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How A Home Renovation Loan Can Help Design Your Dream House?
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A home renovation loan is the type of loan which financial institutions provide their customers with to allow them to improve their house. Also called as the home improvement loan, this type of loan can be used for a variety of purposes. A home renovation loan allows the individual to renovate their home either internally or externally to meet their expectations. Everyone’s idea of a dream house varies.. Making one’s house unique and in lieu with their taste costs money. Even simple jobs that involve plumbing and electricity can cost a large sum of money. It is for this reason that the individual has to apply for such a loan with the financial institution. Features of a home renovation loan are:
• This type of a loan offers the individuals with a tenure of one to twenty years. However, the applicant must be of an age below sixty years. In the case of self employed individuals, the age limit is 65 years.
• The loan can be used to pay for a variety of renovations on the purchased flat or house . This can involve painting, electrical and plumbing work and even renovation of the size and style of the rooms.
• Financial institutions require security for such types of loans. In this case, the house being renovated is provided as security to the financial institution until the loan is repaid. In the case where the individual cannot repay the loan, the financial institution may sell the house to get the loan amount back.
• The eligibility criteria which is considered by the financial institution when reviewing an individual’s home renovation loan application are age, co-applicants income, repayment capacity, educational qualifications, stability of the individual’s income and number of dependents.
• The stamp duty charged on the documents is expected to be repaid by the applicant himself.
• Opting for a co-applicant to co-sign the loan helps improve the applicant’s eligibility. In some cases, the financial institution may be willing to provide a higher loan amount to the individual.
• The documentation process for such a loan is relatively easy. One simply is required to provide their property related documents, proof of income and KYC documents along with their loan application.
• In some cases the financial institution may require the applicant to even provide an estimate and list the expenses that will be incurred during the renovation.
A home renovation loan is a beneficial type of housing loan which is offered by financial institutions. It is the perfect source of finance for individuals who wish to create the house of their dreams.
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 improvement loan application products that includes home construction loan, process, required documents, criteria to home renovation loan etc.
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