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Home Improvement Loans

Loans are an easy way to fulfill your wishes. Even if you don’t have proper financial ability, you can fulfill your wishes with the help of bank loans. Maintaining homes are costly. Home improvement loans are financial options where an individual can renovate his existing home with financial aid.

Banks offer various kinds of loans with which an individual can fulfill his desire of being a proud homeowner of a beautiful home.

A borrower has to repay the amount with interest within a stipulated time. Various types of loans are offered by the housing financial companies to the borrowers. The offers are extended in order to suit an individual’s need and budget.

Why are Home Improvement loans taken?

Home Improvement loans or home renovation loans are offered to people who want to carry out renovation or repair work. Home improvement loans are given strictly to owners of residential property.

Home renovation or home improvement loan is given only for carrying out civil repairs. You cannot opt for renovation loan if you want to repair your household furniture. Furniture work or work for repairing wooden furniture does not fall into civil renovation and home improvement loans are not applicable for the same.

Purpose of Home Improvement Loans

All repair work in your house is not entitled for home improvement loans. It is only civil repairs that are included in home improvement loans. Mentioned below are few points that you need to keep in mind in order to avail home improvement loans:

  1. Internal and external repairing
  2. Interior renovation
  3. Waterproofing and roofing
  4. Flooring and Tiling

Home Improvement Loans in India

In order to avail home improvement loans in India, one needs to acquire a quotation or a written document from an engineer, contractor or architect. After the quotation is sanctioned, then it needs to be approved by Housing Finance Companies (HFC). After HFC’s technical department sanctions it, the document needs to be submitted to the housing finance agency. The housing finance agency will then disburse the loan to the borrower.

Availability of Home Improvement Loans

If you are a new customer and your repayment credibility is not known by the financial agency, then the customers are sanctioned 85% of the cost required for improvement. The maximum loan amount varies from one bank to another. Also the amount of improvement loans depends on the market value of the property. The loan payment is calculated in equal monthly installments (EMI).

Factors affecting home improvement loans interest rates

The rate of interest of home improvement loans depends on a number of factors. The list is given below:

  1. Type of housing improvement loan taken
  2. Loan amount
  3. Type of customer and his repayment ability
  4. Loan policy differs for private and public sector employees.

Banks offering Home Improvement Loans

  1. Bank of Baroda
  2. State Bank of India
  3. ICICI Home Improvement Loans
  4. HDFC Home Improvement Loans
  5. Canara Bank
  6. HSBC Home Improvements

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