1. What is a decoration loan?
Residential decoration loans, also known as decoration loans, refer to personal credit loans launched by banks or consumer finance companies for the purpose of family decoration, that is, unsecured loans. In principle, personal housing renovation loans are issued by banks, and the loan amount does not exceed 654.38+0.5 million yuan, nor does it exceed 50% of the total cost of renovation projects. Now there are two kinds of home decoration loans, one is credit card installment payment.
The second is the type of decoration loan.
Now there are two loan forms, one is credit card installment, and you can apply for decoration loan, as follows:
1. Apply for personal credit arrangement.
Credit is not guaranteed, but more than half of the credit products in the market have higher requirements for consumers, or the threshold for asset certification is higher, or people in specific industries, VIP customers and senior management personnel of the company can apply, and the details of the applicant's work nature, industry and income should be strictly examined. Personal credit products of banks such as Ningbo, Bohai, Standard Chartered and Citigroup are favored by consumers. The credit line of these banks is usually 5-8 times the monthly income, and of course the interest rate will be higher.
2. Personal consumption loan decoration loan.
Consumer loan refers to the mortgage held, that is, the consumer loan applied for with real estate as mortgage. Because many banks carry out this business, consumers have relatively more choices.
However, banks have different requirements for housing prices, housing age and real estate area, and consumers should do their homework before applying. If an individual owns one or more properties, he can try to apply, which not only has a large loan amount, but also has a long term. However, the specific loan amount depends on the bank's review of personal qualifications and real estate conditions (geographical location, house price, real estate area and house age).
3. credit card installment payment.
In order to meet consumers' demand for credit card installment, some banks have launched credit card installment business for people who live in large and medium-sized cities, just bought new houses, have no money to decorate and have good credit records. The total amount is between100,000-200,000, and the maximum installment of a single product is 500,000. However, it should be noted that the applicants are civil servants, teachers and full-time employees of banks, and companies with registered capital of more than 30 million are middle and senior managers. General family decoration cycle is 12 months, 24 months, and the longest is 36 months. For the list of banks that can apply for home improvement by stages nationwide, please refer to the selection of personal loan products of Easy Loan China in 2009.
There are also certain restrictions on handling credit card installment furniture. In other words, the services and products selected by consumers must be cooperative merchants of banks. If the selected merchant is not among the cooperative merchants of furniture staging, you cannot apply for staging. What conditions must the applicant meet? Real estate! Property buyers need to provide real estate licenses, real estate sales or pre-sale contracts, purchase invoices, bank loan contracts and other collateral.
Customers must be clear about the various provisions of bank home improvement staging, such as credit limit, consumption limit, repayment problem, liquidated damages and so on. When applying for credit card installment loan, we should also pay attention to product quality and after-sales service. After all, once the money is given, it is easy to solve the quality problems in the decoration process in time.
4. Loans from consumer finance companies.
In addition to traditional bank loans, loans from consumer finance companies are also feasible. Consumer finance companies provide personalized financial products to customers who cannot take care of themselves, such as commercial banks and credit cards. In fact, this kind of consumer credit has existed in foreign markets for more than 400 years, and the relevant laws and regulations of consumer credit are also relatively perfect, standardizing the relevant laws of different credits. However, China's consumer credit law is not perfect enough, and the market maturity needs to be improved. After the consumer finance companies are transplanted to China, they need to continue to explore in concrete practice.
Consumer loans (durable consumer goods and general consumption purposes) provided by consumer finance companies shall not exceed 5 times of personal monthly income. The guarantee method is unsecured, so consumers need not worry too much about its guarantee method. Consumer finance companies make up for the shortcomings of slow bank loan review because of their inherent advantages of fast credit review and short loan cycle.
Third, the conditions for applying for renovation loans by stages.
1. The application for renovation loan must be a legal account, permanent residence and valid ID card of the local public security organ.
2 decoration loan applicants should have a stable job to ensure a stable income and repayment ability.
3. The decoration loan applicant shall provide relevant asset certificates to the bank.
4. Both the house sales contract and the purchase invoice are required.
5. Other terms related to the decoration loan.
4. What is the interest rate of renovation installment?
The interest rate of decoration loan is the interest rate of personal credit. At present, the benchmark annual interest rate of loans announced by China Bank is 0-6 months (including 6 months), and the annual interest rate is 4.35%; 6 months-1 year (inclusive), with an annual interest rate of 4.35%; 1-3 years (including 3 years), with annual interest rate of 4.75%. The interest rate of ordinary personal credit loan changes with the change of national benchmark interest rate; The interest rate of personal credit loan rises on the basis of the national benchmark interest rate 10%-30%.
5. What should I pay attention to in installment loan decoration?
1, the procedure fee is different.
The cooperation between banks and decoration companies also makes the corresponding costs and processes different, which requires consumers to understand and compare first.
2. Pay attention to the cost risk.
At present, when banks provide installment services for home improvement, they must sign a renovation contract with the designated decoration company, and the decoration price covers a large area. It is recommended that buyers go to the decoration market first and see several decoration companies of the same grade. Also pay attention to the quality of decoration and the agreement of acceptance.
To sum up, the above is the relevant content of the installment loan for decoration. I believe everyone knows something about it! I hope I can help my friends in need.