First, what happens if you buy a house and can't repay the loan?
If you buy a house with a loan, you can't repay the mortgage, which will result in corresponding penalty interest and late payment fees, personal credit information will be damaged, and you may be sued by the bank later. Once overdue occurs, the lender will see the record of overdue repayment. If it is a strict bank, even if it is only one day overdue, the bank will enter the overdue information into the central bank's credit information system. Once the overdue records enter the credit information system, it will have a serious impact on users' application for credit cards or loans in the future. Even if they can get a loan, the loan amount will be greatly reduced.
No matter what the reason, as long as loans overdue, the bank will call to remind the borrower to repay, as long as loans overdue, there will be a penalty interest. The penalty interest of different loan banks is different, which is basically 30%-50% higher than the original loan interest rate.
Banks will set default clauses in mortgage contracts. If the loan is overdue for three consecutive times or six times in total, the borrower is required to repay all the principal and interest of the loan in one lump sum. If the lender fails to repay the loan for more than 3 months, the bank will bring a lawsuit to the court according to the loan contract and guarantee contract. The court will take measures such as property preservation, freeze deposits in all bank accounts of lenders and guarantors, and seal up pledged property.
Second, how many years can I borrow a house loan?
The longest loan period of mortgage loan is 30 years, but it does not mean that all borrowers can borrow for 30 years at the longest. Many factors will also affect the final mortgage loan term.
Age influence: at present, the borrower's age+loan period should not exceed 70 years, so the final loan period of the borrower's loan to buy a house will also be affected by the borrower's age. If the mortgage borrower has reached the age of 55 when handling the mortgage loan, the longest loan period is 15 years.
Third, do you need proof of income to buy a house loan?
You don't need proof of income to buy a house Buying a house in full does not require proof of income; If you buy a house with a loan, you generally need to provide proof of income. Banks want users to provide proof of income mainly to show their repayment ability. However, when users have other proof materials that can effectively prove their ability to repay the principal and interest of the mortgage, they do not necessarily need proof of income. Therefore, for users who do not have a fixed job, other financial proof materials can replace the income proof.