Can the mortgage repayment period be changed halfway?
The repayment period cannot be changed directly, but it can be shortened after the bank partially prepays. Partial prepayment means that when you have spare money, you can repay tens of thousands of principal directly in the bank. After prepayment, there are two options:
1. The repayment period remains unchanged, and the monthly repayment amount decreases;
2. The monthly repayment amount remains unchanged and the repayment period is shortened. You can change the loan term by choosing the second method.
What are the main provisions on the loan term of mortgage loan?
1, with a maximum of 30 years. Generally speaking, the term of mortgage loan can be as long as 30 years. Whether it is a new house or a new house purchased by mortgage, the loan period cannot exceed 30 years.
2. The sum of the age of the applicant, spouse or co-applicant and the loan application period shall not exceed 5 years after the statutory retirement age in principle, and the loan period shall be calculated according to the shorter one. For example, if Mr. Liu is 36 years old and his wife is 35 years old, the loan period will be calculated according to Mr. Liu's age. At present, the legal retirement age of male employees is 65, so they applied for a mortgage loan with a maximum loan period of 29 years.
3. The loan term shall not exceed the remaining legal service life of the house. Houses have a useful life. The current service life of the house is 70 years. This problem does not exist in new houses, mainly restricting second-hand houses.
What are the factors that affect the term of mortgage?
1. The repayment ability of the applicant. The focus of all loans is to see whether the loan applicant has enough repayment ability. The higher the repayment ability, the longer the term.
2. The age of the applicant. The younger the age, the longer the mortgage period.
3. The age of the house. This factor is mainly reflected in the second-hand housing loans. When buying a second-hand house, the loan period will be affected by the age of the house. The age of the house is calculated from the date of completion and delivery of the house. Generally speaking, the older the house, the shorter the loan period.
4. Term of land use. The service life of the land is calculated from the time when the developer takes the land for the record. Sometimes, due to the developer's reasons, the service life of the land will be greatly shortened, which will lead to the shortening of the mortgage period.
That is, whether the mortgage repayment period arranged by Shell Jinan Station can be changed midway, the terms are mainly related to the mortgage loan period. I hope this article can help friends in need.
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