in fact, according to the different economic strength of the policy and the buyer's own, the year of the mortgage loan will be different. MissMoney has summed up seven factors that affect the age of mortgage loans.
1, the property market regulation policy will directly affect the longest duration of mortgage loans
take Beijing as an example. According to the new deal in the Beijing property market in March last year, the longest life of individual housing loans (including housing provident fund loans) is 25 years, and the house of individual buyers can not apply for commercial loans. This means that after buying ordinary housing in Beijing, there will be no loan for another 30 years.
2 property nature affects loan years
picture source: visual China (Graphic and text independent)
property of different nature, the longest life of the loan is different. Popularly speaking, ordinary housing, commercial projects, factories and other types of housing can loan the longest years are also different. The longest loan of ordinary residence is 30 years (Beijing is 25 years); commercial housing and commercial and residential dual purpose houses have a longest loan period of 10 years (in Beijing, the property of individual buying commercial or commercial projects is full and cannot be loan); the longest loan period of private property transfer room and auction house is limited to 20 years.
3, the age of loans is constrained by the age of the borrower
when the application for personal housing loan, the age of the borrower is an important audit factor. According to regulations, eighteen years of age (the highest age of men is 60 years old, the highest 55 years old women) can apply for personal housing loans. Generally speaking, the loan period and the borrower's age should not exceed 65 years (or 70 years old), and the regulations of different banks are slightly different. The new rules of ICBC are to further relax the age limit on this basis.
in provident fund loans, the maximum length of provident fund loans should not exceed 5 years after the borrower retires. For example, small A, male, retire at the age of 60. Except for the longest loan period stipulated by local governments, the duration of small A loans and borrowers' age should not exceed 65 years old.
in terms of commercial loans, each bank has a different age limit for the lender. In general, the smaller the borrower's age, the longer the loan period can be applied.
4, the lender's repayment ability will affect the length of the loan
when the loan is purchased, the bank will provide the income proof to the purchaser. The income certificate can directly reflect the borrower's repayment ability, and the income certificate is one of the main reference contents for the bank to decide whether to grant the loan. In general, banks will require borrowers to earn more than two times the monthly income of their borrowers. In general, high income groups, banks may suggest a relatively short number of years of loan; if the borrower's income is relatively poor, the bank will suggest a relatively long loan.
5, the longer the age of housing, the shorter the loan period.
when buying second-hand housing, the loan age will be affected by the age of the housing. Housing age is calculated from the date of completion of the housing delivery. Under normal circumstances, the longer the age, the shorter the loan period. Because the second-hand house is to calculate the amount of the loan according to the evaluation price, the evaluation price is calculated according to the market situation at that time and the real estate value is evaluated by the professional evaluation agency. The longer the average length of housing, the lower the assessment price. When the old house applies for second-hand housing loan, the loan amount will generally decrease with the increase of the age of the house, and the length of the loan will also be the same.
6, the year of land use will affect the loan years
in the second-hand housing market. How long the land use years are due will also affect the year of the mortgage. Under normal circumstances, the maturity date of mortgage loans can not exceed the expiration date of land use (different banking regulations are different). It is important to note that the years of land use and the age of the house are different. The years of land use are calculated from the time when the developers take the land for record. So, when buying a second-hand house, we must pay attention to the number of years left in the use of the land used for the purchase of the house.
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7, the loan interest rate change adjustment will also affect the loan term
the loan interest rate is not the fixed value, the loan interest rate will affect the mortgage maturity. For example, in 2015, the central bank carried out 5 rate cuts, and the benchmark lending rate for commercial loans over five years fell from 6.15% to 4.9%. The lower the benchmark interest rate is, the longer the duration of the loan is, the more cost-effective it is. If the central bank raises the benchmark interest rate for commercial loans, the monthly supply of homebuyers will increase with the mortgage. In this case, the borrower with capital reserves may choose to shorten the period of repayment to reduce the loss caused by the rise of the loan interest rate.
source: Daily Economic News