First, the decoration loan conditions
Decoration loans need to meet the following basic conditions:
1. Have local permanent residence and legal and valid identification;
2. Have a proper occupation and stable income, and have certain repayment ability;
3. The borrower can provide relevant asset certificates, bank statements, tax bills, etc.
Extended reading:
What are the terms of the renovation loan?
What are the terms of the decoration loan? What are the application conditions?
Second, how to apply for a decoration loan?
Decoration loans can be applied in three ways: mortgage loans, personal credit loans and credit card installment payments.
House mortgage: If the borrower owns the mortgage of the house, he can apply for a decoration loan with the house as mortgage. The advantage of applying for decoration loan with real estate mortgage is that the interest is not high and the amount is high. The disadvantage is that there must be real estate as collateral, and there are many audit steps to handle it, which takes a relatively long time.
Extended reading:
How to apply for a decoration loan? What is the application process?
How to handle the decoration loan? How to apply for a decoration loan?
3. What is the renovation loan amount?
The starting line of decoration loan is 5000 yuan (including 5000 yuan), and the maximum amount does not exceed 654.38 yuan+500,000 yuan (including 654.38 yuan+500,000 yuan).
In order to better meet the needs of consumers' home improvement by stages, some banks have launched credit card home improvement by stages, targeting people who live in large and medium-sized cities, just bought new houses, have no money to decorate and have good credit records. The general limit is 6.5438+10,000-200,000, and the installment limit for individual products is 500,000.
Extended reading:
How much is the decoration loan amount?
Fourth, where does the money for the renovation loan come from?
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.
Extended reading:
Where is the money for the renovation loan? Is the renovation loan true?
5. How many years can I borrow a decoration loan?
In addition, the ceiling of decoration loan is 6.5438+10,000-200,000, and the maximum installment amount of a single product is 500,000. However, it should be noted that the applicants should be civil servants, teachers, full-time employees of banks, and middle and senior managers of companies with registered capital of more than 30 million. The general decoration period is 12 months, 24 months, and the longest is 36 months. The loan term is generally 1-5 years, and the time of different banks or institutions will be slightly different.
Extended reading:
How many years can I borrow a decoration loan? How long is the renovation loan period?
Repayment method of intransitive verb decoration loan
Usually, there are two repayment methods of decoration loans: equal principal and interest and average capital. Since the decoration loan is a consumer loan, the loan amount is used for decoration. If there are no special circumstances in the implementation of the expected annualized interest rate of the loan, the implementation standard is that the expected annualized interest rate will rise 10% in the base year, that is, 6.534%. In this case, the difference between the average capital and the repayment of equal principal and interest is 14092 yuan.
Extended reading:
What are the repayment methods of decoration loans?
Can the renovation loan be repaid in advance? Is there a penalty for prepayment of decoration loan?
7. Which bank is good for decoration loan?
Many banks handle decoration loans, but the interest and handling fees are different, and the conditions to be met are different. Among them, the loan fee and interest required by CCB are the lowest, and the required conditions are also the lowest. The renovation loan of CCB only needs a house that can be repaid on time for 6 months. The amount is 200,000-500,000, and the handling fee is 4%/ year, excluding interest.
Extended reading:
Which bank is good for decoration loan? Where can I borrow a decoration loan?
8. Is the renovation loan cost-effective?
As soon as the decoration loan arrives, you can borrow the money you need, which saves the trouble of human feelings compared with borrowing money from relatives and friends. Maybe sometimes you can't pull your face down. At the same time, use the loan money to decorate, so that the loan money can be turned around and your house can be decorated better. Will not affect family relations and home improvement quality in order to save money!
Extended reading:
Is the renovation loan cost-effective? Which method is the best for decoration loan?