Today, many new owners have chosen to apply for loans to renovate their new homes. I know you're probably wondering, "How long is the maximum duration of the renovation loan?" Let's get to know。

How long is it going to last

You know, the maximum duration of the renovation loan is not uniform, but it depends on the bank of your choice. For example, a loan from a commercial bank for the exclusive purchase of a dwelling can last up to 10 years. However, individual home consumption loans from business banks and construction banks have been set at a maximum of five years. So when applying for a loan for renovation, you need to consult specifically about the bank's specifications。

You might also ask, do you need a personal letter for the renovation loan? The answer is yes. In practice, letter-based assessment is a key reference indicator for financial institutions to measure the willingness and ability of borrowers to repay. If the borrower ' s personal credit record is poor or the individual ' s debt is excessive, this may increase the risk for the bank, and therefore financial institutions usually consult your personal credit records before granting a loan. Although the threshold for the renovation loan is lower than for the mortgage, a good letter record still improves your pass rate。