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Borrowing for your home needs: Some loan products help you finance the repair and renovation works of your house


Home improvement includes tasks that enhances comfort of your property, beautifies and upgrades your property, and takes care of maintenance and repairs.

Some typical home improvement works:


• Water-proofing and sound-proofing

• Reworking on plumbing and electrical systems

• Wood work

• Painting

• Flooring

• Upgrading the kitchen and bathroom fixtures

• Repairs to foundation, drainage

• Masonry and concrete works

• Garden and lawn improvement

• Addition of swimming pool, sit-out, fencing

• Installing fire and electrical safety features

• Converting unused areas like attics into usable living space


   Home improvement is also called renovation or remodeling. Most lenders finance up to 85 percent of the cost of renovation, depending on the market value of the property. If you are an existing customer then some banks may lend the entire 100 percent of the renovation cost. Borrowers can use this money for internal and external repairs, and other structural improvements including painting, waterproofing, plumbing and electric works.

Land purchase loan    

This can be explored if you are keen on investing in a piece of land. Some people may want to construct a house on it while others may prefer to keep it as an investment. Land purchase loan is a convenient loan facility that helps you purchase land with financing of up to 85 percent of the cost of land. The maximum timeframe for loan repayment is usually 15 years.


   Home loans are the most popular products with homebuyers. As much as 85 percent of the cost of buying a house is given by the bank while the remaining money has to be brought in by the applicant as margin money. You can avail a home loan to purchase a new or resale property, construct your own house.

Home extension loan    

This is meant to be used for the extension of an existing dwelling unit by the borrower. You can opt for a home extension loan when you want to increase the space in your house.

 


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