Financing Home Improvement

Home improvement financing schemes are especially favoured because it is a way to increase the value of the property. Whether its redoing your master bedroom or adding a few grand touches to your living area or fixing up the leakages in your bathrooms pipes- the finance for home improvement will cover all.
Home improvement financing is a national loan network that helps homeowners who need financing for home improvement projects. This form of networks can facilitate an easier processing of the approval for your home improvement financing.
Making improvements to your home can increase its value and allow you to adapt it to meet your changing needs. But, there are many financial risks when you use your home as security for a loan. If the contractor doesn’t do a good job or doesn’t finish the job, you still must repay the loan. If you can’t make the loan payments, you can lose your home to foreclosure. Remember, no matter how much money the lender is willing to lend you, always be sure you can afford the monthly payments.
Before you deal with any home repair company, decide what you want done, how much you can spend, and how you’ll finance the project. This allows you to accurately compare the costs of the job and the financing.
Types of Home Improvement loans are as follows:

1. Personal Loans
2. Secured loan
3. Dealer financing
4. Home Improvement Mortgage Refinance
5. Home Equity Loans
6. Bank Loans
7.  Low interest fixed rate loans

There are a couple different types of loans that you can look into that will likely be able to provide you with just the funding that you need. Home equity loan is one such type of loan. With this type of loan you are actually borrowing against the value of the home. Depending on the type of loan you are able to secure, you could borrow up to 100% of the value of the home, less any liens of course. This generally provides you with the required amount of funding that you could need. When you go this route you just have to be sure that you can repay the loan, as you are securing it with your home, making it a second mortgage.
Another option is to take out a personal loan, which most banks offer. Since banks have no restrictions on the way you use this money, you can use it in any way you like. With this type of loan you will simply go through the loan application process, indicate how much money you need, and then you will receive a response as to how much you are able to borrow from the lender and what your interest rate will be. But unlike the loan on your home’s equity you are not taking this fund against your own home but it works in a similar fashion. How much you can borrow through a personal loan will vary depending on your credit history and your income to debt ratio.
Home improvement home equity loans are great loans for home improvement because the project can greatly increase the appraisal value of your home. This is a loan that is obtained to be able to get additional investments for use in the future. Home improvement projects such as bathroom additions, bedrooms and home extensions can increase the value of a house. However, some home improvement projects don’t really result in increasing the value of the house. The construction of a swimming pool is one such project.

Home Loan in India          Housing Loan in India

Housing Loan Calculator

Buying a house is a very important step in your life. Every family dreams of having their own home and whether you are looking into your first, or are moving or upgrading your home, you know your mortgage is important. And when it comes to getting a mortgage, there is a lot of data to be calculated. This is where a mortgage calculator can really help you out.
These calculators are very convenient for people who are in the beginning stages of trying to figure out what kind of home they want to buy and working out what kind of home they can afford, taking into account government charges, bank fees and the deposit they have saved. A mortgage calculator will give you a very good idea of the maximum size of a loan that you can apply for. It will also help you to see what kind of monthly payments you can expect to pay once you have purchased the home.
Mortgage calculators are very useful tools to check whether the user is qualified to obtain a loan. They work for conventional loans as well as loans insured by the Federal Housing Administration (FHA) or the Veterans Administration (VA). Mortgage calculators can compute the total payment including principal, interest, taxes and insurance, called as the PITI payment. Payments can be calculated irrespective of the time period how it is paid – quarterly, monthly or biweekly.
Besides these, mortgage calculators can calculate the amortization schedules on a mortgage. They can calculate balance on the mortgage taken. There are some calculators that can calculate the future value of a mortgage. Not only that, some mortgage calculators have rent-versus-buy features, which can calculate display which of these two options would be better in the long run.
Mortgage calculators help the customers put everything in black and white. It is possible to find out the amount of the mortgage, rates offered and monthly installments by simply putting in the required information. They can even be used to compare between options such as fifteen year or twenty year term. These calculators allow the borrowers to think about consolidation of their debts and in turn opt for a mortgage. Consolidation of debts means combining all existing debts as one loan. This may help the borrower gain a more favorable interest rate. Borrowers need to enter the number of months they need for repayment. The calculator then displays the monthly payment, savings on interest, any tax-related savings and total cost savings.
A loan calculator mortgage calculator is a clever little web program that is freely available on many loan and mortgage related websites. The principal behind a loan calculator mortgage calculator is quite simple – input the amount of the mortgage loan into the calculator along with the interest rate applied to the loan and the loan duration, hit the ‘submit’ button and ‘hey presto’ you have a schedule of monthly loan repayments. So, for two or more mortgage offers you can enter the loan parameters into the calculator along with your mortgage balance and get an idea of what a particular mortgage offer will cost you each month, as well as what it will cost you in total over the lifetime of the loan.
To accurately compare your loan calculator results for different mortgage offers it is a good idea to print off each set of loan calculations from the calculator and make a side-by-side analysis of them. If the calculator you are using cannot handle multiple interest rates across the life of the loan then you may need to do several calculations to arrive at the final loan cost before making your side-by-side comparison. As an example, if you were to spend say 4 years on a fixed interest rate of 4.5%, and then change to a standard rate of 6.75% you will need to make two calculations – one at 4.5% to work out repayments across the first 4 years, and then a second calculation at 6.75% for the remainder of the mortgage term.

