There are three ways to get low-interest decoration funds

The introduction of the six detailed rules of the country has made some housing loans with a minimum down payment of 20% become a thing of the past. A few days ago, the housing loan rules of major banks in Shanghai have been issued one after another. By expressly stipulating the implementation of the opinions of nine ministries and commissions, the minimum mortgage down payment for commercial houses above 90 square meters is increased to more than 30%, and according to the housing status, total price, location, etc., the down payment will be repaid in full. Will be different, some houses will increase the down payment ratio to more than 40%.

The already inflated housing prices, now coupled with the increased down payment, have greatly increased the financial pressure of ordinary home buyers. "Even if I buy it in Central, the total price of the house is around 1 million yuan, and the down payment is at least 300,000 yuan. But we have only worked for three or four years, and we have to use the savings of our parents. Even so, where can we find the decoration funds?" The white-collar Xiaomao sighed with emotion. In fact, the decoration payment can also be solved through loans, and with the continuous innovation in the field of personal loans, it is now possible to find some channels to obtain low-interest decoration payment.

Loan to provident fund to save interest

Using provident fund to borrow decoration money? This was just a good wish in the past. Fortunately, the provident fund center has repeatedly introduced new measures, and expanding into the field of decoration is a key step. Borrowers who meet the conditions of provident fund borrowing can apply for personal housing provident fund (decoration) loan from Shanghai Housing and Property Guarantee Company when they apply for a housing loan when purchasing a house. The maximum loan amount is 300,000 yuan, which is lower than 70% of the decoration project payment, and the maximum construction area per square meter is 1,000 yuan. The loan amount plus the housing loan balance does not exceed the prescribed percentage of the house price (70% or 80%). This is undoubtedly good news for the common people.

On April 29 this year, the benchmark interest rate for one-year loans of financial institutions was raised by 0.27 percentage points, and the loans for more than 5 years (inclusive) were raised from the current 6.12% to 6.39%. The increase in the provident fund is only 0.18%, and the loan for more than 5 years (inclusive) is adjusted from the current 4.41% to 4.59%, and the gap between the two has widened to 1.8 percentage points. According to the latest proposal put forward by Wen Linfeng, director of the Policy Research Office of the Ministry of Construction, the interest rate of provident fund low-interest loans can be appropriately reduced to 2%-3% to truly reflect the advantages of policy-based finance, which means that in the future, The interest rate gap between provident fund loans and commercial loans may also widen.

With such a large gap, the larger the loan amount, the better. However, according to the latest regulations in the second half of last year, the standard for determining the loan amount of the provident fund is that the ordinary provident fund part exceeds 5,000 yuan. The loan amount of the borrower of RMB is calculated at 40 times the balance of the deposit (the maximum is not more than 200,000 yuan). Compared with the huge loans, some of the ratios are too small.

Applying provident funds to renovation funds is a good way to expand the proportion of provident funds. A personal loan expert from the Shanghai Branch of Minsheng Bank said that the bank has obtained the qualification to undertake large (decoration) loans from the personal housing provident fund. In this way, borrowers can obtain more provident fund loans, and their loan structure has changed, that is, the proportion of provident fund loans in the total loan has increased, and the proportion of commercial loans has decreased. Provident fund large (renovation) loan borrowers can greatly reduce loan costs.

For example, in 2006, Ms. Chen purchased a house with a total price of 150 square meters and a total price of 2 million yuan, including a total decoration price of 250,000 yuan, and applied for a housing portfolio loan (a provident fund loan of 300,000 yuan and a commercial loan of 1 million yuan). , with a term of 20 years), since the house purchased by Ms. Chen was a house with decoration, she applied to Minsheng Bank for a personal housing provident fund large (decoration) loan of 150,000 yuan (calculated based on a loan of 1,000 yuan per square meter, a 150-square-meter house The maximum provident fund large (renovation) loan loan amount is 150,000 yuan.), and the loan period is also 20 years. In this way, compressing the original 1 million yuan commercial loan to 850,000 yuan, and replacing the commercial loan with a 150,000 yuan provident fund loan for 20 years can save 232.642 million yuan in interest expenses.

It is reported that in addition to Minsheng Bank, Shanghai Construction Bank is also qualified to undertake provident fund decoration loans. Provident fund decoration loans can only be carried out in the lending bank of housing loans. Customers who have already borrowed can also apply for provident fund large (decoration) loans as long as there is a balance in the housing provident fund and a decoration contract is provided.

Comprehensive credit granting enjoys a floating interest rate

To obtain decoration funds, the more traditional way is to apply for personal housing decoration loans. Taking China Construction Bank Shanghai Branch as an example, as long as the bank-approved pledge, mortgage and qualified third-party natural person guarantee can be provided, the borrower can apply for a minimum term of half a year and a maximum term of no more than 5 years (including 5 years). For decoration loans, the starting point of the loan is RMB 5,000 (including RMB 5,000), and the maximum shall not exceed RMB 150,000 (including RMB 150,000).

