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Mortgage Terms Relaxed To Support Older Buyers

CHINA PRESS

CITIC Bank Nanning will offer mortgages to buyers who’s age plus duration of the mortgage does not exceed 80 years, however the maximum age limit of 70 years will still apply, according to China Securities News. The paper said the new policy will allow for longer loan periods, and tap into the housing buying demand of people aged 40 to 59 with relatively strong repayment ability and adequate credit rating. However, buyers and banks should be cautious in extending mortgage durations, and carefully assess the ability of the buyer to repay later in life, the paper said.

MNI Beijing Bureau | lewis.porylo@marketnews.com
MNI Beijing Bureau | lewis.porylo@marketnews.com

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