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Everything you need to know about home renovation loans and how you can get them

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Home renovation loans are something that we all need after a few years of owning a home. When you start living in a house, there are a lot of expenses you face. After a few years of living in a new house, you need to spend money to keep in good shape. – PowerPoint PPT presentation

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Title: Everything you need to know about home renovation loans and how you can get them


1
Everything you need to know about Home Renovation
Loans and how you can get them
2
  • Home renovation loans are something that we all
    need after a few years of owning a home.
  • When you start living in a house, there are a lot
    of expenses you face.
  • After a few years of living in a new house, you
    need to spend money to keep in good shape.
  • Home improvement loans can help you keep your
    home looking as good as new and in the best
    condition.
  • These loans can be acquired in addition to your
    house loans or separately as well.

3
  • A simple home renovation can easily cost you a
    few lakhs and home renovation loans can help you
    finance it without breaking your bank.
  • When you take a home renovation loan as an
    add-on, the interest is added to your home loan
    interest rates.
  • This way you dont need to pay separate EMIs for
    two loans.

4
  • An easy way to fund your home improvements is by
    opting for a home loan balance transfer.
  • Housing loan interest rates are seeing
    fluctuations lately.
  • This can be attributed to the demonetization
    drive.
  • With the huge amounts of funds deposited into
    banks during demonetization in India, banks have
    reduced their home loan interest rites a great
    deal.

5
But if you want to go for new home renovations
loan, here are some tips that will help you go
about it.
6
What can I do with the loan
  • A home renovation loan can be used for building
    additional structures on your existing property,
    like a new floor, a new garden or a garage and
    redoing the existing property?

7
How to Apply
  • If your home is under a co-ownership then you
    should have your loan co-signed by the other
    owner.

8
What about the Tenure
  • The tenure for a home renovation loan is very
    flexible. You can get loan from anywhere between
    12 to 360 months.

9
What Documents do I need
  • Both you and your co-signee would have to give
    your documentation, including your KYC, salary
    slips, bank documents, your house agreement, and
    the expansion layout that you want to undertake,
    a No Objection Certificate (NOC) by the
    municipal/building/ housing board.
  • Make sure all your plans are authorised by your
    local authority.

10
What about EMIs
  • If you apply for this loan as a top-up for your
    home loans, then the EMI will be added to your
    existing interest rate and you will have to pay
    only one EMI.

11
Thank You
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