Banks Association: Mortgage application doubling approval time extended

According to local media reports, some large local banks have recently begun to tighten their mortgage loan approval standards, resulting in significantly longer approval times. This can cause some confusion for buyers who are looking for a mortgage loan.

Lin Huihong, chairman of the Bankers Association, responded that after the government abolished stamp duty, transaction activity in the residential market increased significantly, which resulted in banks needing to process more mortgage applications. Therefore, banks must be more careful in approving each mortgage loan in order to ensure risk control.

Lin Huihong further pointed out that although the extension of the approval time may cause some inconvenience to buyers, this is due to considerations of market stability and risk control. She called on buyers to understand the bank's approach and wait patiently for the approval results.

Things to note when applying for a mortgage loan:

• Have all necessary documents ready in advance to expedite the approval process.
• Maintain good communication with the bank and provide any additional required information in a timely manner.
• Consider enlisting the help of a professional loan advisor to ensure a smooth application process.

In general, banks' moves to tighten mortgage loan approval standards and extend approval times are out of considerations for market stability and risk control. Buyers should understand this and cooperate with their bank's requirements to ensure that their mortgage loan application goes through smoothly.