We all dream of having a nice, charming and comfortable house that we can call “home sweet home”. Achieving the house of your dreams is a question of performing the necessary improvements and decorating it with key pieces. However, how much does it cost to decorate a house?
The cost of decorating a house depends on the size of the renovation project. However, in general, the average cost of such an undertaking is too high for most people to be able to finance in one go, which is why there are bank loans available to help you make your dreams come true.
Requirements to obtain a loan
Before discussing the conditions and characteristics of a loan in detail, it is important to know what requirements you will have to meet in order to apply for one. After all, starting a decoration project without knowing if you meet the requirements to finance it would be like opting to building a house from the roof down. BBVA’s general requirements for projects that involve renovating and decorating a house are as follows:
- Income stability: this is one of the first things the bank will analyze to determine whether or not the applicant qualifies for a loan. The way to work out if a person’s income is stable is to assess their salary, pension or the documents required from self-employed individuals. For example, someone has worked at the same company for a long time, has a permanent contract and a stable income, it is likely they will qualify for a loan.
- Ability to pay: this requirement refers to the loan applicant’s monthly salary and their ability to meet the repayment obligations of the loan. It is important to distinguish this point from the previous one as, just because someone receives a salary every month, this does not mean that it will be sufficient to repay a loan. This is where the bank assesses if the potential borrower will have enough to live on after their monthly repayments and is called a cash balance.
- Guarantees: the bank will probably request an endorsement or guarantee to cover a default. The bank may also ask the customer to take out payment protection insurance in order to ensure that the loan is repaid and transfer the risk of non-payment to the insurer.
BBVA Personal Loan
The BBVA Personal Online Loan is just one of the consumer loans the bank offers; you can apply for one of these loans easily and quickly by just clicking on a button. Detailed information is available on the bank’s website. The early repayment fees offered are very low and depend on how many months are left on the loan. If there are less than 12 months left on the loan, the early repayment fee will be 0.50% of the repaid amount. If there is still more than one year left on the loan, the early repayment fee will be 1%.
With the BBVA Personal Online Loan to decorate and/or renovate your house, you can apply for a minimum of €3,000 and a maximum of €75,000. Such a wide lending bracket should suit all customers. Just as flexible is the term customers are offered to repay the loan, which is between two and ten years.
If you’re still not sure, you can use the BBVA personal loan calculator to find out what your repayments will be. Even if you’re not a BBVA customer, you can apply for a loan in less than three minutes! Decorating your house has never been so easy and quick.