The improvement of the energy performance of the accommodation, the increase in your comfort or a desire for change, the projects that push you to carry out work are numerous.
But for a majority of households, the implementation of these changes requires taking out a long-term work loan from the bank. How much will a 10-year work loan cost you? Good Credit helps you to see more clearly!
How much should you choose for a 10-year work loan?
In renovation as in construction, a works credit represents a more or less significant cost. The total amount of a work loan varies not only according to the amount borrowed but also according to the duration of repayment. In general, the longer this duration, the more the borrowing rate increases.
This is what the borrower should pay attention to, especially if other loans are in progress and / or if he has another project in parallel. By borrowing rate, mean APR. The APR is the reference rate: it allows the borrower to represent the total amount of credit offered by the bank.
You can then carry out a simulation with several organizations. Why? Simply because simulation will allow you to know the APR offered by each for your file. You will be able to compare all the related costs (nominal rate, application fees, and insurance).
And what type of loan works exactly?
For a work loan over 10 years, different financing solutions can be offered by the bank, including the personal loan. The main advantage of this type of loan works? It allows the borrower to carry out his project to improve energy performance without having to justify the use of funds.
The latter does not have to provide quotes or invoices to the bank and is, therefore, free to finance its work as it sees fit. In addition, unlike revolving credit (or revolving credit), the personal loan can be offered at a fixed rate. Security for the borrower, since this rate is by definition not subject to any increase. The monthly payments are thus identical throughout the repayment period.
Note: work loan insurance, not compulsory, but …
If work loan insurance remains optional in the eyes of the law, you will rarely come across a bank that does not require such a guarantee. To reduce costs, do not hesitate to use your right to delegate insurance. Insurance contributions (or monthly payments ) will then be reimbursed separately.