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Home improvement loans can help you cover anything from a trendy kitchen upgrade to a much-needed roof repair.

What is a Home Improvement Loan? Eligibility, Features & Documents Required | Indiabulls Home LoansIn most cases, your property value will be lower than the loan amount, which is one of the reasons why the interest rate you’ll pay for the home improvement loan might be higher than the interest rate you’ll pay for a new loan to purchase a new home.

Although there are many home improvement loan products available, the following types of home improvement loans are more common:

Home Improvement Loan Package (HTLP)

The HTHP can be a convenient alternative to buying a home and can get your home ready to be lived in in just a few short months. The HTHP is an installment-based loan that gives you several types of options. Visit https://www.sofi.com/personal-loans/home-improvement-loans/ to get all the details!

You’ll pay just a few percent of the purchase price each month for the first few months as a deposit, with the balance coming due after the first year is up.

You can choose a fixed or variable interest rate. You’ll be responsible for paying the interest on the loan while you own the home, however, if you sell, you’ll be responsible for paying it back. You can borrow up to 20% of the purchase price, though only you will pay interest on the loan. You can borrow up to 25% of the purchase price, though only you will pay interest on the loan. The HTHP is a good alternative to a mortgage, and you can buy with it even if you’re at a low income or have other financial challenges. If you want to use it to buy a home, check out our post on the HTHP.

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