In India, you can avail different types of home loans to suit your specific needs. One such type of the home extension. Read on to know more about what it is and its benefits.
If you are a homeowner, you would want to undertake a home renovation project and redecorate your home interiors at some point. But, nothing can be more frustrating to delay the work due to lack of sufficient funds. Well, if you have been looking to redo your home interiors and are not sure how to get the funds, here is good news for you. You can apply for a home extension loan.
As the name suggests, a home extension loan is a type of credit you can avail from any financial institution of your choice to get the funds for undertaking home improvement. The process to apply for a home extension loan is like a home loan; you need to fill an application form, comply with the KYC norms, submit necessary documents and based on your income and home extension project estimate, the lender will sanction the amount.
Now that you know that home extension loan is, it would help to know its benefits.
- Adding a new bathroom
In India, most homes have a single bathroom but can be an inconvenience for the family, especially if you live in a joint family. In such a situation, availing a home extension loan can be useful. You can use the amount to construct a new bathroom in your home.
But, remember, before you apply for a loan, you must consider a host of factors like the contractor, cost involved, resources required, etc. This will help you borrow the right amount and repay the same without any hassles.
- Door and windows replacement
The doors and windows are an integral part of the home interiors; they play an important role in amplifying the beauty of the room décor. Besides the doors and windows are vital from a security point of view. If the doors and windows in your home look worn out or are damaged, and you may need to replace the same.
Replacing the door and windows can be expensive, and if you don’t have enough savings to undertake the replacement project, applying for a home extension loan will help you get the necessary funds. Since the process for getting the funds is easy, you can get the amount easily and complete the project without any delay.
- Repairing broken roof and tiles
Over a period, the roofs and tiles tend to get broken and cracked and if left unattended for long, it can lead to serious damage to the home décor. Many people think that they can easily save money by repairing the broken roofs and tiles by themselves. But, remember, such work requires specific tools and right knowledge and, if you don’t have the experience or expertise, you can worsen the damage and in turn it can cost a lot for repair.
So, it is best advised to leave the renovation job to professionals. And, to get the desired fuds for the works, you can apply for a home extension loan. It is an ideal financial solution that allows you to get the necessary amount for hiring a professional contractor and finish the work with finesse and perfection.
Make sure that you can compare the quotes from at least 3-4 different contractors to get a fair idea of the cost involved and apply for the right loan amount accordingly.
Apart from the above-mentioned benefits, home extension loans can also be useful for revamping the home interiors, remodelling the kitchen, replacing the old furniture, etc.
Applying for a home extension loan is a great way to fund the home extension and improvement project in your home. Make sure that you do your research well about the lenders offering such types of loans and choose the right financial institution that offers the loan at an attractive interest rate.