When customers lack decoration funds, they can apply to the bank for personal housing decoration loans. When applying for this loan, the borrower needs to provide renovation contract, house purchase contract, house purchase contract and other materials, and at the same time provide the property recognized by the handling bank as mortgage guarantee, or the person with repayment ability provides joint liability guarantee.
Housing renovation loans are short-term loans, and the term of major banks will be slightly different, but generally it will not exceed five years. Housing renovation loans are generally mortgaged by the purchased houses, and the expected annualized interest rate of the loans is implemented according to the expected annualized interest rate of the loans of the same grade at the same period stipulated by the People's Bank of China. There is generally no preferential interest rate.
In principle, the single loan amount of personal housing renovation loan issued by the bank shall not exceed 654.38 yuan +0.5 million yuan, and shall not exceed 50% of the total cost of renovation project.
Judging from the loan situation of the bank, the loan funds of the decoration loan are directly transferred to the account of the decoration company, so in order to reduce the risk, the borrower must choose a regular decoration company to decorate, so as not to be deceived.