Introduction to home improvement loans
With increasing prices of all essential goods and building materials, expanding or renovating homes can be very expensive. Savings may not be enough to meet all the needs. In these cases a special type of loans called home improvement loans can help. These shouldn’t be confused with conventional home loans where loan amounts are granted for building new ones.
Why one should go for these loans?
These loans are very easy to get with submission of design plans for renovation and a decent credit history. Interest rates are manageable. Almost all banks offer these loans at fixed interest rates (in UK) lesser than 10% APR. Loan amounts (in UK) are in the range of 10000 Pounds to 25000 Pounds. Additional funding can be demanded with appropriate design documents and submission of plan.
With these loans one can fulfill all the needs of family. One can increase gardening space, build a new kitchen, increase living room space, increase parking space etc. A detailed plan on budget estimates for each of the renovation work is essential to get the loan approved. These can be taken care of civil consultants or professional estate agents.
These loans are instantaneous
Decisions on home improvement loans are instantaneous, especially if the person has a good credit history. Almost all banks have come up with online loan applications which can make the process even faster. For example several banks in UK including top players like Tesco, Barclays and BlackHorse have online applications for all types of home loans.