What is a renovation loan?
A renovation loan, as the name suggests, is a type of loan you can acquire to fund your home improvements.
If you’re looking to repair and refresh your house but don’t have enough budgets to fund the project, a renovation loan can be a huge help. As long as you’re eligible for the loan, you can upgrade your home and add value to it without having to worry about paying in bulk.
Instead, banks and other certified lenders will allow you to pay in monthly installments for up to five years with a fair interest rate. You can use this loan in various home improvements and it can be as cheap or expensive as you want with a loan ceiling of 6 times your monthly income.
Whether you need to fund major urgent repairs like electrical or plumbing needs, or you want to build additional rooms for your growing family, or you’re simply looking to beautify your space, you can utilize this loan as soon as possible. Your financial institution will assess the urgency of your situation and will process your application accordingly.