types.
1, housing category: the longest ordinary housing loan is 30 years; The longest commercial housing loan is 10 year (commercial housing can only apply for commercial loans).
2. Loan category: commercial loan, male under 65 years old and female under 60 years old; Apply for provident fund loans, men are not over 60 years old and women are not over 55 years old.
Is it better to borrow it for a long time or a short time?
1, as appropriate:
No matter what business it is, what suits you is the best. If the mortgage term is long, the monthly repayment pressure will be relatively small. The repayment time is short, and you need to pay a lot of money every month, which is suitable for users with relatively high and stable income, so you need to find a suitable repayment time, not a random repayment time.
2. Income is an important factor in determining the mortgage term:
In modern society, everyone's income is different, some are only 3400 yuan, and some earn tens of thousands a month. The income factor should be considered when choosing the mortgage term. For example, Betty Wong's income is 6,543,800 yuan, so the monthly mortgage repayment cost can be controlled within 3,000 to 6,000 yuan without other liabilities. It is suggested that total liabilities only account for 30%~60% of income. Banks should keep enough family expenses and expenses, and should not excessively restrict family consumption because of monthly repayment. It is beneficial to restrict household consumption appropriately, but it cannot be excessively restricted.
3. Save enough deposits:
The term of the mortgage is at least 10 year, so in order to prevent accidents, at least part of the money should be saved every month, so the term should not be too short, otherwise high principal and interest will be paid every month. I suggest that you keep 3 to 6 times the monthly repayment amount, which is more appropriate. Of course, you can stay more, but you can't stay less, mainly to prevent the risks brought by unemployment and other factors.
Can the mortgage term be changed?
1. You should determine your loan period before you make a loan. Once the loan term is determined, it cannot be changed halfway. But you can repay the loan in advance, that is, you pay off all the money in advance before the loan deadline.
2. It is suggested that the lender apply for prepayment or shorten the service life, which can change the service life of the housing loan. However, it depends on how the loan contract is agreed, whether there is a penalty, and whether there is an early repayment. Usually these problems will be stipulated in the contract.
3. In addition, the change and adjustment of the loan interest rate will also affect the loan term. The loan interest rate is not a fixed value, which will directly affect the mortgage term.
Generally speaking, shortening the repayment time can also save more interest, but not all banks can apply for shortening the loan term to repay in advance, because some banks require that if they repay in advance, they can only reduce the monthly repayment amount and keep the loan term unchanged.
From the point of view of buyers, shortening the loan period is not suitable for everyone. For buyers who choose to repay the principal and interest with equal amount, when the repayment period exceeds half of the loan period, it means that nearly 80% of the interest has been paid off within this period, and the remaining monthly payments are basically principal, so it is of little significance to shorten the repayment period in advance.
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How many years can I borrow a house loan?
First, the loan term.
1, the longest term of individual housing loan is 30 years, and you can choose 20, 15, 10, 5 years, etc.
2. The longest term of personal commercial housing loan is 10 year;
3. Men under 60 years old and women under 55 years old.
Second, the basic provisions of housing loans
1. loan purpose: it is used to support individuals to buy, build and overhaul houses in cities and towns in Chinese mainland.
2. Loan targets: China natural persons with full capacity for civil conduct and overseas natural persons with the right of abode in Chinese mainland.
3. Loan amount: The maximum amount is 70% of the total price or evaluation value of the house purchased (built or overhauled).
4. Loan term: up to 30 years.
5. Loan interest rate: It shall be implemented in accordance with the relevant regulations of the People's Bank of China.
6. Repayment method: entrusted deduction and counter repayment.
7. Repayment method: If the loan term is within 1 year (including 1 year), the repayment method of one-time repayment of principal and interest shall be implemented; If the loan term is greater than 1 year, the repayment method of equal principal and interest and average capital can be adopted.
8. Loan guarantee: mortgage, pledge, guarantee, mortgage plus phased guarantee, etc. , you can use one or more loan guarantees.
Three, apply for a loan should be submitted to the information:
1, identity document;
2. Proof of the borrower's repayment ability;
3. Legitimate and effective purchase (construction, overhaul) contracts, agreements or (and) other approval documents;
4. proof of down payment;
5. Loan guarantee materials;
6. Other documents and materials specified by the lending bank.
What are the rules for the period of buying a house with commercial loans?
1. The longest loan period for individual housing loans of commercial banks is 30 years.
2. For commercial buildings and commercial and residential buildings, the longest loan period shall not exceed 10 year.
3. The term of the housing provident fund loan shall not exceed 30 years.
4. The borrower's age shall not exceed the national statutory retirement age, that is, the male shall not exceed 60 years old and the female shall not exceed 55 years old.
5. The mortgage period shall not exceed the retirement age of the borrower.
Extended data:
Personal commercial housing loan
Personal housing commercial loan is a kind of loan that China citizens apply to the bank for the purchase of commercial housing, and it is a self-operated loan issued by the bank with its credit funds. Specifically, a natural person with full capacity for civil conduct applies to the bank for a commercial housing loan as a loan repayment guarantee when purchasing a self-occupied house in a town in this city, with the purchased property housing (or other guarantee methods recognized by the bank) as collateral. Mortgage loan is a kind of commercial loan.
Proportion of individual housing commercial loans:
1. The maximum loan ratio for second-hand houses is 70% of the low value between the total purchase price and the appraised house price. The loan amount varies according to different banks, subject to the requirements of the lending bank.
2. The longest loan period is 30 years, and the borrower is no more than 65 years old for men and no more than 60 years old for women.
3. The loan interest rate shall be subject to the relevant provisions of the People's Bank of China. See personal housing commercial loan interest rate table.