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On renovating your home

On renovating your home

On renovating your home

Remember that to build additional rooms, plan a terrace etc. you need to get the approval of corporation authorities and other construction regulatory bodies. You can avail tax benefits under Section 24 for obtaining a home loan for renovating your existing home.

The festive season is underway and lasts as it usually does till the middle of January. Many of you would be thinking about changes in your lifestyle, your surroundings and probably organize family get togethers as well. At such a point in time, when you want to have a flurry of guests over, is when you casually look around your home, planning the event and imagining how your home needs to be transformed to celebrate the festivities. This is usually the time it strikes you that your home needs to don a new look and feel.

Else if you are like most of us, with Pongal round the corner, you could be waiting for a month more, to paint your home, throw in a few extra rooms, to accommodate a growing family tree and remodel your furniture to keep up with times. With festivities to take care of you might mull over the cash inflow needed to renovate your home. Fret not, banks do offer loans for home renovation as well.

Here is a brief guide on points to remember when you search for a home loan to renovate your existing home:

a. Remember that to build additional rooms, plan a terrace etc. you need to get the approval of corporation authorities and other construction regulatory bodies.

b.You can avail tax benefits under Section 24 for obtaining a home loan for renovating your existing home.

c.Prepare and get your documents in order for your loan. Take care to see that your document checklist includes the following documents as well:

- Title deeds for the past of 13 years

- Encumbrance certificate for the past 13 years

- ‘Khata’ certificate

- Most recent tax receipts for the property

- Approved plan

- License for the extension

- Cost estimate from a qualified engineer

- Cost estimate from the architect

Happy Festivities!

Last Updated: Mon Aug 26 2013

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