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Personal Home Improvement Loan

☆ Introduction
Personal home improvement loan is a RMB loan granted by the Bank to the borrower for home improvement purposes such as decoration of housing and purchase of housing decoration materials and other consumer goods.

☆ Features
1. High loan amount: Up to RMB1 million.
2. Long term: Up to 10 years.
3. Many guarantee options: Mortgage, pledge, combined guarantee, etc.
4. Revolving loan: For loan secured by mortgage or pledge, the borrower can apply for the personal home improvement loan and use it in a revolving way within the maximum guaranteed amount.

☆ Conditions for application
1. Applicants should be natural persons with full civil capacity, and aged between 18 (inclusive) and 65 (inclusive).
2. They should hold valid identity document, certificate of marriage status, permanent residence and certificate of domicile (or valid certificate of residence) where the lending branch is located.
3. They have gone through the appraisal in ICBC internal ratings-based system of retail banking, with the rating or score meeting relevant rules.
4. They should have a good credit record and repayment willingness, without any bad loan record in ICBC or other financial institutions.
5. They should have sound income source and ability to fully repay the loan principal and interest on schedule.
6. They should have legal, valid, reliable and full-amount guarantee recognized by the Bank.
7. They should have clear, legal and compliant loan purposes.
8. They should have opened a personal settlement account with the Bank.
9. They should meet other conditions stipulated by the Bank.

☆ Materials for application
1. Application Form for Personal Loan of Industrial and Commercial Bank of China.
2. Originals and copies of the borrower’s valid identity document, certificate of domicile (or household register or other valid certificate of residence), certificate of marital status (marriage certificate, divorce certificate, declaration of single status).
3. Proof of loan purpose, such as housing decoration contract, contract of sales and purchase of goods, consumption deposit receipt or proof for other purposes.
4. Ownership certificate if the loan is secured by collateral/pledges.
5. Pledges that meet the requirements of the Bank on the personal pledge loan if the loan is secured by pledge.
6. Documentation required based on the loan method if the loan is backed by combined guarantee.
7. Materials that can prove the borrower’s ability to repay.
8. Other documents or materials required by the Bank.

☆ Interest rate
In principle, the interest rates on personal home improvement loans should not be lower than LPR with the corresponding term.

The above is for reference only. Details refer to the rules drawn up by local ICBC branch. To save your time, please call your local ICBC before applying for the service.
Personal Finance