Decoration loans can be loaned to 10 years at most, but 10 years is only the maximum, which does not mean that all banks can lend to 10 years. For example, the renovation loan of China Merchants Bank can be extended to 10 year, while the personal renovation loan business of ICBC can only be extended for 5 years. A long loan period will generate more interest, and a short loan period will bring great pressure every month. When applying for decoration loans, lenders should also decide how long to borrow them according to their repayment ability.

Housing renovation loan process

1. When the borrower applies for a loan for housing renovation, he must apply at the business outlet where the business is started, fill in the application form, submit relevant materials and go through relevant guarantee procedures;

2. Sign the loan contract after investigation and approval by the account manager and approval by the competent examination and approval department. The account manager handles the loan procedures, and the borrower repays the loan at the business counter, or leaves enough repayment amount in the deposit account or bank card, and entrusts the loan bank to withhold the repayment;

3. After the loan is settled, the bank terminates the creditor-debtor relationship with the customer and goes through the relevant formalities.

Matters needing attention in applying for housing decoration loan

Applicants can apply for housing renovation loans with the renovated houses as collateral. As long as the renovated house is not mortgaged in the bank and meets the requirements in terms of face value and market value, the loan amount is generally about 70% of the value of real estate assessment. The applicant may also provide a loan guaranteed by an enterprise legal person or a guarantee company capable of paying off on its behalf. If you continue to pay the provident fund for half a year, you can also consider applying for a provident fund decoration loan.

If the house renovated by the applicant is mortgaged property, in principle, the mortgaged house has been mortgaged to the bank, and it can no longer be used as a mortgage to apply for a loan, and no real estate license has been obtained. However, some banks will provide decoration loans to our mortgage customers, even if the house is being mortgaged, it can also be used to apply for decoration loans.

Because banks also have similar decoration loan products, that is, after their banks have applied for mortgage loans, they can apply for decoration loans in their banks to mortgage houses. However, it should be noted that the renovation loan amount is also related to the value of the mortgaged house and the remaining mortgage loan. However, it is best to provide another property or asset as collateral to apply for a loan.