Home improvement loan comes under the category of secured loans. It means for these loans, you need to offer some of your assets as collateral to secure the loan amount. It can be your home, vehicle, property or any other assets, and will be seized by your lender in case of non repayment of the loan amount. For bearing this risk coverage factor, your lender will facilitate you with a large number of benefits like lower rate of interest, larger loan amount, flexible terms etc.
You can make use of home improvement loan for repair of kitchen, or any other part of the home, adding an extra room for more space or even for setting up a swimming pool. The requisite for this loan is that you should be a home owner. You can provide a whole new look to your home with home improvement loan.
Another thing that needs consideration, while applying for home improvement loan is the worth of your collateral that is your house. The repayment term is usually ten years or so and can be extended to a term of fifteen years.source : http://www.online-home-improvement-loan.co.uk/renovate_your_sweet_home_with_home_improvement_loan.html
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