The bank provides housing loans for periods ranging from 5 to 30 years, and the users can choose from among themselves. However, the fact that many users recommended a 30-year period for mortgages was confusing for some, and after all, the longer the period, the more interest would be. Why, then, is it proposed to select a mortgage for a 30-year term? In fact, this is mainly for specific groups of people。

Why does a mortgage last 30 years? It's mainly against these people

First, under the same loan amount, a longer repayment period is chosen and the monthly repayment amount is relatively low. This reduces monthly repayment pressure for users with unstable or low incomes, without affecting the quality of daily life or causing financial hardship. If the monthly repayment pressure is excessive, it may result in a break-up of the financial chain, delays in the loan, or even the taking back of the house for auction by the bank, with serious consequences。

Of course, everyone's situation is different. To the extent that repayment capacity permits, a reduction in the duration of the loan may reduce total interest expenditure. At present, there is a high rate of loan term selection over a period of 20 years, largely because it finds a balance between repayment pressure and interest expenditure. In addition, such a period would be a more flexible and high-value option in the event of a future ability to pay in advance。

At present, the housing market is depressed, housing prices are declining and bank interest rates on loans are declining. It is now a more appropriate time for users with a need to buy a house. If there are problems in applying for a loan, professionals may also be consulted or consulted。