In addition, the factors that affect the loan term are:
1, the age of the loan applicant. When banks evaluate the repayment period of mortgage loans for borrowers, they first take their age as the basis. Generally speaking, under the premise of meeting the loan conditions, the younger the age, the longer the loan period, and the older the age, the shorter the loan period. Under normal circumstances, "the lender's age+the loan period does not exceed 65 years" is the loan period that the bank can handle for it.
2. The age of the loan house. When a lender buys a property, the "age" of the purchased property will determine how many years he can borrow. According to the regulations of the bank, it is easier to get a loan for a property with a newer room. For example, the second-hand houses with a construction period of 10 years have good conditions in all aspects, and banks are willing to speed up the approval of housing loans with this period.
3, the economic ability of the loan applicant. On the other hand, for applicants who buy a house with loans, such as work income, job stability, savings deposits, assets, etc. It is also a factor that banks consider, and it is also a factor that measures the application time of their loan years. Borrowers with strong economic strength can consider loan schemes with short loan life and certain repayment pressure.
What is the process of mortgage loan?
1. The customer submits a written loan application to the bank and submits relevant materials.
2. Sign the contract. After receiving the loan approval notice from the bank, the loan applicant shall sign a loan contract and a guarantee contract with the loan bank, and handle notarization, mortgage registration, insurance and other related procedures as appropriate.
3. Open an account. Customers who choose entrusted deduction for repayment need to sign an entrusted deduction agreement with the bank, and open a special savings passbook account, savings card or credit card account for repayment at the business outlets designated by the lending bank. At the same time, the seller shall open a settlement account or deposit account with the loan bank.
4. Recover the loan. With the consent of the lending bank, the lending bank will directly transfer the loan to the deposit account opened by the borrower in the lending bank, or transfer it to the deposit account opened by the seller in one lump sum or by stages according to the loan contract.
5. Repay on schedule. The borrower shall repay the principal and interest of the loan according to the repayment plan and repayment method agreed in the loan contract. There are two repayment methods: entrusted deduction and counter repayment.
6. Loan settlement includes early settlement and normal settlement. Early settlement refers to the settlement of the loan (one-time repayment of principal and interest) or the last loan (installment loan) before the loan maturity date; Normal settlement refers to the settlement of the loan on the maturity date of the loan (one-time repayment of principal and interest) or the last installment of the loan (installment loan). If the loan is settled in advance, the borrower shall submit an application for early settlement to the loan bank 10 working days in advance after paying off all the payables. After the loan is settled, the borrower receives the "loan settlement certificate" from the loan bank, retrieves the mortgage registration certificate of real estate ownership and the original insurance policy, and goes through the mortgage registration cancellation formalities with the original mortgage registration department with the "loan settlement certificate" issued by the loan bank.