Buying a house and decorating it are both major events in life. We know that decorating is a major subject. Many people do not hesitate to spend high prices to decorate for the sake of grandeur, class, and matching style. We all know the price of decorating. It’s still very high, and for people with modest incomes, it costs a lot of money. It is very popular to use renovation loans now, but we need to choose a bank with more cost-effective funds. So the editor will tell you which bank is the most cost-effective for renovation loans? How many types of renovation loans are there?

Which bank is the most cost-effective for decoration loans

1. Bank of China for decoration loans

The amount of decoration loans of Bank of China is not allowed to exceed the total amount of the home decoration project 80%. If the loan period is within one year (including one year), the interest will be calculated according to the interest rate stipulated in the contract. If the statutory interest rate is adjusted, the interest rate will remain unchanged. If the loan period is more than one year, if the legal interest rate is adjusted, the interest rate will be adjusted according to the People's Bank of China's regulations on interest rate adjustment. Provides for interest rate adjustments. The term of a home improvement loan is generally one to three years and no more than five years (inclusive). The specific term is determined based on the nature of the borrower.

2. Decoration loan bank: Industrial and Commercial Bank of China

For a decoration loan from ICBC, the amount of a single loan shall not exceed 200,000 yuan and shall not exceed 70% of the total cost of the decoration project. The loan The term is not allowed to exceed 5 years, and no loan extension is allowed.

3. Agricultural Bank of China, the decoration loan bank

The Agricultural Bank of China’s decoration loan limit has reached 500,000, with a term generally of 13 years, and the interest rate is based on the People’s Bank of China’s loan interest rate for the same period. The floating range and interest rate adjustment shall be implemented in accordance with the relevant regulations of the People's Bank of China and the Agricultural Bank of China.

There are several ways to get a renovation loan

1. Credit card loan for renovation

The advantage of a credit card loan is that it does not require any collateral or anyone to come to the loan. The guarantee and loan process are also very simple, and users with good credit can apply. Its disadvantage is that there are fewer decoration companies to choose from, because you can only choose decoration companies that have cooperation with banks for decoration.

2. Apply for a consumer loan through decoration loan

The advantage of applying for a consumer loan is that you can apply for a loan relatively quickly, and you can also choose the decoration company you like independently. Come work together to create your own ideal home. The downside is that the fees required to apply for a consumer loan are a bit high.

3. Apply for a mortgage loan through decoration loan

The advantage of applying for a mortgage loan is that its interest and handling fees are relatively low, which is much more cost-effective than consumer loans. Its disadvantage is that mortgage loans require items to be provided as collateral, so there are many processes that need to be reviewed, the processing time is relatively long, and the application process is cumbersome.

4. Renovation loan method: Apply for a loan from a financial company

The advantage of applying for a loan from a financial company is that the application process is simple and convenient, and the decoration team that cooperates with the financial company is relatively large, and consumers The space for choice is also relatively large. Its disadvantage is that the agency fees are relatively high.

5. Decoration loan methods Provident fund loans are used for decoration

The biggest advantage of provident fund loans for decoration is that it saves money. The loan interest rate is very low, which is equivalent to the state's welfare for the people. The disadvantage is that the loan amount is limited, the application process and procedures are complicated, and the approval is relatively difficult.