Homeowner loans, as the name implies, are loans that are granted by offering your home as a security for the loan. They are also called Home Equity loans or Secured Loans. A major plus point of using your house as collateral is that the amount of loan sanctioned is higher than personal loan. Personal loans are generally provided up to an amount of ? 25,000 according to loan rules followed in UK whereas Homeowner loans can go beyond this amount. The advance given depends on the value of the house and credit profile of applicant.
There is another advantage of this finance programme. A homeowner having bad credit history too can avail loan as the loan provider has the property as a security in case of default. Not only this, the interest rate is low as compared to other loans.
If a loan seeker has all the documents complete regarding his property, then the loan is approved within no time.
With a good amount of advance money in hand, a loan seeker is able to do lots of things.
If he wishes, he can modernize the entire house, build an additional floor or a bedroom. He can also use the amount for wedding of his or her daughter, take a trip around the world, consolidate his debts, or for that matter use it for a medical treatment.Depending on the amount of money taken as loan and the value of the property, repayment tenure can be from 2 to 15 years. In some cases it can extend up to 25 year. These terms are agreed upon while signing of the deal.
The coming of internet has eased a lot of problem of a prospective customer. Making a visit at loan provider?s office is absolutely not needed. He can compare the quotes and the credentials of the loan lending companies on net. This way he will be able to grab better deals and chances of approval are higher. He just has to fill in an online application form. Filling the form does not take much time and has some very simple questions on personal and bank details. As soon as the application is received by loan lending company, they authenticate the details and the amount is transferred in to client?s bank account.
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