Because it is classified as a personal consumption loan, the interest rate of this kind of loan is basically implemented according to the benchmark interest rate. Moreover, it has to go through complicated mortgage, pledge and guarantee procedures, and it takes a long time from application to loan.

But if you use the bank's "personal loan card" to get a renovation loan, the situation will be completely different. According to the relevant person of the bank, "Peidaitong" is based on the maximum mortgage of personal real estate to provide high-quality individual customers with personal credit products or product combinations with one-time credit extension and multiple recycle use. As long as you apply for the "Personal Loan Pass", you can get up to 80% of the credit line, and within this limit, if your housing loan is not fully utilized, or you have already repaid in advance, you can easily apply for a maximum of no more than RMB 150,000. Yuan decoration. The application procedures are convenient, the funds are quickly available, and the maximum loan term has been extended from the past 5 years to 10 years. The biggest advantage of this operation is that you can enjoy a discount of up to 10% in interest rates, which in the past was a treatment that only housing loans could enjoy.

The threshold for this product is not high. Newcomers can apply for this business if they have no bad credit record, stable income, sufficient repayment ability, and qualified collateral.

Fixing installments can also save money

Another problem faced by Xiao Han, who has also bought a house, is that due to the pressure of down payment, he has used up 80% of the upper limit on the loan, so there is nowhere for him to pay for the renovation. loan. But there is no money on hand, and only monthly salary can be obtained. So how to solve the decoration?

Credit cards are an important way to help Xiao Han. Since May this year, China Merchants Bank Credit Card Center has teamed up with B&Q, China's largest building materials supermarket, to launch a financial innovation product "Home Improvement Easy", which is a 6-month interest-free installment payment of up to 150,000 yuan. The biggest function of this product is to increase the credit card installment limit for cardholders to purchase home improvement and building materials at designated merchants (B&Q).

Wei Zhe, Assistant General Manager of China Merchants Bank Credit Card Center, said that "Easy Home Improvement" can be divided into two types: large-value home improvement and general retail. Large-value home improvement refers to customers who have signed contracts with B&Q Decoration Center, who can pay for floor installation and labor costs in installments. According to the credit status of the cardholder, the amount can range from 10,000 yuan to 150,000 yuan, and there are up to 24-month installments. When purchasing large-value home improvement installments with the "Home Improvement Easy" service, in addition to the original installment number, you can enjoy a 6-month deferred repayment period, and enjoy zero down payment and zero interest rate for the first 6 months, starting from the 7th month Make the first payment.

“The swiping of this business adopts a special pos machine and system. Customers who choose this business in B&Q storefronts can swipe their card on the special pos machine. For customers with good credit and actual needs, we can give higher credit cards than their credit cards. The special credit limit of the quota can be used to handle this business, and the quota can be given to the customer 1.5 to 2 times the original quota." The relevant person in charge of the China Merchants Bank Credit Card Center said.

Ordinary retail customers who buy goods at B&Q can also enjoy installments ranging from 3,000 yuan to 50,000 yuan, but do not enjoy deferred payment.

Of course, there is no free lunch in the world. Although "interest-free" is a major advantage of credit card installment payment, there is a handling fee. According to the reporter's understanding, if the decoration payment is fully paid within the first month, there is no need to pay any handling fee. If the payment is made by installments, the handling fee for 12 installment repayment is 3.5%, and the handling fee for 24 installment repayment is 3.5%. 8%. The converted cost of capital use is still more cost-effective than ordinary decoration loans.

And if you use another way to get renovation money, you need to carefully measure the borrower. At present, China Merchants Bank and Bank of Shanghai have launched a business called "grace period housing loan", which means that in the first one or two years of the housing loan, it is not necessary to repay the loan principal for the time being, but only the interest. The funds under the project are accumulated, and part of the payment for the renovation will be obtained after one year.

The biggest feature of this type of business is that after the personal housing loan is issued, within a certain period of time agreed in the contract, the borrower only needs to pay the interest every month and does not repay the loan principal for the time being. After the grace period expires, the principal and interest shall be repaid in accordance with the contractually agreed equal principal or equal principal and interest. But in this way, the decoration payment is obtained. Since his principal has not changed within 12 months of the first year, the interest paid will be a lot more.

The staff of the bank helped the reporter make a rough calculation, a 20-year mortgage of 500,000 yuan, and the repayment method of equal principal. If you use a 2-year "grace period mortgage", you can In the first two years, the principal of 50,000 yuan was temporarily repaid for decoration, but the overpaid interest in the first two years reached more than 3,000 yuan.