Home Loan in India             Housing Loan India

Bank of India Home Loans

Bank of India is one of the nationalized banks in India. Bank of India is ranked as 1st among all the nationalized banks in India as the most trusted service brand by the 2011 ET Nielson survey. Bank of India is one among the many banks in India which provides housing loans. There are certain eligibility criterions and purposes for obtaining a housing loan from bank of India. The housing loan provided by bank of India is termed as star home loans.
Star home loans provided by the bank of India are given to those people who are eligible to obtain this loan. They include the salaried employees, professionals like doctors, engineers, lawyers, chartered accountants or self employed persons. Star home loans are also provided to group of individuals, NRI’s, HUF, PIOs, Prop Firm, partnership firm and corporate for purchase or construction of flats or houses for their employees.
Bank of India provides housing loans for the following purposes;

• To purchase or construct house or flat.
• To purchase a plot of land and for the construction of house in it. (composite loan)
• To renovate, extend or repair your existing house or flat.
• To acquire various household articles along with your house or flat for the furnishing of your house or flat
• To take over housing loans extended by other banks or FI’s or NBFC’s.

The maximum amount of loan provided by the bank of India for the construction or purchase of house or flat at metro cities like Mumbai, Kolkata, Chennai, Delhi etc is Rs. 5 crores and at other places is Rs. 3 crores. For the repair, renovation, extension or addition to house or flat, the maximum housing loan amount provided is Rs. 50 lakhs. For purchasing a plot as part of the composite loan, the maximum amount provided is Rs. 1 crore. The amount given for the furnishing of house or flat is 15% of the home loan, i.e. maximum of Rs. 5 lakhs.
The housing loan taken from bank of India must finish its repayment within 20 years. A maximum of 20 years including the moratorium period of 18 months are provided to pay back the taken loan amount in equated monthly installments or EMI. Progressive or step – up equated monthly installments (EMI) are also permitted in the repayment of housing loans from bank of India.
While taking a housing loan there are a lot of hidden charges in it like the processing charges, conversion charges, documentation charges and various other charges besides the loan amount and its interest rates. The housing loans provided by the Bank of India also include all these charges said above. But you can rely and trust bank of India in taking a housing loan as this bank has proved its worth and has a good reputation in the market.

