Renovating and refurbishing your home involves a huge expense. So, it makes sense to evaluate some options to fund it. Banks and NBFCs offer home improvement loans, which can be up to 80-90% of the estimated cost of repairs.These loans are available at attractive interest rates and repayment options.Here's how to apply for one.
Who can apply?
Owners of the property can apply for a home improvement loan. If there is more than one owner, all owners must jointly apply for the loan. However, all co-applicants need not be a co-owner.
Documents
Application form must be filled and signed by all co-applicants. Documents required are identity and address proof of co-applicants, proof of income and employment and photographs.
Property papers
All original title deeds of the property Proof of no-encumbrances on the property Estimate of proposed work from an architect or civil engineer.
Processing fees
The finance company may charge processing fees as a percentage of the loan amount. The cheque for processing fees must be given at the time of applying for the loan.
Security
Security for the loan is generally the security interest on the property financed and or any collateral or interim security as may be required by the financing institution or bank.
Process
On submission of application, the loan may be sanctioned if found in order and a repayment term of up to 15 years may be provided for repayment of the loan.
Such loans are not offered for external home improvement, which intends to increase the living space.
Eligibility for the loan also depends upon applicant's age, source of income and credit history.
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