1. The house purchase loan can only be the property owner's participation loan. However, if parents borrow money to buy a house and their repayment ability can't meet the bank standard, their children can be used as borrowers or guarantors. Some banks have launched personal mortgage relay services for people over the age limit. According to the contract, when the loan expires, the children will be changed from co-borrower to the main lender, and the loan period will be appropriately extended.
2. Parents should pay attention to the conditions and requirements of bank loans when buying a house. Usually, banks have age restrictions on applicants, and the life span of ordinary lenders is 18-65 years old. If you want to apply for a relay loan, you can only borrow 50% at most, and the loan period plus the age of the building cannot exceed 50 years. And not all banks can handle relay loans. When applying for a loan, you should consult clearly in advance.
3. But whether parents can help repay the loan when buying a house depends on how the local policy stipulates. For example, on 20 16, the Shanghai government issued a policy to completely stop relay loans and heli loans. According to the relevant provisions of Shenzhen housing provident fund loan, the applicant's children can be the same as the applicant. If it is not the same applicant, the children can also use the provident fund to help their parents repay the loan.
Bian Xiao Summary: Regarding whether parents can help repay the loan when buying a house, Bian Xiao will briefly introduce it here. I hope that after reading this article, everyone can understand this. If you want to help your parents repay the loan, you'd better consult the bank in advance to find out if there are any local policies and regulations on this matter.