The latest policies on mortgage terms and ages:
1. Mortgage terms: Under normal circumstances, China’s commercial mortgage terms are generally 5 to 30 years, and the specific terms will depend on the borrower. It depends on factors such as your credit status, repayment ability and housing type. Some banks may also offer longer-term mortgages, such as 40-year terms;
2. Age limit: According to relevant Chinese policies, the age of the borrower will also be considered when applying for a mortgage. Normally, the borrower's age should not exceed the retirement age on the loan maturity date, which can vary according to different regions and bank policies.
Different types of housing loans and loan term age limits:
1. Commercial loan term:
(1) Generally speaking, commercial bank personal housing loans The maximum loan term is 30 years. If the borrower purchases a house, the loan term shall not exceed 30 years; if the borrower purchases commercial housing and "commercial and residential housing", the loan period shall not exceed 10 years; the term of each loan shall be determined by the commercial bank according to the individual borrower. Factors such as age, working years, repayment ability and other factors are negotiated and determined with the borrower. However, the maximum length of the borrower's age plus the loan period shall not exceed 70 years;
(2) The specific loan period shall be calculated based on the individual's age (men: no more than 65 years old, women: no more than 60 years old) . And the maximum loan period is different for each bank. The maximum term for new homes is 30 years, and the maximum term for second-hand homes is 15 years.
2. Personal housing provident fund loan period:
(1) The maximum housing provident fund loan period shall not exceed 30 years, and the age of the borrower shall not exceed the national statutory retirement age, that is, the age of the borrower shall not exceed the national statutory retirement age, that is, the age of the borrower shall not exceed the national statutory retirement age. 60 years old, female not over 55 years old; (2) If the borrower and his spouse both meet the conditions for applying for a housing provident fund loan, the loan term can be calculated based on the party with the longer remaining working years;
3. Portfolio loan Term:
(1) The term of the provident fund loan and the commercial loan in the portfolio loan must be consistent, and the maximum loan term shall not exceed the legal retirement age (i.e. 60 years old for men and 55 years old for women).
(2) The maximum loan period for commercial housing is thirty years; the maximum loan period for private property transfer houses and auction houses is twenty years;
4. Second-hand house loan period:
(1) The sum of the used years of the second-hand house and the loan period cannot exceed 30 years;
(2) The age of the second-hand house cannot exceed 15 years;
(3) The loan maturity date cannot exceed the maturity period of the land use;
(4) The sum of the loan term and the borrower’s age must not exceed 60 years old.
In summary, regarding age restrictions, different financial institutions and loan types may have different requirements. Typically, the borrower's age should not exceed retirement age on the loan maturity date. Age limits may also vary based on factors such as the borrower's source of income and stability.
Legal basis:
"Interim Measures for Personal Loans" Article 11 Personal loan applications shall meet the following conditions:
(1) The borrower must have full civil A citizen of the People's Republic of China with legal capacity or an overseas natural person who complies with relevant national regulations;
(2) The purpose of the loan is clear and legal;
(3) The amount and term of the loan application and currency are reasonable;
(4) The borrower has the willingness and ability to repay;
(5) The borrower’s credit status is good and there is no major bad credit record;
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(6) Other conditions required by the lender.