Your home is not just about a roof over your head but beyond that. It the mark of your hard work, dream come true, reflects your status and accomplishment. It’s a pleasure to build a beautiful house. The condition and ambiance of your house create the much important first impression in the mind of people who visit your home. To make your home a reflection of your personality, you no longer have to wait till you saved sufficient funds over decades. Right from purchasing home to renovating it, various banks and housing finance companies have come with various categories of loan such as new home loans, resale homes, construction, balance transfer, home improvement or extensions, plot loans, short term bridging loans, etc.
To modify your home you can take housing finance for home improvement. You can avail an improvement loan to modify, refurbish or renovate your home. The major benefit of this loan is that it allows you to upgrade your existing home to a contemporary design and style. It will give you more comfortable living space, customized tastes and aesthetic preferences. These loans are similar to a housing loan. It is meant for improving the house that you already have.
It simple a personal loan or traditional finance is way beyond costly with stringent payment measure and extremely high home loan interest rates. An improvement loan is available at low interest rates with attractive option as it is secured against your home ownership.
These loans needs a simple documentation process compared to old complex procedures in personal loan or traditional finances. All you need is basic documentation like identity/income proof, photographs, property title deed, etc. if you’re an existing customer of the housing finance firm, the documentation are simple.
An individual can apply individually or jointly for availing the loan. In case you’re a joint owner, then all owners will have to come together to apply for the home improvement loan.
The tenure for loan can be around 15 years. It depends on your profile - your age at maturity of loan, age of your house property, your income, etc. Interest rates could be adjustable or fixed for a specific period for time. Lenders usually grant existing customer around 90 to 100% of their improvement estimate subject to a specified ceiling on the market price of home.
Some important documents while availing housing finance for home improvement would be: Duly filled application form, Identity, income, employment and residence proof, Last 6 months’ bank statement, Photocopies, processing fee, original title deed of your house, no-encumbrance certificate, Architect/engineer’s estimate of your improvement work.
Renovating your home will not only improve the utility of your house, but also uplift your spirits. Make times people need to improve home for various reasons like better lifestyle amenities, get married, child happiness, etc. It will create a satisfaction by renovating it and proudly display it to your family and friends. Availability of hassle-free home improvement loan removes the funding constraints to make your house more lively and exciting. You can also available tax benefits under home improvement loans. So, Take a suitable loan now and shape your home how the hearts feels so.