Consolidating Loan: calculates the online payment
To conclude our analysis of loans for home renovation, we present a slightly different product from those just analyzed. We are talking about the mortgage for consolidation . As you probably already know the characteristic of this form of financing is that in order to make the request it is necessary that the customer has a property owned. The home ownership contract is the only guarantee required. The maximum amount that can be requested depends on the value of the property owned: the amount that we can request will be equal to 80% of this value. Among the advantages of this form of financing, in addition to being able to request a fairly high amount of money without too many problems, is the possibility of setting a duration from 10 years to 30 years . In the case of the mortgage, we also have the option of calculating a free estimate online via the bank’s website. Calculating the installment through the online loan simulator is very simple and it will take a few seconds to do so. In this way you can immediately get an idea of the costs and installments, to identify the ideal duration according to your needs.
How to calculate the loan for the loan? All we have to do is specify the purpose of the loan , which will obviously be the renovation of the house and specify the age of the applicant . Then we will have to choose the duration among those available, specify the estimated value of our property at the end of the works and enter the desired amount . By clicking on “Calculate Estimate” we will know the monthly repayment rate and the applied interest rates. Let’s see a practical example to better analyze this product. Consider the case of a 45-year-old client who owns an apartment of the estimated value at the end of the consolidation of 250,000 euros . The requested amount is 50,000 euros , which the customer chooses to return in 20 years . In this case the repayment installments will be rather light and equal to 229.72 euros . Interest rates are variable and predict a Tan 0.99% , a Taeg 1.4% and a spread of 0.99% .