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Home Improvement Loan
Home Improvement Loan

Get To Know Home Loans

Home Loan

It’s nearly impossible to ignore the struggles that aspiring homeowners face. With multiple challenges to get on the housing ladder, repaying a home loan is a serious commitment that can extend for 20 or even 30 years. The other challenge for borrowers is the high EMIs if chosen for a shorter tenure.

New-age financial institutions understand this financial and psychological burden that a consumer goes through. To reduce the burden, banks keep coming up with new facilities. One of them is an overdraft facility on a home loan.

Home loan overdraft is a type of loan that allows borrowers to borrow money from their home equity, which is also called short-term credit. This facility can be helpful if you need to make an emergency purchase and don’t have the cash on hand. But it can also be expensive. So, it’s important to know how much an overdraft will cost before you use one. Let’s read below to know the pros and cons for the same and who should go for it.

Home Improvement Loan
Home Improvement Loan

Features of Home Loan

 To begin with, you can buy a home loan on two rates of interest — floating and fixed. In the former, the interest rates change according to market conditions while in the latter you pay a fixed rate for the entire tenure.

 It is not just for the purchase of a new home that you can avail of a home loan. You can also take a loan for the purchase of a secondary house or a plot. You can also take a loan for repairs and refurbishing of your old home.

How Process Works

 You can buy any house or home that is within your budget

 You can use this loan to cover the costs of building a house

  You can use this loan to buy a piece of land

 You can use this loan to renovate and improve your house

 Pay for the cost of repair and restoration of your home

 Increase the amount of built up space at your home using this loan.


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