My friend Sima wanted to renovate her home a few years ago. Her financial situation wasn't great, though. So I advised her to get a loan for home improvements. She was unsure about how to add home improvement loan to mortgage?
So, in order to help, we inquired with our friend Karishma, a banker, about adding home improvement loan to mortgage. She informed us that a home improvement loan, sometimes referred to as a home renovation loan, is a sort of loan that enables you to carry out any repair or remodelling work to your current home. It is a form of mortgage that enables both significant and minor home improvements.
Renovate your home by availing NoBroker Renovation servicesTherefore, there is no way of getting a home improvement loan added to mortgage. Loans for home improvements are essentially mortgages with renovation expenditures added on. It is a type of home loan and you can simply apply for a home improvement loan to fund home remodelling projects.
The loan can be used for interior or exterior home remodelling, including,
Waterproofing
Plumbing
Sanitary work
Painting
Whitewashing
Tiling
Flooring, and so on.
Why should you opt for a house renovation loan?
A home improvement loan from HDFC Bank carries an interest rate that ranges from 8.70 to 9.60%. Let's examine the benefits of choosing a home improvement loan;
- Tax benefit:
The interest component of home improvement loans is tax deductible; precisely, you can deduct the interest you pay on these loans up to a limit of Rs. 30,000 per year (under section 24).
- Quick Processing:
Home improvement loans are approved quickly because there isn't much paperwork to fill out and it's simple.
I hope this clarifies your query about how to add home improvement loan to mortgage. I hope this helps:)
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How to Add Home Improvement Loan to Mortgage?
Samhita
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2 Year
2023-05-16T20:59:39+00:00 2023-05-16T21:15:19+00:00Comment
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