Due to the rapid rise in house prices in recent years, most buyers can only buy houses by means of loans. In the process of applying for a loan, most people are most concerned about the length of the loan period, because it is related to the future repayment pressure. So, how to calculate the term of commercial loans? What factors affect the loan life? Let's get to know each other.
How to calculate the term of commercial loans?
The longest term of a commercial loan cannot exceed 30 years, and banks usually calculate it according to the lender's age+loan term. Some banks will require that the loan period of individuals should not exceed the legal retirement age of individuals and spouses, but some banks will require that the sum of the lender's age and loan period should not exceed 70 years, so it depends on the bank's regulations.
What factors affect the loan life?
1, property nature
The nature of real estate is one of the factors that affect the loan term. For example, the loan period of commercial housing and commercial/residential dual-use housing shall not exceed 10 year at the longest, while the loan period of private property transfer housing and auction housing shall not exceed 20 years at the longest.
2. Room age
When buyers apply for a mortgage, the age of the house also has a great influence on the loan period. Generally speaking, if the house is more than 20 years old, it is very easy to be rejected by the bank. Moreover, it is easier to apply for loans for houses with newer housing ages, and the loan period will be longer.
3. The economic strength of the borrower
Property buyers should pay attention to the stricter requirements of banks for high-income people when handling provident fund loans. Therefore, high-income people need to pay special attention when applying for provident fund loans. It is often overlooked that the higher the general deposit amount, the shorter the loan period.
Summary: The above are all about how to calculate the loan life and what are the factors that affect the loan life. I hope it will help everyone. For more information, please keep an eye on Qijia. com。
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