High cost performance.
The interest rate of decoration loans is relatively low among all kinds of commercial loans, and the average monthly interest rate is 0.23%-0.33%, which is much lower than car loans and credit cards.
At present, the monthly interest rate of car loan is 0.6%-0.8%, and the rate is more than double that of decoration loan.
The monthly interest rate of credit card installment is also between 0.6% and 0.82%, and the actual annualized rate is 13.02%- 17.79%. The actual annualized rate of renovation loans is between 5% and 7.5%. In contrast, renovation loans are still cost-effective.
Second, is it cost-effective to decorate the house with a loan?
Because there are many kinds of loans that BOC can use for decoration, and the conditions and interest rates of various loans are different (www.boc.cn), click on the introduction of relevant loan products in "Personal Finance". For details, please consult the online customer service of China Bank or download and use the A-link service of mobile banking of China Bank. The above contents are for your reference. Please refer to the business rules.
Third, is it cost-effective to decorate a house with a zero-interest loan from a bank?
If you have applied for housing mortgage loan in China Merchants Bank, please contact the handling bank to apply for exclusive decoration loan for supporting house purchase; If you have your own property mortgage, you can also apply for a decoration consumer loan. Please inquire directly from the loan handling bank whether this business is carried out in your city, application conditions and other information.
The actual loan interest rate you can apply for is set by the handling bank in combination with business type, personal solvency, credit status, guarantee method and other factors, and can only be determined after approval. If you want to know the current benchmark annual interest rate of loans, you can go to the home page of China Merchants Bank and click "Loan Interest Rate" on the right.
Fourth, is it cost-effective to decorate the house with a loan?
Hello, dear.
Of course not cost-effective.
If you apply for a decoration loan with the provident fund, then his loan interest rate is about 3.4%. It's much cheaper than mortgage, which can save some interest.
But if it is a commercial decoration loan, it is not cost-effective to repay the mortgage. Especially in the late stage of mortgage, the interest is almost the same, which is even more unnecessary.
I hope the answer can help you. abstract
Is it cost-effective to borrow money for renovation and mortgage repayment?
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Hello, dear.
Of course not cost-effective.
If you apply for a decoration loan with the provident fund, then his loan interest rate is about 3.4%. It's much cheaper than mortgage, which can save some interest.
But if it is a commercial decoration loan, it is not cost-effective to repay the mortgage. Especially in the late stage of mortgage, the interest is almost the same, which is even more unnecessary.
I hope the answer can help you. answer
Decoration loans are less than 3 points per year.
If the renovation loan is less than three cents a year, it can save some interest when it is used to repay the mortgage.
It is recommended to handle the mortgage within the repayment period of 1/3. Save more interest. answer
The mortgage has only been paid for more than a year.
The mortgage has only been repaid for more than a year, and prepayment is very suitable, which can save a lot of interest. answer