Terms of home renovation loans

Home renovation loans refer to loans to borrowers who paid for the borrower-occupied home decoration of the renminbi consumer loans.
Loans
Where over 18 years of age with full civil capacity of Chinese citizens apply for personal loans personal home renovation must meet the following conditions:
1, with full civil capacity of natural persons;
2, a local resident accounts or valid residence status, have a fixed address and detailed;
3, legitimate employment and stable and reliable source of income, good credit, arranging with the ability to repay the loan principal and interest;
4, in principle, to be held by the lender and approved the renovation of the enterprises signed agreements or contracts home decoration and fitting-out works budget table;
5, the provision of loans were approved property arrives, pledge or third-party guarantee, the guarantor for the loans were approved with the compensatory ability of individuals or units, are jointly and severally liable;
6, in the person designated bank loans are not less than 30% of the total household decoration of the deposits have been proven to be raised and paid, or more than 30 percent of the renovation of the proof;
7, the implementation of the lender under the loan conditions.
Loan deadline: home renovation loan period is generally one to three years, the longest of not more than five years (including five years), the specific nature of the period under borrowers were identified.
Loan interest rates: home renovation loan interest rates provided for the implementation of the People's Bank of grade lending rates accordingly. Loans within the period in 2001 (including 2001), the contractual rate of interest, the case of statutory interest rate adjustments, the interest rates unchanged; loans over the period in 2001, met the statutory interest rate adjustments, according to the People's Bank on the interest rate adjustment Provisions of interest rate adjustments.
Loan limits: home renovation loans shall not exceed the maximum amount of home renovation works 80 percent of the total.
Loan applications: Applications for home decoration loan borrowers to the lenders to submit written applications for loans, fill out the application form and submit the following documents, certificates and information:
1, personal and spouse's ID card, residence booklet and other valid residency documents Original;
2, the loans were approved with stable job and income proof of economic stability;
3, large amounts of high-end renovation in principle with the need to provide the lender approved the renovation of the renovation enterprises signed agreements or contracts, and the renovation works budget table;
4, or to pledge assets as collateral, should provide collateral, the quality of the list and dispositions (including total property) signed the agreement mortgage, pledge or commitment to the statement. The collateral required to submit issued by the department the right to assess the value of the insurance sector and the insurance documents, of the pledge to provide proof of ownership. To third-party guarantee, shall provide a written security guarantee agreement documents, credit documentation;
5, no less than 20% of the total renovation of the Bank of China has raised deposit certificate or pay over 20 percent of the total project proof of payment;
6, large amounts of high-end renovation in principle the need to provide decoration enterprises of the business license (photocopy), Certifications (photocopy);
7, seeks to provide loans to other documents and materials.