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Difference Between Home Improvement Loan And Home Extension Loan
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Most financial institutions offer a variety of home loans to their customers. Each home loan is designed for a different purpose. This helps the applicant provide a better housing loan application. It was realized that many individuals do not need loans just to purchase their dream house or apartment. In some cases the individual may wish to purchase their own piece of land or construct their own house, make improvements or even extend their house. To meet this growing need for loans, the financial institution provides two new variants namely home improvement loan and home extension loan. However many individuals till get confused as to which type of loan they should apply for. Here we explain the key points of difference between the home improvement housing loan and home extension loan:
• A home improvement loan can also be called a home renovation loan. This type of housing loan is offered by the financial institution to allow individuals to make any changes or improvements to their existing home.
• A home extension loan is a type of loan which allows the individual make an extension to their current home. Financial institutions offer this type of loan as a source of finance to individuals to make changes and increase or expand the size of their house.
• A home improvement loan can be used for a variety of purposes. One can use it to make plumping, electrical or other changes in their homes. One can also use it to convert spare rooms based on their requirements. This is the perfect type of loan to help individuals turn their house into their dream home.
• A home extension loan allows you to make external changes to the size of your house. It can range from extending the length of the room or house to even adding new rooms. This type of loan is usually for individuals who live not in building but bungalows or row houses. It can also be used by individuals who live in apartments. However this would depend on the rules set by the society and builder.
Every individual should have the right to live in the house of their dreams. This does not only involve purchasing a new or existing house or plot of land. It is for this every reason that financial institutions now provide a variety of housing loans for their customers to choose from. Since no two types of loans offered are the same, one should take care when sending in their application. One should be clear as to why they require a loan and select the right type of housing loan. This reduces the risk of it getting rejected by the financial institution.
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