Most of us at some point in time think about home renovation. We all want to give our home the most beautiful look and make it comfortable. To give our home the much desired look is possible with home renovation. It is one of the most simple and the best way to give our home the desired look. Home renovation is not just about painting the home or doing some repair work, but it is more than that. You can go for various changes and makeover things. You can make numerous changes and improvement work if you have sufficient funds for the required work. You can change the cupboards, cabinets of kitchen, flooring, tiling, wall painting, adding new shelves, doing new wooden work and much more. You can do as many changes as you want in the interior or exterior of the home.
But, what next if you don't have enough funds to meet your requirements? Should you drop the idea or postpone it for a next few years till the time you arrange funds? Or should you use your savings to carry out the work? All these are some common questions, which you face when you don't have enough funds to carry out the work. There is no need to postpone or drop the idea of improvement work as you can take a home improvement loan from any of the bank. Union Bank offers home improvement loan to customers who want to carry out the renovation work in their homes. Home renovation work not only helps in beautifying the home, but at the same time it helps in increasing the value of the property as well. Here are some important features and benefits of the home renovation loan of union bank to understand it better.
Benefits and features of home renovation loan:
Eligibility of the loan
- The maximum repayment period is 10 years.
- There is no repayment penalty for loan.
- You should be minimum of 21 years of age at time of borrowing the home loan
- You should be an Indian national
- Individuals can borrow the loan as individual loan or joint loan with other family members like father, mother, spouse, son who have a regular source of income as co-applicant.
- Sibling are also eligible to apply for joint loan. Siblings, i.e. brother-sister, sister-sister, brother-brother can be permitted as co-applicant subject to the property must be in the joint names of siblings.
Maximum loan amount
- The maximum loan amount depends upon the repayment capacity of the borrower and value of property
- The maximum loan amount for repair and improvement work is Rs. 30 lakhs
- The margin cost of loan amount is 20% of the repair work.
Rate of Interest & Processing Fee
The applicable processing charges are 0.50% of loan amount subject to a maximum of Rs. 15,000 plus service tax as applicable.