Though exploring new places and things can be exciting, we always never enjoy the change. The house which we grew up all the memories filled in it, for some of us it is impossible of having the thought of selling that house and moving to another place. If you love your dream house and have had years of fun and memories in that house; but feel that your house needs mending and rework. But you feel that you are not in a position to financially afford the cost of the renovation you can always decide to take a home improvement loan for the renovation of your house.
Home improvement loan can be taken to improve the conditions of your home to make it look and feel better. Most of the people start to renovate their kitchen, as previously we had regular kitchens and with the popularization of modular kitchens, people begun to renovate their kitchens.
Most people also renovate their house for the value increase of the price of their house after the renovation. The calculation of the after ‘improve value’ is determined by the estimate of the cost it will take to renovate your house and how much your house could be worth after the renovation.
There are some banks which offer you home improvement loans with which you can remodel your house. These home loans are usually given for a short period.
Some of the eligibility criteria depend on your monthly or annual income, your source of income, savings and credit history, Work experience, age, qualifications, the number of dependents and the probability of you to continue the same job you are working right now. Most banks allow you to repay the money within 15 years; again this can depend on what job you have and on the eligibility criteria.
The loan rates are the amount of interest which you will have to pay when you take a loan or a sum of money from an enterprise who lends money.
The following are some of the interest rates which different banks provide in India:
- Citibank Provides loan for about 30l and charges about 11.40% to 15.99% as the interest rates. The tenure is about 1 to 5 years.
- Standard Charted: This bank also provides up to 30l as the loan amount and has interest rates of 10.99% to 14.49%.
- HDFC Bank Offers loan amount for about 25l and charges 10.99% to 19.8%.
- Tata Capital: Tata Capital offers you to borrow around 20l, and the interest rates of this bank are 11.49% to 21.00%. The tenure range of this transaction is from 1 to 6 years.
- Oriental Bank: The principal amount which you can take from this bank is very small; you can take from 50k to 10l. The interest rates are from 10.70% to 11.70%.
- Aditya Brilla: This bank provides personal interest rates for the price it offers as the principal amount, it loans you around 30l, and the interest rates are 11.35% to 13.75%.