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Your guide to getting a home improvement loan

A home renovation loan is a great financial tool, that can help you make your home new again. A home renovation loan can be taken as a top-up to your house loans or can be taken by itself. When you take a home renovation loan as an add-on, the interest is added to your home loan interest rates.

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Your guide to getting a home improvement loan

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  1. Your guide to getting a Home Improvement Loan

  2. Home loans can get you your dream home, but what about the upkeep of the place you bought after taking that loan. • Home renovations, even if they are just a few years after you buy a new property can be very expensive, especially when you’re already paying EMIs on your home loans. • But that does not mean you can’t renovate your home until your loan is paid up.

  3. A home renovation loan is a great financial tool, that can help you make your home new again. • A home renovation loan can be taken as a top-up to your house loans or can be taken by itself. • When you take a home renovation loan as an add-on, the interest is added to your home loan interest rates. • But you don’t always need to have an existing home loan to avail of this facility.

  4. When you say the word loan, people often automatically get thrown off, but a home renovation loandoes not have to be too daunting, when you go into with all the information you need. • Here’s your guide to getting a home renovations loan.

  5. How and who can apply for a Home Renovations Loan • You can a home improvement loan individually or jointly with the co-owner of the property. • Your co-applicant doesn’t necessarily have to be the co-owner of the property; it can be your partner or any other close relative.

  6. Loan Term or Tenure • You can get a home improvement loan for a maximum period of fifteen years. • The tenure of the loan you get will great depend on your application. • The provider will consider factors such as your age at loan maturity and the age of your property at the time of loan maturity.

  7. Interest Rates and its Types • Housing loan interest rates are similar to the interest rates of home improvement loans. • You can opt for either a flexible interest rate, where the percentage will change constantly or you can go for a fixed interest rate that will remain the same throughout your tenure.

  8. What Documents do you Need • You need the usual KYC documents, like your valid id proof, proof of income, which includes at least three months’ salary slips and other documents like your proof of employment, bank statements and IT returns forms. • You will also need property documents like the property deed, NOC if required and an estimate from a civil engineer or architect if you’re are creating a new structure on your property.

  9. Thank You

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