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Features Of A Home Renovation Loan

By Author: Aishwarya Mahurkar
Total Articles: 291

A home renovation loan is a type of home loan which financial institutions offer to their customers. Such a loan is provided not to purchase a new house but conduct renovations on the current house itself. For this the individual has to provide with the application for the loan a budget of how much the entire renovation will cost. Such a loan is ideal for those who don’t want to break their savings to make improvements to their house or apartment. The home renovation loan makes the entire cost bearable with an easy repayment option which does not financially burden the borrower. Some popular features of a home renovation loan are:

• The tenure for such a loan ranges between one to twenty years. However, the financial institution also keeps in mind the age of the borrower. So the tenure chosen cannot extend till the borrower’s retirement age of 60 years and 65 years in the case of self employed individuals. This is done to ensure that the loan is paid on time with no financial burden being put on the borrower.

• A home renovation loan can be used for a variety of purposes. One can use it to repaint, rewire or improve the plumbing system of the house. One can also use this loan to change the layout of their house or apartment according to their wishes.

• This loan offered by the financial institution can be a long term option if the individual opts for a longer tenure. A long tenure is beneficial as it not only reduces the financial pressure on the individual but also reduces the amount they have to pay as EMI each month to the financial institution.

• The financial institution offers to repayment options for individuals who have opted for a home renovation loan namely, the Electronic clearing system and Post Dated cheques. One can choose the mode of payment which best suits their needs.

• The option of having a co-applicant is also available for individuals. A co-applicant can be any earning individual of the family. Adding one helps boost the credit score and improves the chance of your home renovation loan application being approved as well as getting a higher loan amount from the financial institution.

There is no longer the need for an individual to break into his saving to be able to afford to renovate his house or apartment. One can simply apply for a home renovation loan from the financial institution of their choice.

Author Bio :

Aishwarya Mahurkar is a seasoned writer regarding finance-related topics. Through her articles she helps individuals make better choices concerning housing finance industry. She writes about variety of topics covering wide range of home loan products that includes home construction loan, process, required documents, criteria to home renovation loan etc.

Total Views: 76Word Count: 460See All articles From Author

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