Home Improvement Loan is one of the easiest ways to fund your dream of giving your home a new look and renovating it as per your desire. And now this loan can be availed online with a few clicks with easy installment options.
Home improvement loan, as the name suggests, is used to improve your existing home like adding a new room, adding a new balcony or making some improvement in the existing home structure.
It is also popularly known as repair and renovation loans.
With AAVAS home renovation loans, you can upgrade your existing home to a modern look and comfortable living.
A home improvement loan is an ideal choice if you want to increase your living space or make some design improvement as per your desires. Also, as one’s family grows, so does the need to improve and add more space to accommodate rising demands of the family members. Believe it or not, home improvement loans are the most cost-effective way to fulfill this need for more space.
Features of Aavas Home Improvement Loan
What is Home Improvement Loan?
loan for home renovation is taken by people for the renovation and improvement of their home or property. Like adding one more room or giving your home a new look.
What Is the Limit of Home Improvement Loan and Interest Rate?
How much loan you can get varies from applicant to applicant and depends on the applicant's current financial and credit history. On average the loan amount is equal to 90% of the present market value of the property. The interest rate mainly varies from 9%-12% and from bank to bank.
Who Can Get Home Improvement Loan?
Any person aged 24 or above, salaried or self-employed can get Home repair Loan. If you belong to the above-said category then you are eligible for Home Improvement Loan. The payback period of this house improvement loan is up to the retirement age or a maximum of 15 years and you can pay back in easy EMIs.
How To Apply For Home Improvement Loan?
Any individual who wants to avail the home improvement loan can collect the application form from the institution from which he/she wants to take the loan. The application form must be submitted with all the necessary details along with a few documents like age proof, resident proof, financial position etc. You can also apply online for the said loan and upload all the required documents online as well.
How Long Does It Take To Get Home Renovation Loan Sanctioned?
Now processing time is very fast and on average the loan is sanctioned within a week
What Is The Maximum Term For Which I can Avail Home Improvement Loan?
The maximum term for home renovation loan is 30 years or till the age of retirement including the age of moratorium.
What Is the Interest Rate on Home Renovation Loan?
The interest rates vary from bank to bank. Normally the rate of interest ranges from 9%-12%. You need to check with your bank to find out the current rate. It is observed that home improvement loans interest rate is similar to the interest provided on home loans
Do I get Tax Benefit for a Home Improvement Loan?
The interest paid by the individual against the home renovation loan is tax-deductible and is directly deducted by the owner of the property against which the loan is taken.
What is the security that I will have to provide for a Home Renovation Loan?
House Improvement Loan mainly takes security interest on the property against which loan is taken as security against the Home Repair Loan. Any other collateral or interim security can be taken against the Home Improvement Loan
What Is The List documents Required for Home Improvement Loans?
The individual seeking for a loan should fill the complete application form with a photograph filling in all the necessary details correctly.
Documents like passport, PAN card, or any other document from the government should be attached as age proof of the loan seeker.
Documents like electricity bill, telephone bill, ration card, driving license, voter Id card or any other government-issued document should be attached as residence proof
The academic qualification of the loan seeker should be attached with the application form
A bank account statement is submitted to get information about other loans of the individual and also to know the financial position of the individual.
A cheque in the favour of the institution from which the loan is taken is to be attached for the processing fees of the sanctioned amount.
The photocopy of the property papers should be attached along with the application form
To Get more details about the Documents Required for Home Improvement Loan Click Here