Home Loan in India          Housing Loan in India

Comparison of Housing Loan Companies in India

In India, we can find a majority of middle class peoples and these people are often found to be building or purchasing houses or apartments to live in. we can see houses under construction almost everywhere nowadays. The money to build these homes is mostly obtained through housing loans in India. Therefore we can say that housing loans in India have become inevitable for buying or constructing or renovation of a home or apartment. We can find a number of housing loan providing companies in India for Indian residents as well as for NRIs to construct a home, to buy a home or plot to build house, or to renovate or refurbish a home. Let’s go through some housing loan comparisons in India.
Housing loans are provided in India for a long period to repay the loan, most probably up to 20 years. The interest rates also vary from city to city as well as company to company. The interest rate may also depend on the time taken to repay the loan amount. The home loan lenders in India first of all will go through the financial status of the customers who require the home loan before providing it. This is to ensure that the customers could pay the installments in time.
Bank of India provides a popular housing loan, star home loans which provides loans to Indians to purchase a plot for construction of a house, to construct a house or flat, to purchase a house or flat, furnishing of house, renovation or repair or alteration or addition to house or flat as well as for the takeover of customers housing loan extended by other banks or F.Is or NBFCs, all these at highly flexible and liberal terms and conditions.
SBI or state bank of India is one of the most popular as well as trusted bank in India and it provides housing loans for the Indian residents as well as for the NRIs. SBI housing loan schemes are designed in such a way as to make it as simple as possible for its customers.
PNB or Punjab national bank is another renowned bank in India which also provides housing loan. PNB housing loans can be availed fast with friendly and the most convenient home loan schemes. Home loans in PNB are provided for the construction or purchase of house or flat or for the purchase of house or flat on first power of attorney basis from the original allottee and for carrying out repairs or renovations or alterations or additions to the existing house/flat.
HSBC also provides home loans which make it easier for you to move in as soon as possible without putting a strain on your financial condition. HSBC provides home loans ranging from 5 lakhs to 3 crores.
There are a number of other banks in India which provides housing loan and some of them are Citibank standard home loan, Dena niwas housing finance scheme, standard chartered India home loans and much more.
So, we came across some comparison of housing loans provided in India by the various banks. So, what are you waiting for? Go grab your home loan from the best bank with reasonable rates.

Housing Loan in India                  Home Loan in India

Housing Loans in India

In India, we can find a majority of middle class peoples and these people are often found to be building or purchasing houses or apartments to live in. we can see houses under construction almost everywhere nowadays. The money to build these homes is mostly obtained through housing loans in India. Therefore we can say that housing loans in India have become inevitable for buying or constructing or renovation of a home or apartment. We can find a number of housing loan providing companies in India for Indian residents as well as for NRIs to construct a home, to buy a home or plot to build house, or to renovate or refurbish a home.
Housing loans are provided in India for a long period to repay the loan, most probably up to 20 years. The interest rates also vary from city to city as well as company to company. The interest rate may also depend on the time taken to repay the loan amount. The home loan lenders in India first of all will go through the financial status of the customers who require the home loan before providing it. This is to ensure that the customers could pay the installments in time. So, all the appropriate documents regarding your earnings have to be provided to apply for housing loans in India.
There are some eligibility criterions for the borrowers of housing loans in India among majority of the housing loan companies. They are;

• The borrower must be an Indian resident or NRI
• Above 21 years of age during the commencement of the loan
• Below 65 when the loan matures
• Either a salaried or a self employed person

There are a variety of home loans provided to Indian citizens by the loan companies. Some of them are; home purchase loan (to buy houses/flats/apartments), home improvement loan (for repair works and renovations to your home), home construction loan (for the construction of new homes), home extension loan (for expanding or extending an existing home), home conversion loan (for those who have a current home loan and require additional fund to move in to a new home), land purchase loan (for purchasing land for home construction or investment purposes), bridge loan (for the people who wish to sell the existing loan and buy a new home. The bank finances for the new home until a new buyer is found for the old home), refinance loan (helps to pay off the debt you have incurred from friends relatives and other private sources for the purchase of your present home), balance transfer loan (helps you pay off a home loan with higher interest rate and avail a home loan of low interest), stamp duty loan (to pay the stamp duty amount for the purchase of a property) and loans to NRIs (for the NRIs who wish to buy or build a new property).

Normally, the interest rate for housing loans in India varies around 9.25% to 12%. Along with the interest rates and the loan amount, there are some extra charges accompanied with the home loans. Some of them are the processing charges, commitment fees, pre-payment penalties and other miscellaneous costs.
For Indians, it’s not a big deal nowadays to build a new home with the availability of housing loans from the many reputed housing loan companies in India.

