As we all know, if you have a budget to renovate a house, you can apply for a renovation loan. However, if you apply for a renovation loan and still have insufficient budget, can you apply for another one?
Today, I'm going to tell you how many times you can apply for a renovation loan for a suite???
1. How many times can I apply for a suite?
If you have applied for a house and successfully disbursed the loan, then the house can no longer apply for a renovation loan in principle, that is to say, under normal circumstances, a house can only apply for a renovation loan.
There are exceptions, when your house successfully applies for a renovation loan, you need to meet certain conditions, one is to pay off the previous decoration loan principal and interest, the other is, the house and personal credit information, etc., meet the decoration loan approval requirements, you can continue to apply for a decoration loan.
If you have already applied for a loan, but the loan has not been approved, you can apply for a renovation loan from up to 6 banks within half a year.
Why is that?
It has been mentioned many times in previous articles, and you must pay attention to the issue of credit investigation when applying for a loan.
One of the things is that you don't have too many queries.
When you apply for a credit card or loan, the bank will conduct a credit check on your credit to determine your credit profile with other banks and institutions.
The same is true for decoration loans, each time you apply, the credit investigation will add a query record.
However, people with multiple application records are likely to be very short of funds, and the probability of the lender being unable to repay is relatively high, and the bank is reluctant to lend to such people in order to control the risk.
Therefore, before we apply for a renovation loan, we must ensure that our credit report is not checked too many times.
2. How to apply for a renovation loan
Eligibility
To apply for a renovation loan, the following conditions need to be met:
1.There is a property under the name, and there is a need for decoration.
2.The credit report is good, there is no overdue, and the number of inquiries does not exceed 6 times within half a year.
3.Have social security or pay salaries.
4.The debt ratio is not too high.
5.Ability to repay (stable and sufficient income).
6.Valid proof of identity.
7.Age meets the bank's requirements.
8.Able to provide other documents required for approval.
Application Process
1. Submit an application.
Bring the relevant materials to the bank branch to apply or make an appointment for door-to-door processing
ID (18-60 years old), marriage certificate (for married people).
Proof of financial resources: such as bank payment of wages, social security provident fund, etc.
Proof of real estate: such as real estate certificate, purchase contract, etc.
2. Approval results.
After submitting the application, the bank will officially accept your application, and the approval time is usually between 3-7 days, and you will be notified of the approval result by SMS after the approval is completed.
3. Loan collection and disbursement.
After successful approval, the bank will send you a home improvement installment card, activate the installment card, and apply for a loan to use.
4. Consumption and use.
The renovation loan is earmarked and can only be used if it is consumed by merchants related to home renovation, and is listed on the credit card statement.
The above is all the situation that a house can apply for several renovation loans, I hope it can help friends in need.
If you want to know more about related knowledge, you can continue to pay attention, and we will continue to share relevant knowledge about decoration loans with you to help you better understand decoration loans.
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