How is a home extension loan different from a home renovation loan?

By: Homeloan0 comments

Introduction

As your family gets bigger, you may need more room to live in. You might want to move into a bigger home to meet these needs. Purchasing a new property isn’t always a good option because it involves a lot of paperwork. It is also not always possible to get a lump sum after a certain age. You can apply for a home extension loan to cover the expansion cost.

Home extension loans are considered as the housing solution that gives you finance to cover the cost of the extension.

A home renovation loan allows you to renovate or repair your home. Are you remodeling your kitchen or designing your kids’ nursery? If you want to give your house a fresh look, then a home renovation loan is the best option.

Benefits of home extension loans

You don’t have to move

Moving to a new home in a new area can be stressful, especially if you are used to the area. With a home extension loan, you can easily add a floor or add a room to your existing house and meet your space needs without having to move.

Easy to apply

One of the biggest advantages of a home extension loan is that it is easy to apply for and receive. You don’t need to provide any documentation, and you can complete the entire application process online.

Long tenure

Like housing loans, home extension loans are also offered for a long period of time. You can make your repayments through monthly EMIs.

Benefits of home renovation loans

Affordable and fixed interest rates

Affordable home renovation loans come with fixed interest rates, so you don’t have to worry about maxing out your finances to repay the loan.

Simplified application process

You don’t need to submit multiple documents to get a home renovation loan, you only need a few primary documents. The hassle-free application process can be done online.

Low-risk loans

Most lenders don’t require collateral or security for home renovation loans, making them a low-risk option.

A One-Stop Shop

With so many loan options available, it’s easy to find the right loan for your home needs. All you need to know is what you need.

Conclusion

It’s normal to want to switch things up. That’s why many people who have bought a house want to make changes to it. Some people want to renovate their house while others want to increase the size of the house as their family grows or renovate the house to make it more suitable for their needs.

That’s why we have introduced 2 new products: Home Extension Loan & Home Renovation Loan.

If you are planning to extend or renovate your house by availing of a loan, one name you can trust is Homeloan4U.

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