What does it mean to raise the down payment for a renovation loan?

Hello, renovation loan, also known as home improvement loan, refers to the personal credit loan launched by banks or consumer finance companies, mainly used to decorate the house. That is, if there is a shortage of funds when decorating the house, you can decorate it by taking a loan from a bank or other financial institution, and repay the loan funds at a certain interest rate in the later stage. Generally, there are three ways to get a renovation loan:

1. Personal credit loans.

A personal line of credit is an unsecured loan that is as simple as providing proof of personal employment to the bank. Proof of income. Proof of residence and other documents are sufficient, without any collateral.

2. Mortgage loans.

This is a licensed mortgage, which is to apply for a renovation loan with a mortgage on a real estate certificate or other collateral.

3. Credit card home improvement installment.

To put it simply, it is to apply to the bank for a credit card that is specifically used for renovation. Generally, the specific amount is negotiated with the lending institution, and the down payment for the renovation loan is 20%, which is delivered within a week.

Finally, it is recommended that you do what you can for the down payment of the renovation loan according to your own situation, so as to avoid poor capital turnover in the future, unable to repay the loan, and having a negative impact on your credit investigation. For friends who need relevant loans, make sure that there are no handling fees and apply for loans quickly with low interest rates.

I hope the above can help you!

Zheng Shuming, when you take out a loan, you need to give someone a higher down payment to meet the requirements.

Legal Analysis: Decoration loan down payment is a breach of contract.

Legal basis: General Principles of Loans

Article 10 Except for entrusted loans, the borrower shall provide guarantee for the issuance of loans. The lender shall conduct a strict review of the guarantor's ability to repay, the ownership and value of the collateral and pledge, and the feasibility of realizing the mortgage and pledge.

If, after loan review and assessment, it is confirmed that the borrower has good credit standing and is indeed able to repay the loan, the guarantee may not be provided.

Article 24 Restrictions on Lenders:

1. The issuance of loans must strictly comply with the relevant provisions of Article 39 of the "Commercial Bank Law of the People's Republic of China" on the management of the ratio of assets and liabilities, and Article 40 stipulates that credit loans shall not be granted to related parties and the conditions for granting guaranteed loans to related parties shall not be better than those of similar loans to other borrowers.

2. The borrower shall not be granted a loan under any of the following circumstances:

1) does not possess the qualifications and conditions provided for in Article 17 of Chapter IV of these General Provisions;

2) Producing, trading, or investing in products or projects expressly prohibited by the state;

3) Violating the provisions of the State Administration of Foreign Exchange;

4) The construction project shall be submitted to the relevant departments for approval in accordance with the provisions of the State and the approval documents have not been obtained;

5) Production, operation or investment projects without obtaining permission from the environmental protection department;

6) Failing to pay off the original loan debts, implement the original loan debts, or provide corresponding guarantees in the course of implementing system changes such as contracting, leasing, joint ventures, mergers (mergers), cooperation, divisions, paid transfer of property rights, and shareholding system reform;

7) There are other serious illegal business activities.

3. Without the approval of the People's Bank of China, loans in foreign currencies may not be issued to natural persons.

4. Self-operated loans and specific loans shall not be charged any fees other than interest in accordance with the provisions of the People's Bank of China; Entrusted loans shall not be charged any other fees except for the handling fee charged in accordance with the regulations of the People's Bank of China.

5. Funds shall not be advanced to the client, except as otherwise provided by the state.

6. Strictly control credit loans and actively promote guaranteed loans.