The maximum term of a mortgage has been extended from 30 years to 40 years, and various banks have made mixed progress since the policy was implemented. According to reports, most banks have yet to receive internal operation notices and are still awaiting guidance. However, existing banks can clearly apply for 40-year loans, and some joint stock banks set an upper limit of no more than 75 years of age for the borrower plus the loan period. A state-owned bank employee who has already landed said that the longer term meant that the pressure on monthly repayment was reduced, but total interest expenses increased accordingly. The bank account manager, which has already implemented a new policy, explained that customers who have previously loaned for 30 years can also apply for a change to 40 years. The loan of 1 million can be changed from 30 to 40 years, and the monthly principal amount can be reduced by 7,000 yuan per year.

The maximum term of a mortgage has been extended from 30 years to 40 years, and various banks have made mixed progress since the policy was implemented. According to reports, most banks have yet to receive internal operation notices and are still awaiting guidance. However, existing banks can clearly apply for 40-year loans, and some joint stock banks set an upper limit of no more than 75 years of age for the borrower plus the loan period. A state-owned bank employee who has already landed said that the longer term meant that the pressure on monthly repayment was reduced, but total interest expenses increased accordingly. The bank account manager, which has already implemented a new policy, explained that customers who have previously loaned for 30 years can also apply for a change to 40 years. The loan of 1 million can be changed from 30 to 40 years, and the monthly principal amount can be reduced by 7,000 yuan per year.