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: 37Word Count: 472See All articles From Author

Investing / Finance Articles

1. Get Set For A Great Retirement Life
Author: Deepesh Reddy

2. Payday Loan In India, Payday Loan India, Payday Loans India
Author: Mayank Aswal

3. Mashreqpay Program To Ease Your Personal & Business Life
Author: Jeff Usman

4. Maximize Your Profitability With Trade12 Trading Services
Author: Trade12

5. The Best Stock Market Advisory Services Discerns The Best Time To Invest The Indian Stock Market
Author: Dharmesh Patel

6. Opt For Sebi Approved Stock Option Advisory Services For Better Investment Security
Author: Dharmesh Patel

7. How To Find Best Mortgage Loan Software
Author: sapana rathod

8. Unravel Your Taxation With The Accomplished Cpa In Memphis Tn!
Author: Garrett A. Surles

9. Cursory Look At Support And Resistance
Author: Money Classic Research

10. Cool Tips For Sending Money To India
Author: Jack

11. What Are Commercial Mortgages?
Author: Almas Uddin

12. Apoyos Para Negocios Y El Impacto En Las Pymes
Author: Martin

13. How Online Investment Useful In Modern World
Author: Jeff Usman

14. Understanding The Real Estate Agent’s Commission For Nela Homebuyers
Author: Samantha Turkle

15. Why Be Pre-approved For A Home Loan When Still Shopping For A House
Author: Samantha Turkle

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