Home Renovation Loan in UAE
What makes a house a home? A feeling of belongingness, decoration with a personal touch, and a style reflecting your personality. Home renovation is a great way to upgrade your home and give it the value it deserves. Well, home renovations are not a piece of cake as it comes with huge financial ...read more
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With proper planning and financing, home renovation can be fulfilling. With a home renovation loan, you can attain the finances to give your home a modern look or make small changes. If you are planning to revamp your home, explore this guide to find out the essential prerequisites you need to know!
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Understanding Home Renovation Loan
A home improvement loan is like a home loan, but the primary purpose of the loan is to renovate or repair the home instead of purchasing a house or property.
In this type of loan, you can borrow a certain amount from banks or financial institutions to renovate your home. Different banks or institutions are offering home renovation loans with different criteria.
Home improvement loans allow you to fix major and small issues in your house, internally and externally. You can make essential repairs, paint your home, change the ceiling. Plus, you can use the funds to buy home gadgets and furniture.
Why Should You Take Home Renovation Loan?
Here are the reasons why opting for a home renovation loan can prove worthwhile:
- Home improvement loans come with lower interest rates as compared to personal loans
- Enjoy flexible repayment terms and monthly EMIs
- The application requires minimal documentation process
- Apply for a home improvement loan individually or jointly, with your family members or partner
- The approval process for a home renovation loan is quick and hassle-free
- This loan is less risky than other loan types
Eligibility and Documents Required for Home Remodel Loans
Different banks have different eligibility criteria to apply for a home remodel loan in the UAE. A resident or expat can apply for a home renovation loan, and the age typically lies between 21 to 65 years.
Generally, these documents are required while applying for a home improvement loan:
- Passport
- UAE residence visa
- Emirates ID
- Bank statement
- Salary slip (For salaried employees)
- Trade license copy, 2 years audited report, UAE Chamber of Commerce license, Memorandum and Articles of Association (For Self-employed)
- Address proof
- Property documents (If you are taking a loan against property)
- Architect/engineer’s estimate of your renovation work and more
Note: The documents may be varied, and required by the banks or financial institutions. You must be prepared with a copy of the valid documents.
How to Choose the Best Home Improvement Financing Option?
When choosing the best home renovation loans, it’s essential to consider the below-mentioned factors:
- Choose a lender offering the best loan options for you
- Check the eligibility criteria before applying for a home remodel loan
- Look for the interest rate and loan repayment tenure
- Consider one with flexible repayment options
- Be aware of the extra charges or costs associated with home renovation loans in the UAE
Frequently Asked Questions
Yes, you can apply for a home improvement loan in the UAE by simply meeting the eligibility criteria set by the banks.
It depends upon your personal financial need. Furthermore, the amount also depends on your credit score, income, existing loan, and more.
While applying for a home renovation loan, you need to look at various things such as the reputation/experience of the lender, loan terms, loan costs, and more.
Mortgage loans are used to buy a property, and the property works as collateral. It can be seized by the lender if you fail to repay the loan. On the other hand, home renovation loans are a type of unsecured personal loan that can be used to repair or revamp your house.
The approval time depends upon the lender and the applicants’ finances. Many banks in the UAE are providing house improvement loan within a few hours.
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