With the situation in which most households and people in Spain are, the change, remodeling, and acquisition of housing seem to many complications, so a solution is in the reform of the house. For such reform, you can go to the so-called credits to reform the house.
The choice of requesting a loan to reform the house instead of acquiring a new home is mainly due to the lower expense of this option for an individual, in addition to the greater facilities granted by credit institutions in the granting of these credits for the reform of the house.
Banking entities have been reluctant to grant mortgages
In recent years compared to what happened in good times. The real estate market is falling more and more and the number of mortgages requested does not stop falling. On the contrary, the offer of these credits to reform the house has remained practically equal in terms of its main characteristics, and the banking entities consider these credits to reform the house as a potential product due to the situation of the country.
When making the decision to reform the home, this reform may be due to a need for the aging of this, to improve and modernize certain elements, or as discussed by the difficulties in acquiring a new home.
Among the most common reforms for which these credits can be requested for the reform of the house are: replacement of the floor tiles by renewing them or replacing them with parquet, installation of a new heating system for the house, renovation of the furniture of the kitchen or bathroom, renovation of cracks, dampness and painted walls, or simple changes in the structure of the house expanding rooms.
Characteristics Credits to Reform the House
Regarding the characteristics of these credits to reform the house, it can be said that they are very similar in all of them, the main characteristics being the following: Amount: the amounts for which these credits are usually granted to reform the house range between 300 and 75,000 dollars, depending on the financing needs of each person.
Term of return: the term to return the credit is usually between 3 and 10 years with the possibility of having periods of lack in any of them. Interest rate: the interest rates that these loans usually have to reform the house are usually between 6% and 11%, although this percentage may vary depending on the links and the products contracted, opting according to these links to Different bonuses that improve the interest rate of the credit.
Commissions: among these we can find, as in a mortgage loan, opening, study or cancellation fees that make such credit more expensive to reform the home.
Credits to reform the house
As for the credits to reform the house, below we will see some of the main credits currently offered in the market. Good Finance with its Credit reform offers an amount of 60,000 dollars, with a return period that reaches up to 8 years, being able to freely choose the day of payment.
By contracting various products with the entity there is the possibility of obtaining interest rate bonuses. Credit Checker, for its part, has the Credit to reform the home. This credit allows an amount of up to 75,000 dollars to be obtained, with a return period of 10 years.
The interest rate on this loan to reform the house varies between 8.25% and 10.25% depending on whether the payroll is domiciled and payment protection insurance is contracted. The commission to open this loan to reform the home is 2%. Good Credit has its pre-granted Credit. The amount granted is up to 12,000 dollars to be returned within one year, this term being renewable.