12/29/2023 0 Comments Loans to fix up house![]() ![]() Home improvement needs sometimes sneak up on homeowners. ![]() New customers may however be granted a lower percentage of their estimate, again subject to the limitations on the property value.When you are considering making renovations to your home but don't have the cash upfront to pay for the projects, various options can make it possible for you.Ī home improvement loan allows homeowners to borrow money for their renovation plans when they don't have the savings to pay out of pocket. Lenders usually grant existing customers up to 100% of their renovation estimate subject to a specified ceiling on the market price of your home. Interest rates could be adjustable (floating) over the tenure of the loan or fixed for a specified period. The interest rate is typically the same as the home loan interest rate. ![]() Your actual tenure would depend on your profile – your age at maturity of loan, age of your house property, your income, etc. However, your family members may become joint applicants for the loan even if they are not joint owners of the house. If your home is jointly owned, all owners of the property have to necessarily apply for the house renovation loan. You may apply individually or jointly for availing this loan. You cannot however utilize it for repair or purchase of movable items like furniture, fixtures, furnishings etc. In other words, you can use your loan funds for any work that pertains to the structure of your home. You may utilize your house renovation loan for a range of activities in your home such as renovation, repairs, flooring, extension, painting etc. Some key aspects of a house renovation loan are: Flexibility in usage: House Renovation Loans are flexible, hassle-free and a low-cost means of making your home a more comfortable living place. ![]() So you can get your renovation work started at the earliest without a long wait for your loan application to be approved. House renovation loans are processed quickly as the documentation is minimal and hassle-free. If you are an existing customer of the housing finance company (you have taken a home loan from the lender), the documentation becomes simpler. All you need is basic documentation like identity / income proof, photographs, property title deed, etc. House renovation loans entail relatively simple documentation when compared to other modes of financing. 10,300 thus lowering your overall cost of borrowing. 30,000 deduction could result in a tax saving of up to Rs. In other words, interest payments on home purchase and house renovation loans put together qualify for a deduction of up to Rs. 2 Lakh available on loan interest payment of self-occupied homes. 30,000 is within the overall limit of Rs. 30,000 per annum (under section 24) for the interest that you pay on these loans. Tax benefit:Ī house renovation loan fetches you a tax benefit on the interest component, that is, you can avail a deduction of up to Rs. A house renovation loan is usually available at the same rates as a home loan, making it an attractive option as it is secured against your home ownership. While you may avail a personal loan for the purpose of your home renovation, the interest on such a loan is typically high as this is an unsecured loan. Though there are various ways in which you can fund your home renovation, house renovation loans have a few advantages that make them attractive. Why should you opt for a house renovation loan? While a home loan enables you acquire a house, house renovation loans are meant for improving the home that you already own. The prime benefit of a house renovation loan is that it allows you to upgrade your existing home to a contemporary design and a more comfortable living space, customized as per your tastes and aesthetic preferences. You can avail a house renovation loan to modify, refurbish or renovate your home. You no longer need to wait till you save sufficient funds to renovate your home to your requirement, you can avail of a house renovation loan. Make your home a reflection of your personality. The condition and ambiance of your house creates the much important first impression in the mind of your guests. Aesthetics and comfort matter as much as your home’s location and construction quality. It’s a pleasure to live in a beautiful house. Your home is your pride, reflecting your status and accomplishment. A home is not just about a roof over your head. ![]()
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