Repair on credit. Is it possible to?

Each of us several times during our lives passes through an event such as repairs. Of course, you can re -pacing the wallpaper in the rooms quite often, and it is quite possible to cope with your own strength and small means. Small repairs are usually started when the home interior is boring, or some defects appear.

The question of a serious repair of an apartment or a house associated with large temporary and material costs usually rises in two cases.

Table of contents

1. Repair of a new apartment
2. When still needs overhaul
3. Money for repairs
4. Inappropriate loan
5. Target loan for housing repair
6. Mortgage and repair

Repair of a new apartment

The most obvious reason for the repair is to buy new housing. If we talk about the purchase of an apartment in a new building, then the volume of work that is ahead of future newcomers can hardly limit the term repairs. After all, new apartments today are bare walls. In the best case, there are interior partitions. The first thing that the new owners have to be puzzled by the creation of a design project. It will be necessary to coordinate the layout of a future apartment with inspection organizations, the placement of a bathroom, kitchen, sockets and much more. Most likely, at this stage you will need the expensive services of a professional planning designer. After the project is approved, you can proceed to the selection of materials. Particular attention should be paid to the choice of a repair team.

It is worth noting that almost any organization engaged in the construction of houses will certainly offer services for the repair of an apartment. At the same time, all difficulties with the approval of the design project, the company will also be ready to take on. In practice, it turns out that the services of such an accredited repair organization will be approximately 20 % more than the average market value of the repair.

In any case, the cost of repairing an apartment in a new building will cost about 7-12 % of the total cost of the apartment, depending on the claims of the owner and the condition in which the apartment is rented out.

When else do you need overhaul?

The purchase of an apartment in the secondary market is likely to also become a reason for a large repair. In addition, the apartment inherited from grandmothers and other relatives also often does not meet the requirements of new owners. In temporary and material costs, the repair of the old apartment is comparable to repair in a new building.

Well, in the end, the usual situation is bored with everyone, and the repair turns for 5-7 years. Current repair can be carried out in stages. For example, you can put in order first one into the room, then a friend, a kitchen, a bathroom and so on. You can break the repair in the entire apartment by type of work, for example, we start with the ceilings, then the celest of the parquet in all rooms, we put the tiles.

True, repairs, as they say, without resettlement, creates many domestic difficulties. That is why people who started repairs in the apartment in which they now live have a natural desire to finish this process as soon as possible.

Money for repairs

In each of the situations considered the question of where to get a sufficient amount for repairs will be very acute. When buying new housing, all funds are often aimed at buying out housing. If the apartment or house is bought on credit, future newcomers are burdened with monthly payments, and possibly the debts that had to be drawn into in order to collect the necessary initial contribution. Spending a sufficient amount for repairs is very problematic. And the decision to finish the planned repairs in your own apartment as soon as possible will also require a large amount of money.

Nowadays, people felt some stability, so they stopped being afraid to take loans, including very long -term. It is logical to assume that you can make repairs on credit.

Consider various options for credit programs for the repair of an apartment or house.

Inappropriate loan

The most obvious option for a person who started repairs is the design of an ordinary inappropriate or, differently, consumer loan. Immediately make a reservation that this option, although obvious and convenient, but far from the only one.

A consumer loan is a standard financial product that any bank can offer. The main disadvantage of the consumer loan is a very high interest rate in comparison with other types of lending. On average, the rate on non -targeted loans now ranges in the area of \u200b\u200bthe mark of 20-25 %, depending on the specific program and the financial institution. The rate is also affected by the amount and deadline for repayment of the loan, as well as the history of the borrower.

The consumer loan for repairs is attractive, first of all, the simplicity of receiving.

To draw it up, you need a minimum package of documents. There are even programs that do not require confirmation of income. True, the rate on such loans, of course, will be much higher. After all, the bank risks

When applying for a consumer loan, most often, guarantors are not needed.

It is important that when receiving a consumer loan, the borrower will not need to answer the bank and report for the money spent.

This option is very convenient if you are going to carry out repairs on your own. If you decide to involve private individuals to ennoble your home, choose a cheaper construction team that does not have an official license for your work, you cannot provide documents confirming that the money was spent on repairs.

True, the consumer loan has some restrictions. It will be quite problematic to receive a loan for an amount exceeding one and a half million rubles. In addition, the terms of repayment of consumer loan are more tough than targeted credit programs.

So, it is worth taking a loan for repairs if you need not too much (up to a million rubles), you intend to pay off a loan for 1-3 years, and you are not going to attract specialized repair offices to carry out repair work.

Consumer loans in Tyumen are presented on the website of Complete.ru. Here you can always get relevant information, competent consultants will always provide assistance.

Target loan for housing repair

In the event that you are going to carry out serious repair work with the participation of professional construction brigades, and the repairs estimate, according to your calculations, exceeds the mark of a million rubles, you should think about making a target loan for major repairs. This option will also be profitable if the repayment of a loan you plan to stretch for a period of more than a year and a half.

The fact is that for a loan of a small amount or for a short period, it is unprofitable to take a target loan for repairing a house.

A loan for repairs will require a number of requirements from the borrower. There are 2 types of loan for repairs: with the key to property and with the involvement of guarantors.

You can count on obtaining a loan with the most profitable credit rate when building housing, which is repaired, as a deposit. It is worth immediately paying attention to the fact that the procedure for the deposition of the collateral is quite long, time -consuming and not at all free. The design of the pledge will entail the costs of assessing housing, insurance, payment for intermediaries. If the amount is large, the security deposit is profitable. And in the case of a loan of a small amount for cosmetic repairs, which you are going to return within a few months, these expenses will exceed interest and the commission of a non -targeted loan.

Do not forget that the design of the pledge on property is a very definite risk. In the case of unforeseen circumstances, you must be absolutely sure that the repair will not deprive you of at home.

The target loan for repairs can also be issued using a guarantee. In this case, the interest rate will be slightly higher than in the case of the pledge. Repair of a house on credit will require a set of documents confirming the targeted spending of funds. You will need to conclude an official contract with a repair organization license. In addition, your contractor should be approved by the bank. You will also need to provide checks for all building materials.

In both cases and in another case, a loan scheme will help reduce the interest rate, subject to which the bank will not give you cash. The bank can transfer money directly to the account of the approved company that will carry out repair work.

When considering an application for a targeted loan for housing repair, the bank will also take into account the level of income of the borrower. Some programs provide for the consideration of the total income of the spouses, or homeowners, which will be repaired.

The rate when issuing a targeted loan for repairs will be significantly lower than the consumer loan rate, and slightly above the rate on the mortgage.

Mortgage and repair

If the bank approved you a mortgage loan for the purchase of an apartment or house, you can consider such an option as including the cost of repairs in the amount of mortgage arrears. If the apartment is pledged by the bank, and the initial contribution is maximum, then the collateral value of the apartment is significantly less than the amount of debt. In this case, the bank can meet the client, proposing to include an option such as a mortgage loan for repairs in the mortgage program.

True, such a bonus can slightly adjust the interest rate not in your favor. And the repairs are most likely to be carried out by the company, which cooperates with the bank or with a construction company.

Summing up, it is worth saying that repairs on credit are a good opportunity to fulfill your dreams to create a cozy house in a short time. To do this, you do not have to save money and regret how they depreciate every day, and repair services are valued.

The interest on the loan is a payment for life here and now. And the choice of a credit program depends on your capabilities and scale of repair work.