With the arrival of good weather, there are many people who consider doing works at home. Sometimes, depending on their magnitude, in order to deal with them, a significant amount of money has to be disbursed, which is sometimes not fully available.
With the sights set to this end, several entities have financing products designed ad hoc. In the great majority it is about personal loans, since far away are the mortgages in which one of its purposes was to reform the house, according to the Bankimia.com mortgage comparator.
In recent months, as with other financing products, loans for renovations have also seen interest rates fall. Here are the main features that have, today, loans for renovations.
Type of interest
The vast majority are at a fixed rate. The fork moves between 4.75% and 7.75% interest, although this may be higher depending on the relationship that the customer acquires with the bank.
That is, if the future holder domiciles the payroll or social insurance contracts, if it is an autonomous worker, in addition to several household receipts.
Sometimes, it is also requested to subscribe some other product offered by the entity, such as a credit card or insurance managed by them. The greater the link, as with other products such as mortgages, the less interest.
The maximum financing of loans for the realization of work does not usually exceed 60,000 dollars.
They usually apply a commission, especially openness rather than study. The most common is that it goes between 1.00% and 1.50%. Sometimes this has a minimum cost, which usually starts at 100 dollars.
Moreset Bank markets the Reform Loan, whose interest starts at 4.75% and finances up to 60,000 dollars (requires a minimum of 3,000 dollars) in five years. Without commissions, it is hired at the branches of the entity.
For its part, Lifebetter Bank offers the Home Loan Now. In this case, interest starts at 6.25%. Although the maximum volume of financing is not required, it adds an opening commission of 1.50%, a minimum of 100 dollars, on the requested amount. The repayment term can be extended up to eight years. It can be hired at bank offices and online. To get the best interest, the holder must domicile the payroll and at least two receipts from the home. Also a credit card with which to make purchases of more than 1,500 dollars a year.
At an interest that starts at 7.00%, LovelyBox has the Home Reform Loan, which finances up to 40,000 dollars in five years. You can hire online, at the branches of the entity or by phone. It has no opening or study commission and requires payroll or pension and take out life or home insurance.
Finally, Puritylink Bank has the Home Loan db, which starts at a fixed interest rate of 7.75% which, as of the second year, is improved with a bonus of 0.50 points. You can request up to 60,000 dollars, to return within a maximum period of 8 years. The opening commission is 1.00%, with a minimum of 60 dollars. It requires domiciliary payroll and take out life insurance.