All About Home Improvement Loans

Home Improvement Loans

If buying a dream home proves to be a distant dream, there is always the option for home improvement or reconstruction available. Almost all banks and financial institutions offer home improvement loans exclusively to renovate or reconstruct your existing house and turn it into your dream home with updated facilities.

Home improvement loan criteria, covers both interior and external repairs, apart from structural improvements. Dwelling in ancestral homes is a boon, and breaking it down may hurt sentimental values. It may also not be feasible to demolish the structures as the foundations are very strong. Instead, you can opt for home improvement options right from tiling and flooring replacements to waterproofing and roofing the terraces.

Pipelines of olden days were mostly metals that could corrode with time. Banks and financial institutions extend loan options for plumbing and electrical works as well. Any structural changes or reconstructions to be done, including repairs, painting, digging bore wells or construction of underground or overhead water tank, can be supported by home improvement loans.

Depending on the valuation of the property, banks or financial institutions would decide on the loan percentage that is generally offered up to 80% of the cost of improvement. In case of joint owners, home improvement loans can be jointly applied as co-applicants. The term of loan ranges from 15 years, 20 years to 25 years, determined based on the applicants repaying capacity, subject to your retirement age, and this condition is applicable across all banks and financial institutions.

One important factor that is considered while approving home improvement loans is that, no renovation or improvement should result in the expansion of the living space that already exists. While a processing fee is levied on every loan approved, a variable floating rate of interest is applicable on loan slabs, again sub-categorized to salaried and self-employed professionals and self-employed non-professionals.

While the loan amount and interest percentages vary between every bank and financial institution, the criteria for approving such home improvements loans are almost the same across the banks. A clever usage of such loans is to utilize them towards making the homes more energy efficient. Home improvement loans also support the purpose of paving of compound wall and replace old windows with modern grills and aluminum. These replacement windows can be made into energy-efficient thermal proofing making effective use of the loan to a long-term advantage.

Home improvement loans are just a click away with every bank and financial institution, offering such loan applications online. Keep your home constantly upgraded to keep up with changing times, recreating your existing space into a more comfortable and better living space.

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by Balaji R via Shriram Properties