Terminology - Home Loan
A home improvement
loan is distinct from a loan taken to acquire or construct a house. These loans
are given for implementing repair works, healing and renovations in a home that
has already been purchased.
To avail the home
improvement loans, you have to first estimate the amount required for extending
the house and then submit the plans to your bank or housing finance company.
Home Improvement
Loans are sanctioned only after the original property papers are in order. The
loan will not be sanctioned without them.
Therefore, if an
individual has an existing home loan from a particular housing finance company,
then he will have to necessarily opt for a renovation loan from that housing
finance company.
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