How to calculate the loan term?
Generally speaking, the longest term of a commercial loan is 30 years. Some banks require that the lender's age+loan period should not exceed the legal retirement age of individuals and their spouses (65 males and 60 females); Some banks require the lender's age+loan period to be less than 70 years. The loan term stipulated by each bank is different, depending on the bank's regulations.
2. The longest term of housing provident fund loans is 30 years, which shall not exceed the legal retirement age of employees and their spouses (65 males and 60 females); Some also said that the loan term+the lender's age is not more than 70 years old, and the loan term stipulated by the provident fund management centers in various places shall prevail.
3. In portfolio loans, the term of provident fund loans and commercial loans must be the same, and the loan term requirements are the same as above.
In short, the loan term = the statutory retirement age (or 70 years old) stipulated by the state-the actual age of the lender. The younger the age, the longer the loan period; Conversely, the older you are, the shorter the loan period is. Age is the most important and common factor affecting the loan life.
How to choose the loan term?
1. Only people are needed. The crowd only needs to consider one thing: repayment ability! If your repayment ability is high, choose a shorter term, but if your repayment ability is low, choose a longer term, and try to control your monthly payment within 50% of your monthly income.
2. Only need to consider the investment crowd. The purpose of this group of people buying a house is not only to live for themselves, but also to sell a house or replace a new house in the future. The loan term depends on the return rate of investment from other channels. The return on investment is higher than the interest rate of house purchase loan, and the longer the loan, the better. Business return rate/newsimg/image/20211126/118587438699.jpg.