The meaning of the term of housing mortgage loan
Personal housing mortgage loan refers to the loan issued by the bank to the borrower for the purchase of self-occupied new housing, commonly known as "personal housing mortgage loan". The amount of personal housing mortgage loan issued by the bank shall not be higher than 80% of the value of the house purchased or the actual total purchase cost assessed by the real estate appraisal agency (whichever is lower).
Term of housing mortgage loan
In the process of housing mortgage loan, the longer the loan term, the less pressure the borrower has to pay in installments every month. So many people will be very concerned about "how long is the mortgage?" problem The term of housing loan is divided into the following two situations:
1. New house: As far as the current situation is concerned, the new house mortgage can be made through domestic bank mortgage loans for 30 years.
2. Second-hand housing: For the loan of second-hand housing, the bank will consider the building age of the house, so the loan application period of second-hand housing will generally not exceed 20 years. For houses that are too old, banks will not only shorten the loan period appropriately, but also reduce the loan amount. Many houses in the 1980s and early 1990s can only borrow 50% of the appraised price, and the loan period is short. In addition, the length of the loan period is also closely related to the age of the lender, and generally cannot exceed the retirement age of the lender.
Generally speaking, some banks, such as Chengdu Industrial and Commercial Bank and HSBC, can lend money within 20 days when applying for mortgage loans. Some banks need about 30 days to lend. Take Chengdu as an example. China Bank, Agricultural Bank and China Construction Bank are the main banks that need 30 days to issue mortgage loans in Chengdu.
Other banks need 35 or even 40 days to lend money, such as Minsheng Bank and Postal Savings Bank, and CITIC Bank and Bank of Communications need 35 days to lend money. It takes 40 days for Chengdu Bank to lend money; Everbright Bank's mortgage lending time is relatively slow, taking 45 days.
After the mortgage loan is successfully obtained, the borrower must remember to repay it in full and on time every month, otherwise the overdue will have a serious impact on the personal credit record.
The term of mortgage loan is influenced by many factors, and you can only make a favorable decision after comprehensively considering the relevant factors. I hope the above words can help you choose.