How long can the loan last?
It is mainly related to the age of the lender. Most people around the age of 20-30 can borrow for 30 years, or they can choose a relatively small amount of 20, 15, 10, 5 years and so on.
General banks stipulate that the minimum age of borrowers is 18 years old, and the maximum age of borrowers is 60 years old for men and 55 years old for women (cadres at or above the division level can be extended by 5 years). The lender's loan term cannot exceed the difference between the maximum age and your actual age. For example, if the lender is 50 years old and the loan term cannot exceed 10 year, the bank will generally give a discount, which is about 8 years.
How long is the loan term suitable?
Is the loan term as long as possible, or short-term? This mainly depends on the economic ability and investment preference of buyers.
Generally speaking, the longer the repayment period, the lower the monthly repayment amount and the lighter the burden; On the contrary, the shorter the repayment period, the higher the monthly repayment amount and the heavier the burden. It can be seen that the purpose of extending the repayment period is mainly to reduce the monthly repayment amount, but is the longer the period, the better? Let's look at an example. Take a loan of 10,000 yuan as an example. If it is paid off in one year, it will be 865 yuan per month. If you pay it off in two years, you only need to pay 448 yuan per month, reducing the monthly repayment by 4 13 yuan and reducing the burden by about 50%. Comparing with 19 and 20 years, 19 repays 76 yuan and 20 years repays 78 yuan monthly, which are also delayed for one year, and the monthly burden is only reduced by about 2%. It can be seen that in the long run, the monthly repayment amount cannot be greatly reduced, but the interest burden is increased in vain.
For people with abundant funds, long-term loans are more favorable. You can borrow long-term funds and make short-term investments abroad. The return of short-term investments is enough to repay long-term loans and there is a surplus.
For property buyers who are short of funds, since there is no more money for other investments except repayment of loans, it is more appropriate to avoid spending too much interest and use short-term loans.
Loans of 70% to 20 years account for the highest proportion and the longest term of all loans, but it is hard to say that it is the best one. The most important thing is that buyers should choose the loan type that suits them according to their actual situation.
(The above answers were published on 2015-12-16. Please refer to the actual situation for the current purchase policy. )
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