The decoration loan of China Construction Bank is a special loan, which can only be used to pay the decoration expenses. After the general decoration loan application is successful, there will be a professional loan account from which funds will flow out.
In addition, after the loan application is successful, the borrower can choose to directly transfer the funds to the account of the decoration company, or complete the payment through the POS card of the decoration company when repaying.
What's the difference between decoration loan and home improvement installment?
1. Guarantee method
At present, many banks have decoration loan products. Individuals can take credit, mortgage, guarantee, pledge and other guarantee methods when handling decoration loans. Taking China Construction Bank as an example, when a borrower applies for a loan by mortgage or pledge, it should provide the ownership certificate of the mortgaged or pledged property, the ownership certificate and the list of the consent certificate of the disposition right holder (including the property co-owner). Mortgage or pledge. Home improvement by stages is simpler, and only credit is used as guarantee. You don't need any collateral, just identity certificate, income certificate, address certificate and other materials.
2. Approval efficiency
There are various ways to guarantee decoration loans, generally there are many materials to be reviewed, and the approval process is correspondingly complicated and time-consuming. Zhuang Jie's installment payment only uses credit guarantee, and there is no face-to-face signature. The whole approval process can be operated on the mobile phone, with simple procedures, simple handling process and high approval efficiency. Taking Yirisheng Financial Home Improvement Staging as an example, the approval process can be operated on the mobile phone, and the longest loan is 60 minutes.
3. Quota
The amount of renovation loans is usually high. Taking China Bank as an example, it is stipulated that the maximum decoration loan shall not exceed 80% of the total cost. If the real estate is used for mortgage loan, the loan amount shall not exceed 70% of the appraised real estate; If pledge is adopted, the renovation loan amount shall not exceed 90% of the pledged value; If someone finds a guarantor, the decoration loan amount shall be determined according to the credit rating of the guarantor or borrower, and the maximum amount shall not exceed 600,000 yuan. Installment payment for home improvement is much lower.
4. Duration
The decoration loan amount is high, and the corresponding loan period is also long, ranging from 5 years to 10 years.
The period of home improvement by stages is short, and the longest period generally does not exceed 36 periods, that is, 3 years. Decoration loans and home improvement by stages have different advantages. Consumers can choose according to their own situation in the selection process. The bank has complicated procedures and long approval time, but the decoration loan amount is high, which is suitable for users with large amount of funds and short time. Applying for home improvement by stages has low threshold and simple procedures. For users who are eager to decorate and have little capital demand, it is more convenient to choose home improvement stages.