So my personal suggestion is to extend the repayment period as much as possible. Although it seems that a lot of interest has been paid, it is still very cost-effective to calculate it carefully.
At present, there are only two loan interest rates, the annual interest rate is 4.77% for less than five years (including five years) and 5.04% for more than five years.
If the buyers have no extra deposits and want to reduce the pressure of monthly repayment in the future, they can choose to pay less down payment to extend the loan life, but under normal circumstances, the down payment cannot be lower by 30%. The fixed number of years cannot exceed 30 years, except for housing provident fund loans. The advantage of this is to ensure that the normal life of buyers will not be difficult because of repayment, but the disadvantage is to pay more loan interest.
If the buyers have extra deposits and have other uses, it is best to pay more down payment, reduce the loan amount, and then choose the loan time according to their monthly repayment ability. The shorter the time, the less interest he pays to the bank.
If there is extra deposit in the house, there are other ways to invest, it is best to pay less down payment and more loans, because the interest rate of housing loans is low, and the return on investment in other aspects may be greater than the interest paid to the bank.
Finally, if you can borrow money from the bank, you must borrow as much as possible for as long as possible. This is because China actually has high inflation, low interest rates and even negative interest rates for a long time. This means that the money you borrow now will still be the same amount (fixed principal+interest) when you pay it back a few years later, but that amount is not as "valuable" as it is today. When you borrow money from the bank, you are actually making money.