Today, loans have become common in our daily lives. But what do you know about changes in the length of the loan? Let's explore it。

Can you change the length of the loan after the loan

First of all, it's possible to change the length of your loan. But that is not to say that you can adjust as you like. Changing the length of the loan requires the consent of the bank and a series of procedures. In other words, you need to reach a consensus with the bank, which will allow for a change in the number of years。

It is noteworthy that banks are generally more inclined to process applications for shorter loan terms than to open up applications for late payment. Because, if you're going to shorten your loan, that means your ability to repay has increased。

So, how does it work? Well, clients are required to provide household records, proof of marital status, identification cards and spouse ' s identity cards, proof of income, and the flow of bank water for the last six months. The bank then reviews, and once approved, the shorter-age application is successful。

On the other hand, it would be feasible if you wanted to extend the term of the housing loan. All you have to do is submit a request for an extension of the deadline and provide the corresponding information in accordance with the bank regulations. However, the documents that banks may need may differ. It should be noted that the length of the extension is limited and generally cannot exceed 30 years. That is, if your original loan is 30 years old, then you cannot apply for an extension。