Faced with soaring housing prices, many people will consider mortgage loans when buying a house, which can not only reduce stress but also ensure quality of life. Some friends asked, can I get a loan for a house that is over 30 years old? Let’s find out together below!

Can I get a loan for a house that is over 30 years old?

Most banks have certain requirements for the age of the house for personal housing loans, usually around 20 years. Homes older than 20 years cannot be loaned. However, some banks are slightly more relaxed about this condition and stipulate that as long as the house is no more than 30 years old, it can still accept loans. Therefore, we can see that it is difficult to get a loan for a house that is more than 30 years old.

What factors affect the loan period:

1. Age of the home buyer

Usually banks have age requirements for borrowers, which must be 18-60 years old , the older the borrower is, the shorter the loan period that can be applied for. For example, if a home buyer is over 45 years old, the loan will be less than 30 years old.

2. Age of the house

If you buy a second-hand house, the age of the second-hand house will also affect the loan period. Some banks stipulate that second-hand house loans require the age of the house plus the loan period. The total cannot exceed 30 years. This also shows that the older the second-hand house is, the shorter the loan term will be. If the house is too old, the loan will be rejected by the bank.

3. The financial situation of the home buyer

When approving a loan, the bank will also review the borrower's income to determine whether the borrower has the ability to repay the mortgage. Generally, the maximum monthly payment cannot exceed half of monthly income. If the home buyer’s income is low, they can only lower the monthly repayment or extend the loan term.

4. House property rights

Another factor that affects the life of a housing loan is the house. Houses are divided into residential, commercial and industrial property rights. Generally, the loan term for houses with 70-year property rights is less than or equal to 30 years; for houses with 40-year property rights and 50-year property rights, the loan term can only be less than or equal to 10 years.

Summary: The above is the relevant content introduced to you on whether it is possible to get a loan for a house that is over 30 years old. I hope it can help friends in need. If you need more knowledge later, please pay attention to Qijia.com.