The home improvement loan allows for necessary renovations to a house. Whether it’s to beautify it, expand it, make it more comfortable, or optimize its energy performance, it’s important to properly prepare your project file to hope to obtain financing.
The step of compiling the file deserves all the attention, regardless of the nature of the loan requested. Even if the borrower has the choice between the different forms of home improvement loans available, they should not forget that the ideal loan is the one that best matches their profile and financial situation.
Essential documents for obtaining a home improvement loan
A carefully prepared home improvement loan file is already a big step towards obtaining the loan.
Among the documents that must make up this file are:
- the authentic deed, intended to justify that the building subject to the work indeed belongs to the borrower. This is most often a title deed or, failing that, an extract from the property tax roll issued by the competent authorities.
- Copies of the identity cards of the debtors or guarantors, if they exist, must be added to this file for a home improvement loan.
- It is also important to request a quote from the professional responsible for carrying out the planned repairs and attach this document to the file.
- To complete the file, the borrower’s income statements, that is, the last three pay slips accompanied by a bank account statement, must be provided to the bank so that it can define the repayment capacity.
- Finally, if there are ongoing loans, it is imperative to inform the credit institution through a supporting document.
Other advice and recommendations
To help the borrower properly prepare their project file and compare different offers, there are free online simulators, including the one we offer on each page of our site. It will allow you to get all the details about your loan, including fees.
In cases where the work to be done is significant, using the services of an architect is advisable. They can indeed gather all the quotes from several providers and propose the best choice. They can also harmonize the various projects to avoid any loss of time and money.
It is also recommended to be present on the site as often as possible to be able to react immediately in case of a problem. You must also remain very vigilant at the time of the work’s completion and not hesitate to make reservations.
For more information:
- Visit this page to discover our “home improvement loan” product
- Also, check out our article on the Breyne law