Introduction to Plans for Consolidating Renovation Costs and Home Loans!

It is possible to consolidate renovation costs and home loans!!
 
Renovating your home is important not only for improving its appearance but also for maintaining and enhancing its durability.

However, in some cases, a significant amount of funds may be required, making it difficult to cover the entire cost with personal savings.

In such situations, a convenient option is the “renovation loan,” but there is also an alternative payment method where you can
add renovation costs to your existing home loan◎

In this article, we will explain this clearly, so if you are interested,
please read until the end!

The Mechanism of Consolidating Renovation Costs and Home Loans

The renovation costs incurred for home improvements vary between exterior and interior renovations, and while there are fluctuations in statistics, the average total is reported to be over 2 to 3 million yen.

At Sony Life (Sony Bank), only customers with existing home loans are eligible,
and through refinancing, it is possible to add renovation costs to the monthly repayment amount!

Below is an example of a repayment simulation in the case of refinancing!

Repayment Simulation Example

Current Situation (10 Years After Repayment Starts)

Principal Balance	Remaining Repayment Period	Interest Rate
30.36 million yen	25 years	1.3%

Monthly Repayment Amount

118 thousand592 yen

　　　　　　　　　　　↓

After Renovation + Refinancing

Principal Balance	Remaining Repayment Period	Interest Rate
32.90 million yen	25 years	0.7%

Monthly Repayment Amount

119 thousand574 yen

Sony Bank’s strength lies in its low interest rates, which are characteristic of online banks. Currently, it seems that only Sony Bank offers a plan that allows you to add renovation costs to a home loan.

Benefits of Consolidating Renovation Costs with a Home Loan

This highlights the benefits of Sony Life (Sony Bank)’s refinancing plan, which allows for the consolidation of renovation costs and home loans!

1. Low Interest Rates

• While the interest rates for regular renovation loans are around 2-5%, the interest rates for home loans that include renovation costs are around 1%, allowing for borrowing at lower rates.

2. Extended Repayment Period

• While standalone renovation loans typically have a repayment period of about 10-15 years, with Sony Bank, since you are borrowing additional funds for renovation costs, you can borrow for up to 35 years.

  A longer borrowing period means lower monthly repayments.

  For those who want to manage their monthly burden while paying for renovation costs, a home loan that includes renovation costs is optimal.

3. Receive a Consolidated Loan

• You can borrow the purchase and renovation costs together, eliminating the hassle of setting up separate loans and making financial planning easier.

4. Tax Benefits Available

• For those who are already using the housing loan deduction (housing loan tax reduction), you can continue to receive it!

  Since renovation loans are often not eligible for deductions on their own, there are also tax-saving benefits.

5. Group Credit Life Insurance Included

• In addition to death, it is also possible to include coverage for cancer and three major diseases, expanding the guarantee.

Points to Note

1. Strict Screening

Some may have the impression that online banks have strict screening processes. Indeed, while Sony Bank can offer low interest rates due to not having physical branches, the absence of a guarantee company behind them tends to make the screening process stricter.

However, the representatives from Sony Life are said to provide solid support, even connecting you to other loan companies for refinancing plans if you do not pass the screening at Sony Bank, so I hope you feel free to consult with them at least once!!

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At Sony Life, consultations and simulations are free!
If you are considering renovations and want to review your housing loan repayments or think about your household budget balance,
you can contact us through this website or we can connect you with a representative from our company, so
please feel free to reach out for consultation!

Contact form for Kakeru Koumuten Co., Ltd. is here

Summary

This concludes the introduction of the refinancing plan from Sony Life (Sony Bank), which is one of the payment methods for renovation costs!

At Kakeru Koumuten, we always consider our customers’ feelings and do not propose unnecessary work, instead offering the best construction options for our customers.
We will continue to strive to improve our services so that our customers feel “I’m glad I asked them!”
We are confident in our plans and quality, so please obtain comparative estimates and feel free to compare with other companies.
We also assist with subsidy applications and fire insurance claims!

Estimates and consultations are free!
If you have any concerns regarding your home, please feel free to consult with us.

Consultations via LINE are also very welcome◎

For roofing, guttering, and exterior work and repairs in Kanagawa, contact Kakerukoumuten Co., Ltd..

AAA is a young company with an average age in the early 20s, but our technology is second to none.

One of our greatest strengths is that we can do all of our own scaffolding, roofing, and painting work. In this industry, where work is generally divided, we are able to provide a complete set of services, which saves time and effort in management and reduces costs. Above all, if there is any trouble, we will come to you right away!

We can confidently declare this. We are the youngest and most friendly renovator in Kanagawa!