Each house needs regular maintenance such as remodelling, painting, refurbishing and many more works to maintain it in good condition. To preserve its beauty and robustness, your home requires maintenance and care. It is therefore essential that you regularly refurbish your house because natural disasters like rain, storm and normal wear and tear will adversely affect your property over time.
Home renovations can be expensive as material and labour costs increase. Therefore it is often necessary to choose domestic loans for home renovation specifically. You can make use of several loans for the renovation of your home.
FEATURES AND BENEFITS OF HOME RENOVATION LOAN
Some of the main features and advantages of home improvement loans are noted below:
- The high loan-to-value ratio of up to 100% of the repair estimate or 90% of the property value, whichever is lower.
- Longer tenure of up to 30 years.
- Attractive interest rates.
- Generous tax benefits on the home loans.
- Availability of balance transfer facility (offered by most of the leading providers).
- Minimal or no documentation for existing customers.
- Available to both new and existing customers.
HOME RENOVATION LOAN INTEREST RATE & PROCESSING CHARGES
The following table shows the interest rates and processing costs for leading lenders on house renovation loans:
HOME IMPROVEMENT LOAN ELIGIBILITY CRITERIA
Some of the prerequisites for applying for a home improvement loan are given here.
Furthermore, a variety of other considerations are assessed by the supplier in order to ascertain a customer's eligibility, such as revenue, liabilities, owned properties, etc.