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How not to make a mistake with the choice of loan?
If you are planning a repair, you probably imagine how expensive and labor-intensive this event is. Not all citizens of Ukraine can allocate the necessary amount from the budget, so they often decide to take a loan from a bank. In this article, we will tell you how not to make a mistake when choosing a loan.
Features of the apartment repair loan
Before as choose a loan for repairs, you should understand the types of loans that are suitable in this situation:
A non-targeted loan is one of the most popular options, which is suitable for customers who need a small amount of money. Usually, the debt repayment period is limited to 5 years.
A targeted loan is suitable for borrowers who are ready for careful reporting or additional payments. Such loans have average rates, but during the repair process, the client must provide checks to the bank and report all expenses.
A real estate mortgage loan involves significantly larger amounts than in the first case. Such a transaction has one important advantage - the borrower can spend the money as he sees fit. A guarantor is not needed, and the rates will be even lower than with targeted lending.
How to get funds to repair an apartment?
In the modern market, there is a large number of companies offering services for the repair of apartments and houses. If you decide to apply to one of them, you will have several options for issuing a targeted loan for carrying out repair work. For example, you can sign the contract directly in the office of the construction company. If a large organization is involved in repairs, it probably has several partnership agreements with banks.
If you have chosen a company that does not have partner banks, you will have to independently issue a consumer loan. The construction organization must provide an estimate, bill or preliminary contract for carrying out the work.
If you are looking for the simplest and fastest solution to financial difficulties, you can stop at a targeted loan secured by real estate. Thus, the three largest banks offer the most favorable real estate collateral loans: Kredobank, Oschadbank, and Privatbank.
In first place is Kredobank with a rate of 22,81%. The second place is occupied by Oschadbank (23,71%) and the third place by Privatbank (24,48%).
If you bought an apartment on credit (which has not been repaid at the moment), and you cannot offer a second property, then you will have to refuse this option.