Home Loan in India           Housing Loan in India

Indiabulls Home Loan – The Faster Home Loan Providers in India

In India, we can find a majority of middle class peoples and these people are often found to be building or purchasing houses or apartments to live in. we can see houses under construction almost everywhere nowadays. The money to build these homes is mostly obtained through housing loans in India. Therefore we can say that housing loans in India have become inevitable for buying or constructing or renovation of a home or apartment. We can find a number of housing loan providing companies in India for Indian residents as well as for NRIs to construct a home, to buy a home or plot to build house, or to renovate or refurbish a home.
Indiabulls housing finance limited is one of the fastest growing NBFCs in India. This financing company is setting new benchmarks of brilliance in customer service. Indiabulls has recently announced its landmark plan of providing home loans in just 48 hours of time. With their latest scheme, they have come to the place of one of the fastest home loan providers in India. They have been delivering on its commitment to provide super efficient, quick and low cost home loans solution.
Indiabulls housing finance limited provides quick loan disbursals and a comprehensive range of value-added services. Indiabulls believes in making a deep personal relation with each of its valued customers who avail housing loans from there. The client interface at indiabulls doesn’t end just by granting the loan, but, they provide complete end – to – end solution for their special customers for all their home loan worries in all the fastest possible ways.
At indiabulls, you can avail and enjoy the key advantages like; the dedicated relationship manager, upfront sharing on total loan eligibility, priority services, a wide array of vast pre-approved projects so that you can be problem free of the legal as well as technical issues, easy online access to your home loan account, SMS updates on the file progresses.
Indiabull home loan schemes are available in about 140 towns and cities across India with legal and technical advisory to customers and door step loan services to identify and buy new homes as per their needs, supported by preapproved loans and customized EMI offerings by indiabulls.
Indiabulls housing finance limited issues the home loans in 48 hours and it is subjected to the submission of the complete documents by the customers at the time of file login.

Home Loan in India                    Housing Loan in India

LIC Housing Loans in India

LIC or Life Insurance Corporation is a well established name in the financial field of India. It is also one of the most trusted brands for financial solutions in India. LIC housing finance limited is a part of LIC providing housing loans to the customers in order to fulfill their dream of having a house or apartment of their own. It has been established on 1989 and has been serving their customers to build or reconstruct their homes since then. This service has been preferred by most of the Indians due to the reliable brand name it has in the market.
Housing loans provided by LIC is quick as well as hassle free. LIC provides housing loans facilities for the construction or purchase of flats or apartments or houses. One could also use LIC housing loans for renovating or reconstructing their residence. LIC housing loans are offered on long term basis as well as the interest rates are also low. LIC provides numerous housing loan options for individuals and the customers can select a housing loan from LIC based on the preferences and criterions. Some of the home loan schemes offered by LIC are:
Griha Lakshmi – this is one of the best home loan plans offered by LIC and this plan is strictly applicable only to Indian residents. This plan is offered at competitive interest rates and its tenure period can be 15-20 years.
Griha prakash – the minimum loan amount that can be sanctioned under this plan is 1 lakhs and the maximum loan amount can be up to 85% of the entire cost of the property. This loan plan is applicable for purchasing, constructing, amplification, restoration or for buying a land to construct a house. The tenure period for this loan plan can be of maximum 20 years.
Griha sudhar – this housing loan plan offered by LIC is specially designed for the reconstruction or refurbishment of housing property. The maximum loan amount that can be borrowed under this scheme is around 10 lakhs and the interest rate varies from city to city.
Griha shobha – Griha Shobha is a housing loan scheme offered by LIC, especially for the Indians who are settled in abroad. The minimum loan amount for this scheme is around 5 lakhs and the tenure period to repay the loan can be from 10 – 15 years. This scheme includes the construction, renovation and purchase of housing property.
There are some criterions to enjoy the LIC housing loans. They are;

• The minimum annual income required to avail the housing loan from LIC is 1.5 lakhs.
• Housing finance is provided to NRI’s also if they provide their valid Indian passport.
• To enjoy the LIC housing loans, salaried employees should be of the age group 25 -58 years and self-employed individuals should be between 21 – 70 years of age.

LIC of India offers housing loans at very attractive interest rates. They are not only affordable to the customers but also easily repayable. The fixed interest rate charged by the bank for a period of 0 -20 years is 10.5% – 11% per annum. The floating rate of interest charged by LIC is 9.5% per annum.
Now it’s not an impossible task to earn a home with the housing loans offered by LIC.