First of all, we need to understand the requirements of housing loans:
1. The maximum term of individual housing loan is 30 years;
2. The longest term of personal commercial housing loan is 10 year;
3. Men under 60 years old and women under 55 years old.
"How many years to pay off the mortgage is the most cost-effective" can not be generalized, according to the different income and economic situation of buyers.
To discuss. Lenders have a stable high income and can choose short-term loans, so the less interest they need to pay; And the income is unstable.
Still a low-income group, it is better to borrow for a long time. Generally speaking, the monthly payment should not exceed 50% of the monthly income and should be controlled as much as possible.
Within 30%, otherwise it will reduce the quality of life.
From 1995 to 20 15 years, the average annual growth rate (M2) of broad money in China was 17.0 1%/ year (M2 stands for "the speed of printing banknotes"), and in 2065438 it was165438.
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Second, how many years is the most cost-effective to pay off the mortgage?
This problem can not be generalized, but should be discussed according to the different income of buyers and their own economic situation. If the lender's income is stable and relatively high, it is suitable to choose short-term loans. The shorter the time, the better the interest, just to save a lot of mortgage interest for temporary turnover.
For people with unstable income or low income, it is more cost-effective to lengthen the life span considering their own income problems. You can choose a short-term mortgage, but the monthly repayment will be more, but the interest will be much less. It would be better if personal economic conditions meet the requirements.
For some middle-income people, the repayment time of each loan will be longer, resulting in long repayment time and high interest.
If people who want to pay in advance are generally trying to liberate the house slaves, if some people apply for the repayment method of average capital, the most cost-effective repayment time is to pay off the mortgage for ten years from 10, and they have accumulated a lot of money, then it will be much easier to pay off the mortgage after 10, and they can be freed as soon as possible.
If you mortgage through provident fund loans, you don't have to repay in advance, because the interest rate of provident fund loans is very low, so we can get more profits with the money repaid in advance, and the borrower repays in advance.
How to repay the house loan
1, when you go to the loan bank to make an appointment for repayment, every bank and it must look at the bank, because few people will definitely make an appointment for repayment, and many people will definitely make an appointment for repayment. If you make an appointment on the same day, you can repay the loan the next day, and some may take several months, so if you want to repay the loan in advance, you must make an appointment first.
2. prepare your own information. Get a card ready and have your own ID card.
3. Bring a list of requirements. Deposit the money to be repaid in the bank card and go to the bank to fill out the repayment application form. If the money is transferred to the repayment card on other bank cards, wait for the bank to deduct the money.
Third, note: it is most cost-effective to pay off the mortgage within a few years.
If you borrow from China Merchants Bank, the longest loan/credit period of the first-hand building will not exceed 30 years, and your loanable period will be determined by the handling bank after you submit relevant information; For details, please contact local outlets for consultation.
The longest loan/credit period for second-hand buildings is not more than 30 years, and the building age of the shopping industry (referring to the completion period of the property) is generally not more than 20 years. The longest loan period plus the building age of the mortgaged property is not more than 40 years in principle.
The specific time limit for your application shall be determined by the handling bank after you submit relevant information.