Home Improvement Loans

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Concept of home improvement

Home improvement is a popular concept by sumit artista. Remodelling of the home by improving it by renovating it has become much accepted to people. Applying changes to the existing home features brings a fresh new energy to the home and the people residing there. Alerting the position of the furniture and the stuffs of the home gives more space to utilise. With increase of the concept, different financial companies provide loans to individuals for such purpose. Modern day people are followers of DIY concept and mostly tend to execute the job themselves. Various stores are there in the market where they can purchase their necessary things for renovation. Rooms, bathrooms, toilets, kitchen, balcony, corridor, including the lawn and garden are improved. The spare space of the home could thus be efficiently utilised.

Need of home improvement

People tend to get bore living in the same set up of home for a long time, . The level of comfort and energy decreases for them. In fact the machines and gadgets they have been using for long losses its ability. So all the machineries like air-condition, room ventilation, heaters, cooling channels etc requires to be maintained regularly. This upgrades the function ability of the gadgets and improvises its fuel consumption. Home improvement gives scope to the repairing and maintenance of the electric generators and plumbing system of the home. The geysers, water heaters, room heaters, air coolers, get to be checked regularly. The wear and tear of the building or apartment where the home is is taken care of. Brick, cement, concrete, wood, the main composition of the home are repaired in the process the extra space of the home could be well utilised after this. Machines like fire fighters, fire alarm are regularly checked so that they remain prompt when necessary. The home gets a fresh atmosphere all over again and fills with energy.

Financing of home improvement

Home improvement needs money to conduct. Whether done by vendors or by the home owner himself, the cost of home improvement has to be bearded. It starts from material cost, labour charges, plan and design and concludes with cleaning expenses. Home owners always do not have so much money with them nor find it wise to invest their own cash in to it. Several banks and other financial companies have come up with schemes of loan for home improvement. These loans are available to individual home owners who want to improve their home. Renovating their homes sometimes becomes a big cause of financial strain for average middle class people. Home improvement loans come to rescue in such situations. Flooring work, plumping work, elevation etc could easily be financed through home improvement loans. Furniture and goods of consumer durables could also be purchased by such finance. Home owners who plan to extend their homes could easily be benefitted by these loans as 85% of the total value of the home is the maximum limit of these loans. People who already have home loans are also eligible to apply for this loan. The rate of interest and the flow of fund are simple and easy to understand. The amount of loan applied for is sanctioned after proper physical verification of the existing property by bank officials. Most people believe that they will be more beneficial if they apply for a personal loan for home improvement than going for a home improvement loan. But in fact, home improvement loans come with much lesser rate of interest than personal loans. The chances of getting a Home improvement loan becomes higher if already the home owner has a home loan in his account. There are tax rebates on Home improvement loan. Mostly The amount of loan sanctioned goes up to 80% of the total property value and 85% to the existing customers. Interest rates vary from 10% to 12% depending on the number of years the loan has been taken for.

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