123ArticleOnline Logo
Welcome to 123ArticleOnline.com!

ALL >> Investing---Finance >> View Article

Difference Between Home Improvement Loan And Home Extension Loan

By Author: Aishwarya Mahurkar
Total Articles: 291

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.

Author Bio :

Aishwarya Mahurkar is an experienced writer concerning the finance industry. Her articles help in informing her readers of the housing loan and the home loan process.

Total Views: 62Word Count: 472See All articles From Author

Investing / Finance Articles

1. All You Want To Know About An Nro Account
Author: Samantha Kennedy

2. Why You Must Outsource Accounting Services Sans Any Doubt And Fear
Author: Lee Bruce

3. Why Door To Door Loans Had Been So Popular Till Now?
Author: David Brown

4. The Latest Trend In Door To Door Loans.
Author: David Brown

5. The Ultimate Revelation Of Door To Door Loans.
Author: David Brown

6. Growing Your Company With Invoice Factoring Funding
Author: Nova Cash Flow Finance

7. All Eyes On The Following Intraday Cash Strategies
Author: robin scott

8. Choosing Chartered Accountancy Profession With Number Of Possibilities
Author: Austin K Loader

9. Greater Noida Triumphs Over Gurgaon To Invite With The Finest Golfing Luxury Living – The Hemisphere
Author: The Hemisphere

10. Towards Benchmarking- Efforts Made Towards Improving Transport Efficiency
Author: Dylan Munro

11. Tips For Ambitious Property Investors
Author: Charlie

12. Need Of The Hour For Investors - Equity Research Reports
Author: Aastha Kapoor

13. Critical Guidelines For Availing Short Term Loans In United Kingdom
Author: David Brown

14. How Do Banks Benefit From An Asset Reconstruction Company In India?
Author: Nidan Narkhade

15. Long Haul Auto Loan: Understand The Pros And Cons Before Saying Yes
Author: David Brown

Login To Account
Login Email:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: