Housing loans are one of the ways many people buy a house. However, during the repayment period, problems arise if payments cannot be made on time for various reasons. So, how many months can the mortgage go on? This is a good question that we need to analyse from the following angles。

How many months does the mortgage take

(i) Banking regulations

First of all, we need to know what banks are doing with respect to mortgage arrears. As a rule, the bank defaults to set the repayment period at 15 days per month. If the lender fails to pay the current month's dues by that date, it is considered “late”. In general, bank interest rates are 1.5 times the base rate. If the lender fails to pay the overdue amount within 30 days, the bank is entitled to recover the loan in full。

Of course, this is a general situation. Specific provisions may vary from bank to bank. If you want to know about your bank's specifications for overdue periods, look at the contract or consult the bank staff。

(ii) Credit records

Failure to pay mortgages negatively affects personal credit records. Banks usually report to individual credit reporting institutions on the repayments made by lenders. If the lender defaults for a long time, the personal credit record will be damaged. This may affect the future lending activities of lenders. It is therefore recommended that lenders try to avoid mortgage defaults。

(iii) Personal financial situation

Theoretically, you can default for any number of months. But if you do not have enough income to pay the mortgage, this will seriously affect your future financial situation. Some banks may sue you in court. This will have a further negative impact on your credit records. It is therefore recommended that you take into account your financial situation before you default on your mortgage and that you develop a repayment plan based on your own circumstances。

(iv) Negotiation of repayment plans

If you are temporarily unable to pay your mortgage, but do not wish to default, you are advised to negotiate a repayment plan with the bank. Banks sometimes agree to establish repayment plans where personal credit records and financial conditions are good. This would not only avoid the high level of late-term demurrage, but also the negative impact on personal credit records。