What are the best home improvement loans? - letsdiskuss
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Stephanie Wight

Blogger(home improvement) | Posted on | Share-Market-Finance


What are the best home improvement loans?


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Project Manager at The Economic Times | Posted on


Diwali is round the corner, many of us like to renovate their houses during this time of the year. If you are one of them but unable to take things forward, read on.


Letsdiskuss


There are certain types of loans available, which help you to fund your expenses for home improvement. Isn’t it great?

Home improvement could include remodelling, painting, internal and external repairs, and even bigger construction work such as adding a floor to your existing building.

Who can avail the loan?
The loan can only be subscribed by the owner of the house for the purpose of renovation only. The maximum tenure for the same can be as much as 15 years at a very humble interest rate ranging from 9% to 11% depending on your lender.



Do you get tax exemption?
Yes, you do. Tax exemption for loan taken for renovation comes under section 24(b) of the income-tax Act. The interest paid on home improvement loan is tax deductible up to Rs 30,000 annually.

Prepayment Charges
Recently, banking regulator the Reserve Bank of India (RBI) has directed banks not to charge the borrower for prepayment of such loans.

You can top up on existing home loan
If a home loan is running already, there are fair chances that you easily get a top-up on that for modifying your home. However, some banks offer a window of 3-6 years of the home loan being sanctioned for renovation loan. The interest rate is usually base rate plus a certain percentage. For example, a Bank, top-up loans are offered at base rate plus 1.25%, which would work out to be 11.5% at present.

In terms of cost, a home improvement might be the cheapest and easiest form of credit, followed by a top-up loan.


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Works at Bigziel | Posted on


The best home improvement loan could be the one that offers you low interest rate and better repaying options. If the estimate amount you are seeking for is low, you may get up to 90% of the funding. The repayment generally ranges up to 15 years for home improvement loans.

If you have a good credit score, you are likely to get a better home improvement loan.

Looking for a home improvement loan, visit CreditMantri to check your eligibility.


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Stockquantum | Posted on


Home Improvement Loans are offered by almost renowned banks, and NBFCs. The best banks like- HDFC Bank, State Bank of India, ICICI Bank and Axis Bank, etc. The NBFCs like- Bajaj Finserv and others. They are basically personal loans that can be used for the purpose of home improvement. So, the lender that offers a personal loan at the lower interest rate, with faster turnaround, and with minimal documentation, will be the best home improvement loan lender.



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Blogger | Posted on


Home improvement loans are offered by almost all renowned banks and NBFCs. The best among them can be banks like State Bank of India, HDFC Bank, ICICI Bank and Axis Bank, etc. and NBFCs like Bajaj Finserv and others. Home improvement loans are basically personal loans that can be used for the purpose of home improvement. So, the lender that offers a personal loan at lower interest rate, with minimal documentation and with faster turnaround, will be the best home improvement loan lender.


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seo | Posted on


The financial situation is fluid and all magnified during the global COVID-19 Coronavirus pandemic. The economy and the financial lives of people across different countries around the world are taking a drastic dig. The economic slowdown has largely it the lower income and gig workers. Even though some employers are supporting their employees in all possible ways they can, many are facing illness, layoffs and temporary/permanent closure of companies.


The outbreak of coronavirus has badly impacted the financial security of many nations and experts are closely monitoring on how the situation can be tackled. Risk profiling is to be considered and quantified while doing financial planning by individual or industries. Covid-19 outbreak has been a wakeup call for everyone starting from job markets to senior utopian industries. Financial setbacks have become irrepressible. Insurance can be one way to ace the financial crunches happening due to unforeseen circumstances and is notwithstanding of the market volatility to certain extend.

There are other ways of ensuring financial security through steps like
Keep the money handy and expenses minimum
Be ready to face redundancy and low/unpaid income
Don’t borrow, don’t use credit cards and shun debts as best as you can
List out the assets you can liquidate
It is fine to use your savings than borrowing from someone
Take up more than one source of income if possible
What Role does Gold Loan Play during this Financial Crisis?
What is the role played by gold loan during this financial crunch happening during a global pandemic? The first and foremost reason why choosing gold finance is part of the perfect plan is that – it gives the financial bridging you need by pledging your assets and the assets that you pledge will be safe and returnable after the closure of your gold loan or completion of loan tenure.

Even though gold financing is one viable option during these financially challenging days, choosing a financing company with years of experience and trust like Kosamattam Finance is to be done prudently. Your asset will be safe and your financial needs shall be quickly met. During these days when safety measures are to be cautiously exercised, there are digital solutions and facilities like online loan at home enabled at Kosamattam Finance. Online gold loan makes sure that the customers meet their money shortages quickly while adhering to the safety measures and self-containment guidelines.

The quickness and ease with which gold financing can be arranged alongside the comparatively less interest rate and security offered for pledged assets makes it convenient and most opted by the public in search of nifty results for cash arrangements.

Financial security cannot be preserved more if it was not for gold loan that pacts immediate requirement of cash as well as the various repayment modes made available. Especially when the public is feeling insecure regarding their financial standpoint, offering affordable and prolonged (or customized) repayment mode is one good thing that the gold financing possesses. With renowned gold financing companies like Kosamattam Finance, there is no room for second thoughts about choosing gold loan amidst times of financial insecurity like the society is going through right now or any other given situations that are adversative in nature.



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Financial Consultant | Posted on


HELOC could be the best option if you are looking to set a monthly payment schedule for a definite period. It is a good solution for home improvement and renovation if you want to determine the exact cost of the whole process. You could check some home equity line of credit options in this article.


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Blogger | Posted on


Mortgage refinance. If you financed your home a few years ago and your interest rate is higher than current market rates, a mortgage refinance could lower your rate — and your monthly payments.


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Employee | Posted on


Hi, Yes you can avail different types of loans for home improvement. These may be a personal loan or home loan and you can get loans easily online from best financial providers which are regulated. Even though your credit score is low you can avail it. To apply for the best improvement loans look for best online lenders as per requirement and contact them directly.


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