[Many banks have launched 40-year mortgage loans. Some banks said that you need to be under 35 years old to apply for a 40-year mortgage loan] On September 1, the maximum period of mortgage loans was extended from 30 years to 40 years. After the policy was implemented, various banks made different progress. It is reported that most banks have not yet received internal operation notices and are still waiting for guidance. However, some banks have made it clear that they can apply for 40-year loans, and some joint-stock banks have set an upper limit of 75 years old for the borrower's age plus the loan period. A staff member of a state-owned bank that has already settled in the country said that the longer term means that the monthly repayment pressure will be reduced, but the total interest expenses will increase accordingly. According to an account manager of a bank that has implemented the new policy, customers who previously had a 30-year loan can also apply to change it to 40 years. A 1 million loan can be changed from 30 years to 40 years. The monthly principal payment can be reduced by 7,000 yuan per year. (China Business News)