123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Investing---Finance >> View Article

How To Get Your Home Improvement Loan Approved?

By Author: Aishwarya Mahurkar
Total Articles: 291

A home improvement loan is a type of loan which individuals use to afford any sort of renovation expenditure to create the house of their dreams. The loan application process of such a loan can be tedious. Hence it is crucial for the individual to get their loan application approved the first time around. Since the processing fees make the application process expensive no individual can afford to repeatedly apply for such a loan. Here are a few tips one can follow to get their home improvement loan approved immediately:


It is crucial for applicants to use the eligibility calculator which is provided by all financial institutions. This calculator calculates how much loan amount an individual is eligible for. The factors that are considered are the income of the individual and their monthly expenses along with the tenure and interest rate of their choice. One should always use the eligibility calculator before applying for a loan. This will help the individual take steps to improve their eligibility if they wish to apply for a higher loan amount.

Credit score

One of the most important factors kept in mind when considering an individual’s application is their credit score. The credit score provides the financial institution with information about the individual’s buying habits, past loans and defaults if any. A higher credit score increases the eligibility of the individual as the financial institution feels that the applicant can be relied on to repay the loan on time. Some steps one can take to improve their eligibility are reducing their monthly expenses and paying off any pending loans. One can also reduce the number of credit cards in their name as credit cards are believed to be a type of short term source of finance.

Home renovation loan application

An applicant must ensure that they have provided a loan application devoid of any errors. One must also ensure that they provide all the relevant documents required to prevent any sort of delay. If the individual wishes to further boost their eligibility, the can also ask another earning family member to co sign the loan. The co applicant’s income will be added and boost their eligibility. In some cases the financial institution may also be willing to provide a higher loan amount to the individual.

To ensure that the home improvement loan application is approved, one read up on the specific requirements of the financial institution when it comes to the application process. This will guarantee that the application will be approved immediately without any delay.

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 improvement loan etc.

Total Views: 57Word Count: 471See All articles From Author

Investing / Finance Articles

1. Oxyloans - Quick Loans
Author: radhakrishna

2. 7 Reasons Why Your Personal Loan Was Denied
Author: Flexsalary

3. Future Trading In Stock Market
Author: Mahendra Rajput

4. Evolution Of Infrastructure Finance In India
Author: Raman Kumar

5. Right Steps For Trading In Indian Stock Market For Sure
Author: Shraddha

6. Guide To Getting A Fund With Bad Credit- What Options You Have?
Author: longtermpaydayloansontario

7. A Simple Mindset Could Dramatically Improve Your Trading Right Away
Author: Garry Singh

8. Know The Reasons Why You Need To Use A Sip Calculator To Make Better Investments
Author: Vivaan Ahuja

9. Staggering Graph Designs To Beat The Market
Author: Garry Singh

10. The World’s First Blockchain-assets Backed By Diamonds
Author: Al Kasir Portal

11. Enjoying Cash Loans Despite Bad Credit - No Checking Account Loans
Author: nocheckingaccountloans

12. Opportunities With Shares Online Trading
Author: Blusignal Systems

13. The Most Powerful Currency Of 2018? Here We Go Through The Analysis, Forecast, And Poll
Author: Garry Singh

14. Establish An Efficient Payroll Accounting With Quickbooks Technical Support
Author: Olivia Wales

15. A Leaking Faucet And Trading (artistic Thoughts On Trading)
Author: Garry Singh

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