As of June 2020, the interest rate of bank renovation loans: short-term loans, 5.6% for 6 months (inclusive) and 5.6% for 6 months to 1 year (inclusive); Medium and long-term loans, 6% for one to three years (inclusive), 6% for three to five years (inclusive) and 6. 15% for more than five years.

Home improvement loans, also known as decoration loans, refer to personal credit loans launched by banks or consumer finance companies for the purpose of family housing decoration, that is, unsecured credit loans. In principle, the single loan amount of personal housing renovation loan issued by the bank shall not exceed 654.38 yuan +0.5 million yuan, and shall not exceed 50% of the total cost of renovation project.

Decoration loan is a loan provided by banks or other financial institutions to individuals for house decoration, which is generally unsecured. Compared with other consumer loans, its amount can be given very high.

Extended data

Matters needing attention

1. Personal housing renovation loan is a loan issued by the bank to the borrower for the renovation of its own housing. The house decoration mentioned here refers to the engineering activities of transforming and processing houses by using decorative materials. In other words, the property must be your own.

2. There are also some special requirements for house decoration loans. For example, there must be a house renovation contract, decoration budget and related materials signed with the decoration enterprises recognized by the relevant departments; Some banks also require owners to have no less than 30% of the total decoration budget, and then use the loan after investing in the project construction.

According to the regulations of the bank, personal consumption loans are generally not allowed to be withdrawn, and the bank will transfer the money to the account of the decoration company.

4, the loan period is generally not more than 5 years.

Baidu encyclopedia-decoration loan