Information > General articles > Buying Loan Guide > Commercial loans >  text

How long is the 2018 home loan term suitable? Don't let your mortgage tie your life!

Time: 2018-01-05         Source: Rong 360 original         Author: Jada

Before the Spring Festival at the beginning of the year, some buyers are very concerned about how long this year's home loan term is suitable.Melt 360 HouseA friend of the loan officer of fangdai123 summed up several factors that influence the length of the mortgage for reference.

  1, the bank's maximum limit on the length of the loan

In general, the bank's requirement for the length of the mortgage is up to a maximum of 30 years, but it depends on the policy requirements of local banks, because different banks and even the same bank have different years of requirements. For example, Beijing last year reduced the longest loan term for the purchase of second-home suites to 25 years. With a long loan period, buyers would have to pay more total interest, shorter term, and more monthly mortgages.

  for example:

If the loan is 2 million, even if calculated in accordance with the benchmark interest rate, the 25-year period will be more than a monthly payment of nearly 1,000 yuan per month over the 30-year period. Now the average interest rate of the first suite in the country is maintained at more than 5%, and the total expenditure will have to pay more. Therefore, the bank's limitation on the maximum number of years is very important.

  2. The age of the lender

The age of the lender will also affect the length of the loan. Some banks require the lender's age plus the loan period and must not exceed the statutory retirement age of individuals and their spouses. Some banks require the lender's age plus the loan period to be less than 70 years. Look at the banking policy. The relationship between the loan period and the age of the lender is:Loan life = legal retirement age - the actual age of the lenderThe younger the age, the longer the loan term.

  3、Lender repayment ability

The length of the loan is also affected by the ability to repay the loan. The corresponding monthly mortgage loan is calculated through the loan period. The relationship between monthly supply and monthly income is monthly supply ≤ monthly income X 50%.

  4, housing age

In addition to the maximum age and the age limit of the lender, the age of the home will also affect the length of the mortgage, especially second-hand housing. Some banks have stipulated that the term of loan + house age should not exceed 30 years, and some regulations should not exceed 40 years, and some regulations should not exceed 50 years.

  For example, we can understand more:

If the house is in 2010 and the age of this year is 8 years, the length of the loan specified by the bank + the age of the house does not exceed 50 years, that is, the loan term = 50-8 = 42; if the lender is 35 years old this year, The statutory retirement age is 60 years. According to the formula of the relationship between the length of loan and the age of the lender, the term of the loan = 60-35 = 25, then the longest loan term is 25 years.

  Is it better or shorter to buy a home loan?Mainly to see the starting point of buyers

 For example, people who choose a short period of loan (within 10 years) will consider two things:

One is that managers prefer to borrow money to buy a house but do not want to owe bank interest

The second is that you do not like the feeling of money, and you want to pay off as soon as possible.

  Those who chose the long-term loan period (25-30 years) considered three points:

First, from the perspective of financial planning, in the context of rising mortgage interest rates, instead of investing money in houses, it is better to invest in other wealth management products, leaving more liquidity for consumption in the hands of the elderly at home. The children's families have large expenses, and the long years can reduce the monthly monthly burden.

Second, from the point of view of preserving the value, given the limited increase in wages, the house has more advantages as a fixed asset. This is particularly evident in large cities.

The third is that its own economic strength is limited. Only a long period of time can be selected. When there are surplus funds, the monthly burden is reduced.

The loan officer stated that the loan period is also affected by the above factors. As we all know, the interest rates for many mortgages have been rising over the past year. Under the background of continuous tightening of credit policies, some banks will adjust the longest loan term requirements based on their own business conditions.

The rise in interest rates means that the total interest paid on the purchase of a house is more, and the pressure on the short-term limit is greater.The starting point for everyone to consider is different. Sometimes it is not what they think. What is most important is to set a limit for themselves. It can achieve the purpose of buying a satisfactory house with the least amount of money and does not affect daily life. Consumption, do not let the mortgage stuck to their own life.

The most practical and convenient mortgage calculator on the entire network is hidden in your mobile phone. Pay attention to the “Fund 360” (fangdai123) public number. Careful planning can save you money.

    You may need these loans

    House loan

    Mortgage records for loans

    500000

    Maximum amount

    0.89%

    Minimum monthly interest rate

    1 day

    Fastest loan time

    apply immediately

    Redemption loan

    Mortgage, help selling room

    6.5 million

    Maximum amount

    2.20%

    Minimum monthly interest rate

    30 days

    Fastest loan time

    apply immediately

    House loan

    Home mortgage, good capital turnover

    10 million

    Maximum amount

    1.20%

    Minimum monthly interest rate

    7 days

    Fastest loan time

    apply immediately

    Decoration loan

    Buy house renovation loan

    500000

    Maximum amount

    0.37%

    Minimum monthly interest rate

    1 day

    Fastest loan time

    apply immediately
    Save this post to my email
    Subscribe to the mortgage, real estate news

    Scan it to make buying a house easier!

    Welcome to pay attention to financial 360 mortgage
    Official Wechat (Fangdai123)

    【Exclusive Manuscripts and Disclaimer】 All works marked as “Future 360 ​​Original” must be reproduced, excerpted or otherwise used by any entity, organization or individual without authorization in writing. Has been authorized in writing, indicating the source melts 360. Violations of the above statement inflicted violations of the legal rights and interests of 360 will be legally pursued. The materials and conclusions in the work are for reference only and do not constitute operational recommendations. For written authorization, please email: academy@rong360.com

    Comment list (User comments are only for users to express personal views, does not mean that this site agrees with their views or confirms their description)
    you may also like
    • How many years is it appropriate to buy a second-hand house? Housing age affects your loan life!  Second-hand housing age affects the loan period, so how many years to buy second-hand housing is appropriate? How to identify second-hand housing age? Buying a second-hand house to apply for a loan is one of the important conditions for the bank's audit. It usually requires the maximum age of the house not to exceed 20-25 years. Strict bank requirements are required...
    • How long does it take to buy a home loan in 2017? How long can the longest loan  How long does it take to buy a home loan in 2017? The longest loan can be long. I. How is the term of a commercial loan stipulated? The specific term of the loan must be calculated based on the individual's age. Males should not exceed 65 years old and women should not exceed 60 years old. For example: For example, a male is now 5 years old...
    • House age affects your loan period. These banks will relax restrictions!  Recently, news came from Guangzhou that the banks in the province have loosened restrictions on loan term and building age, and relaxed from the original 40 years to 50-60 years, and rescued a number of second-hand houses that are difficult to loan because of old age. So what happened to Shanghai? It is reported that there are many banks in Shanghai...
    • The latest national first-home loan interest rate rankings Is your hometown right?  According to the latest mortgage data of Rongrong 360, the latest average loan interest rate for the nation’s first suite was 4.48%, which was the same as last month, and the declining momentum for six consecutive months was postponed. And due to the overheating of the property market in the first half of the year, the trend of banks tightening mortgage lending in July has become increasingly...
    • What is the most reasonable time to choose a mortgage? Don't let the house overwhelm your life!  How many years to buy a home loan is appropriate, which is a problem that many buyers are concerned about. Some people think that the longer the loan, the better, and some people will feel that the short time is good. Rong Rongfang 360 (fangdai123) believes that the length of mortgage in addition to the maximum number of years stipulated by the bank, but also by the repayment ability, loan...

    Buying a home loan

    House loan

    Mortgage records for loans

    Redemption loan

    Mortgage, help selling room

    House loan

    Home mortgage, good capital turnover

    Decoration loan

    Buy house renovation loan