Decoration loan is a kind of loan with relatively low interest rate. Usually, the monthly interest rate fluctuates around 0.25%. The lowest may be as low as 0.2 1%, that is, the loan 1 ten thousand yuan, and the monthly interest is 2 10 yuan. The annual interest rate is 2520 yuan, and the annual interest rate is about 6%, but many people can't get the low interest rate of 0.2 1%.
If the monthly interest rate is 0.25% and the loan is 654.38 million yuan, what is the interest for five years? I believe many people are paying attention to this issue, and I will focus on it below.
There are two repayment methods for decoration loans, one is equal principal and interest repayment, and the other is equal principal and interest repayment. The interest calculation methods of the two repayment methods are different.
1. Waiting for interest repayment.
Decoration loans are mostly equal principal and interest repayments, and the principal and interest paid each month are fixed. In other words, the interest will not decrease with the decrease of the loan principal.
The loan is 654.38 million yuan, with a monthly interest rate of 0.25%, which will be repaid in five years (60 installments) with equal principal and interest each month.
Monthly interest 65438+ 10,000× 0.25% = 250 yuan; The annual interest is 250× 65438+February =3000 yuan; The interest for five years is 3000 yuan × 5 =1.5000 yuan.
The monthly repayment principal is 65438+ ten thousand yuan ≈ 65438+0.67 yuan in June; The principal to be repaid in one year is1.67× 65438+20,000 yuan in February; The principal to be repaid in five years is 20000.04×5≈65438+ ten thousand yuan.
The monthly principal interest to be repaid =1.67250 =1916.67 yuan; The principal interest to be repaid every year =1916.67×12 = 23,000.04 yuan; 5-year principal repayment interest = 23,000.04× 5 ≈11.5 million yuan.
Therefore, if the loan is RMB 6,543,800+and the monthly interest rate is 0.25, and the principal and interest will be repaid in five years, the interest will be RMB 6,543,800+0.5 million, and the principal will be RMB 6,543,800+0.5 million, with a total repayment of RMB 6,543,800+0./kloc-0.5 million.
What's the interest rate for the renovation loan?
What's the interest rate for the renovation loan?
The interest rate of decoration loan products of banks generally fluctuates on the basis of the benchmark interest rate of the central bank, and different banks set interest according to this system. The annual interest rate of the loan term is about one year or less.
The loan interest rate of decoration loan will also depend on the loan amount and repayment time. Interest rate of bank decoration loan: 6% for short-term loans and medium-and long-term loans from six months (inclusive) to one year (inclusive); Three to five years (inclusive) 6%; Renovation loans for more than five years are loans provided by banks or other financial institutions to individuals for housing renovation, and generally do not require mortgage. Compared with other consumer loans, its amount can be given very high.
/kloc-how much interest does a decoration loan of 0/00000 have for one year?
Assuming that the loan is calculated according to the above loan interest rate, and the repayment method of equal principal and interest is adopted, the loan is 654.38 million yuan, and the repayment period is one year, so the total interest is 5600 yuan.
In addition, we need to remind everyone that according to the regulations of the bank, renovation loans are not allowed to be withdrawn. The bank either directly transfers the money to the account of the decoration company, or the borrower can only spend it at some hardware stores. The special requirements in the house decoration loan are: to have the house renovation contract, decoration budget and related materials signed with the decoration enterprises recognized by the relevant departments.
The above is the sharing of "how much is the interest rate of decoration loan", and I hope it will help everyone!
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What's the interest rate for the renovation loan? What is the maximum loan for decoration?
Many friends know that if you can't pay off the full amount of the house in one lump sum, you can apply for loans from financial institutions such as banks, but in fact, you can sometimes apply for bank loans for some small needs. For example, the decoration loan recommended to you today, then what is the interest rate of the decoration loan? As an ordinary consumer, how much can I borrow when applying for a decoration loan? Friends who have similar puzzles can refer to the following to find out, and I believe it can come in handy when necessary.
1. What is the interest rate of the renovation loan?
The interest rate of the central bank's renovation loan is as follows: 5.6% within six months, 6% within six months to one year, 6. 15% within one to three years, 6.4% within three to five years and 6.55% over five years; The interest rate of the renovation loan of China Merchants Bank is as follows: 4.6% within six months, 4.6% within six months to one year, 5.0% within one to three years, 5% within three to five years, and 5. 15% within five to thirty years.
Second, how much can the decoration loan be borrowed at most?
Due to the different ways of decoration loan, the loan amount of banks and financial institutions is inconsistent, which leads to the difference of decoration loan amount.
1. If you apply for a decoration consumer loan from a bank, both ICBC and CCB stipulate that the amount of a single loan should not exceed 1.5 million yuan in principle and not exceed 50% of the total cost of the decoration project; China Bank stipulates that the maximum loan amount shall not exceed 80% of the total cost of the renovation project. If the real estate is used as a mortgage loan, the loan amount will be higher, but most banks have to evaluate the mortgaged real estate, and the loan amount cannot exceed 70% of the assessed price of the collateral. If pledge is adopted, the maximum loan amount shall not exceed 90% of the value of the pledge right certificate; If there is a guarantor, the loan amount shall be determined according to the credit rating of the borrower or guarantor, and the maximum amount shall not exceed 600,000 yuan.
2. Pay the housing provident fund in full and on time, and the funds required for decoration are not large, and local regulations allow provident fund loans for decoration, you can apply for a single maximum of 50,000 yuan, and the loan amount does not exceed 80% of the total cost of the decoration project. However, the relevant regulations vary from place to place, and most of them do not support provident fund decoration loans.
3. Those who are eligible to apply for personal credit loans from banks for renovation, the maximum loan amount is generally 500,000 yuan.
4. If you hold a credit card and belong to one of civil servants, teachers, bank employees and company executives, you can also apply to the bank for a credit card installment loan. The general limit is100-200,000 yuan, and the installment limit of individual products can reach 500,000 yuan.
5. If you apply for a loan from a consumer finance company for large-scale consumption such as decoration, the loan amount shall not exceed 5 times of your monthly income.
6. Credit is your best passport if you apply for an online personal unsecured decoration loan. For example, the decoration loan launched by Ping An Direct Loan Service requires relatively simple conditions. The maximum amount of personal home improvement loan is 500,000, which can basically meet your needs.
From the above example, we can know that we can not only apply for a loan when buying a house, but also seek a decoration loan from a reliable financial institution such as a bank if we are shy of money when decorating. However, according to our personal situation or the conditions of the bank itself, the amount and interest rate of the decoration loan we can apply for are also very different. These two aspects are introduced for everyone. It can be seen that due to the different ways of decoration loans, there are also different places to pay attention to in the specific operation process, which should be considered comprehensively.
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Let's stop here for the introduction of the interest rate of the installment loan for decoration.