Home renovation loan

 No more waiting to renovate your home! Modify, refurbish or renovate your home to suit your needs with a home renovation loan! You can avail this flexible, hassle-free and a low-cost loan for making your home a more comfortable living place.

If you are going to purchase an apartment you can opt for a home renovation loan and leave out worries for improving your home. Or you can now upgrade your existing home to customise it as per your tastes and aesthetic preferences. Here’s an overview on home improvement loans by luxurykeralaflats.com, the no.1 portal for buying and flats for sale in Kerala.

Advantages of Home improvement loans 

Low Interest Rates

The home renovation loan  as it is secured against your home ownership is a better choice than an unsecured personal loan with high interest rates. 

Tax Benefits

You can get a deduction of up to Rs. 30,000 per annum (under section 24) for the interest that you pay for home renovation loans. 

Minimal Documentation

Only simple documentation like identity / income proof, photographs, property title deed, etc. are needed for a home improvement loan when compared to other modes of financing. If you are an existing customer of the housing finance company, the documentation becomes even simpler.

Quick Processing

You don’t need to wait a long time to start your renovation work as the documentation is minimal. Home improvement loans are processed quickly. 

Flexibility in usage

A home improvement loan can be used for a range of activities like renovation, repairs, flooring, extension, painting etc. of your flat. But movable items like furniture, fixtures, furnishings etc. cannot be purchased with this loan.

Eligibility

You can apply individually or jointly for a home renovation loan. For a jointly owned flat, all owners have to necessarily apply but your family members can also become joint applicants even if they are not joint owners of the house.

Loan Features

Depending on your profile – your age at maturity of loan, age of your house property, your income, etc. the loan tenure can be up to 15 years. The interest rate is typically the same as that of the home loan for flats in Kerala. The rates could be floating over the tenure of the loan or fixed for a specified period. Subject to a specified ceiling on the market price of your home, existing customers usually get  up to 100% of their improvement estimate & new customers a lower percentage of their estimate.

Documents Needed

• Duly filled application form

• Identity, income, employment and residence proof

• Last 6 months’ bank statement

• Photographs

• Cheque for processing fee

• Original title deed of your home

• No-encumbrance certificate

• Architect/engineer’s estimate of your improvement work

Go ahead; give your flat the makeover it needs to make it a dream home! Avail a hassle-free home renovation loan and improve the utility of your home. Check out flats for sale in Kochi at www.luxurykeralaflats.com & book your flat now.