{"id":5861,"date":"2013-08-30T16:36:10","date_gmt":"2013-08-30T08:36:10","guid":{"rendered":"http:\/\/www.imoney.my\/articles\/?p=5861"},"modified":"2015-02-26T12:03:53","modified_gmt":"2015-02-26T04:03:53","slug":"loan-for-home-improvement","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/loan-for-home-improvement","title":{"rendered":"Renovation Loan: Finance Your Home Improvement Projects"},"content":{"rendered":"<p style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-5862 aligncenter\" alt=\"home on money\" src=\"\/articles\/wp-content\/uploads\/2013\/08\/Juma-Using-Your-Home-Renovation-to-Lower-Your-Tax-Bill1.jpg\" width=\"404\" height=\"287\" \/><\/p>\n<p>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 financial institutions, it may be a good idea to stay put at your home.<\/p>\n<p>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 with where you live, don&#8217;t move&#8230; improve!<\/p>\n<p>Here are some of things you need to consider before getting the renovation loan for your dream home.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"The-reason\"><\/span><b>The reason<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>It\u2019s 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, the loan can help replace that roof, windows or bathroom. Once you are convinced that you absolutely need the loan, it\u2019s time to shop for one.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Shopping-for-banks\"><\/span><b>Shopping for banks<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Before you begin your selection process, get some quotations to gauge how much money you need for the improvement work. After determining the amount you need, start looking around for the best loan packages available. Use website like <a target=\"_blank\">www.imoney.my<\/a> to see what\u2019s currently in the market and weigh the pros and cons.<\/p>\n<p><a href=\"\/home-loan\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" alt=\"homeloan-728x90\" src=\"\/articles\/wp-content\/uploads\/2013\/11\/homeloan-728x90.jpg\" width=\"728\" height=\"90\" \/><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"And-the-alternatives\"><\/span><strong>And the alternatives?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Other than renovation loan, you can also consider personal loan or refinancing your existing home to get the cash needed for the refurbishment. The bank of your existing home loan may be open to restructuring your home loan with better interest rates, subject to conditions. Always talk to your agent to discuss options.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"The-requirements\"><\/span><strong>The requirements<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>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.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"The-bank\"><\/span><strong>The bank<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Choose the bank not just based on the terms and conditions but also on the services provided. You will be dealing with the bank frequently once your loan is in effect, it is prudent to choose the bank that is able to best cater to your needs.<\/p>\n<p>&nbsp;<\/p>\n<h3><strong>Need that cash for renovation? Here are <a href=\"\/articles\/2-types-of-loans-for-home-renovation\/\" target=\"_blank\">two types of renovation loan you can apply<\/a>.\u00a0<\/strong><\/h3>\n","protected":false},"excerpt":{"rendered":"<p>Are you sick of the creaking floorboard and the rickety stairs in your house? Here are some things you need to consider before getting a renovation loan.<\/p>\n","protected":false},"author":1,"featured_media":5862,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[239,21],"tags":[],"class_list":["post-5861","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-home-loan","category-properties"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Renovation Loan: Finance Your Home Improvement Projects | iMoney<\/title>\n<meta name=\"description\" content=\"Are you sick of the creaking floorboard and the rickety stairs in your house? 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