Are you sick of the creaking floorboard and the rickety stairs in your house? Perhaps it is not the time to throw in the towel yet. With renovation loan offered by most banks and finance institutions, it may be a good idea to stay put at your home.
Making improvements such as adding a room, a new porch or even stairs could make a huge difference, not only in how much you enjoy your home, but in its value as well. So if you are happy where you live, don’t move… improve!
Here are some of things you need to consider before getting the renovation loan for your dream home.
The reason
It’s time to properly refurnish your home or you have just bought a new home and it needs an update to fit your family. Whichever scenario it is, renovation loan can help replace that roof, windows or bathroom. Once you are convinced that you absolutely need the renovation loan, it’s time to shop for one.
Shopping for banks
Before you begin your selection process, get some quotations to gauge how much money you need for the renovation work. After determining the amount you need, start looking around for the best renovation loan packages available. Use website like www.imoney.my to see what’s currently in the market and weigh the pros and cons.
And the alternatives?
Other than renovation loan, you can also consider personal loan or refinancing your existing home to get the cash needed for the refurbishment. Your existing home loan bank may be open to restructuring your home loan with better interest rates, subject to conditions. Always talk to your agent to discuss options.
The requirements
Like any other loans, you need to have a good financial standing and credit history to get approvals. Ensure you have a clean slate before applying for any loans and your financial situation allows a loan of the amount needed.
The bank
Choose the bank not just based on the terms and conditions but also on the services provided. You will be dealing with bank frequently once you loan is in effect, it is prudent to choose the bank that is able to best cater to your needs.
