Is decoration loan the same as loan decoration

2022-07-22
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Buy a house without money for decoration? Decoration loan may help you solve this problem. However, many people do not understand the definition of decoration loan, nor the advantages of decoration loan different from other loans. So what is decoration loan and what is loan decoration? The following is a brief analysis of the connection and difference between them

what is decoration loan

the so-called decoration loan refers to the personal credit loan launched by banks or consumer finance companies for the purpose of home housing decoration, that is, unsecured credit loan. In principle, the single loan limit of personal housing decoration loans issued by banks shall not exceed 150000 yuan, and shall not exceed 50% of the total cost of decoration projects

the main form of decoration loan

decoration loan currently has two loan forms and a credit card installment form that can be applied for. The first is to apply for personal credit loans to decorate, which has special requirements for the applicant's occupation or enterprise; The second is the decoration loan of personal consumption loan. The consumption loan here refers to the licensed mortgage loan, that is, the consumer loan applied for with the real estate mortgage, but the requirements of each bank for the mortgaged real estate in terms of house price, age and area of the real estate are different; And credit card home decoration installment. Due to different nature, the application cycle, process difficulty and required cost are also different

personal loans are divided into personal business loans and personal consumption loans according to their purposes. According to the different ways of loan, it is divided into mortgage consumer loan and guaranteed (credit) consumer loan. For example, car loans and decoration loans are all consumer loans

application conditions for decoration loans

because consumer loans have fewer requirements for materials and qualifications than business loans, decoration loans are the most vulnerable to fraud in consumer loans, and the amount is also the most likely to be high. Therefore, banks and consumer finance companies have strict requirements for those who apply for decoration loans:

applicants who need loans must have local permanent residence and legal and valid identity certificates, have a legitimate occupation and stable income, and have the ability to repay the loan principal and interest when due. In addition, the borrower can provide relevant asset certificates, bank statements, tax bill certificates, etc., and also provide information such as house purchase and sale contracts and house purchase invoices for newly purchased residential decoration (or proof of house ownership should be provided for original residential redecoration), in addition, other conditions stipulated by the cooperating agency

when applying for decoration loans, some banks require to apply for personal consumption loans for decoration, and the houses must be used as collateral. In addition, the bank specially reminded that the same property cannot be re mortgaged to apply for a loan. This means that families who are paying off their mortgage will not be able to apply for decoration loans in these banks

personal housing decoration loan requires that the property must be owned by itself. And there are special requirements in the housing decoration loan, that is, there should be the housing decoration contract, decoration budget estimate and relevant materials signed with the decoration enterprises approved by the relevant departments; Some banks also require the owners to have their own funds of no less than 30% of the total decoration budget, and invest in the project construction before using the loan

in addition, according to the regulations of the bank, personal consumption loans are generally not allowed to withdraw cash, and the bank will transfer the money to the account of the decoration company, and the loan term generally does not exceed 5 years

from the above analysis, we can see that decoration loan is a form of personal consumption loan. Loan for decoration is not limited to decoration loan. You can choose other loan methods suitable for yourself according to your consumption and economic level, and then use this loan for house decoration

although decoration loans have many advantages, not everyone is suitable for applying for decoration loans. On the premise of sufficient guarantee, the decoration loan limit is usually limited to half of the decoration cost, but the real decoration amount can only be applied for less than half, which often cannot meet the demand. And repayment of loans by installments often puts great pressure on ordinary people, because they don't make money like those who take loans to do business. Theoretically, you can afford it, but in reality, it is possible that your self raised part of the decoration loan is also borrowed, so your loan term may need to be extended to reduce the burden

the expected annualized interest rate of the loan is at least 0.75%, and it is promised not to charge any intermediary fees. The same amount and the same three-step application can quickly match the credit manager in one minute. The threshold is lower, the rate is lower, and the variety is richer. It is suggested that you deal with Xicai cat, and pay attention to "Xicai cat" (zxdk243)?? WeChat?? Official account, three steps to complete the loan quickly, with many choices, fast payment, high amount and simple procedures

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