To apply for housing mortgage loan, the house provided by the borrower must meet the requirements of bank mortgage loan. If the borrower's house does not meet the requirements of the bank mortgage loan, he can't apply.
What factors affect the length of mortgage loans?
1, the longest bank limit on the loan term.
Generally speaking, the bank's requirement for the loan period is not more than 30 years, but it depends on the policy requirements of local banks, because different banks, even the same bank, have different requirements for the loan period. For example, in some places, the longest loan period for buying a second home has been shortened to 25 years. If the loan term is long, the total interest that the purchaser has to pay will be more. If the loan term is short, the mortgage will be repaid every month.
2. Property nature
The longest loan period is different for different properties. Simply put, the longest loan period for ordinary houses, commercial projects, factories and other houses is different.
The longest loan period for ordinary housing is 30 years; For commercial buildings and commercial and residential buildings, the longest loan period is 10 year; The longest loan period for private property transfer houses and auction houses is 20 years.
3. Lender's age
The age of the lender will also affect the loan term. Some banks require that the lender's age+loan period should not exceed the legal retirement age of individuals and their spouses. However, some banks require that the lender's age+loan period must be less than 70 years, depending on the bank policy.
The relationship between loan period and lender's age is: loan period = legal retirement age-lender's actual age. The younger the age, the longer the loan period.
4. Lender's repayment ability
When buying a house with a loan, the bank will ask the buyer to provide proof of income. Income proof can directly reflect the borrower's repayment ability, and income proof is one of the main reference contents for banks to decide whether to approve loans. Usually, the bank will require the borrower's monthly income on the income certificate to be more than twice the sum of his monthly repayment and other liabilities.