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Fullerton India Home Finance Co. Ltd. is now SMFG India Home Finance Co. Ltd.

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Home Improvement vs Home Extension Loan: Know the Differences

Difference between Home Improvement Loan and Home Extension Loan

We all love living in a good home and on timely basis we keep on doing home improvements in our homes as it adds substantial value to our living style. Home improvement could include remodelling, painting, internal and external repairs, and even bigger construction work such as adding a floor or a washroom. It is an expensive thing but then there are several financing options available for home improvements.

Home Improvement loan is available at attractive interest rates from SMFG Grihashakti depending on the applicant’s profile and eligibility. Further, home improvement loans can be availed of typically for a tenure of 15 years.

A true Home Improvement loan is based on the appraised value of the renovations you plan to carry out. When you apply for an actual Home Improvement loan, the lender requires you to obtain bids from the contractor you plan to hire for your project. The lender will then appraise the bid to make sure it reflects a reasonable price and proper quality of work. After checking the bid and your credit, the lender will offer you a loan to cover the price of the work. The lender will inspect the work periodically before releasing payment to the contractor.

On the other hand, a home extension loan - as the name indicates, is used to extend your existing home - like adding a new room, a new balcony, etc.

A home extension loan is an ideal choice if you want to increase the living space in your current home. For situations such as a growing family, need for a work space(s) / study space(s), and so on; home extension is certainly amongst the most cost-effective ways to fulfil this need for more space. Easy home extension loan availability to finance the activity is an additional benefit of this solution.

SMFG Grihashakti offers exciting home extension loans to eligible applicants. Apply today to know more.

Disclaimer: *Please note that this article is for your knowledge only. Loans are disbursed at the sole discretion of SMFG Grihashakti. Final approval, loan terms, disbursal process, foreclosure charges and foreclosure process will be subject to SMFG Grihashakti’s policy at the time of loan application. If you wish to know more about our products and services, please contact us.

SMFG India Home Finance Co. Ltd. (Formerly Fullerton India Home Finance Co. Ltd.)
CIN number: U65922TN2010PLC076972
IRDAI COR No: CA0492

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