Home Improvement Loan

POSTED BY CA Karan Batra ON May 24, 2013 10:19 pm ONE COMMENT

I require a loan for some personal reason

 

I found the cheapest rate of interest on Home Loan/ Home Improvement Loan

 

So, I was planning that I take a Home Improvement Loan. Only an architect’s certificate of the estimated cost of improvement is required. 

 

So, assuming that I take a home improvement loan, is it necessary that I spend it on the improvement of the house… I mean how will they check..

 

Moreover, is the loan amount disbursed on my name or on some third party’s name ????

One reply on this article “Home Improvement Loan”

  1. Dear Karan, please do not indulge in what you are trying to. For your personal need (as you do not require loan for improvement), please opt loan against property. In case of home improvement loan, the bank ‘ll issue loan amount in tranches & ‘ll cross check the actual construction work done by you. In case of no actual construction from your side, the bank may not issue the remaining amount to you & at the same time, may start recovery procedures for utilisation of loan amount other than the stated object.

    Thanks

    Ashal

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