If your home has become old and needs improvement, you need to approach Centenary Bank in Uganda to apply for home improvement loan. The terms of the loan and interest rates are as provided below
Home Improvement Loans
Short term loan with both regular and irregular repayments targeted at home owners with regular income earnings for the purpose of financing home improvement either through construction/ renovation residential/commercial houses, erecting of perimeter wall/fence, installation of power and energy systems, kitchenettes, water supply and sanitation systems and building of latrines.
Main features:
- Interest charged on declining balance
- Minimum loan amount is UShs. 100,000/=
- Maximum loan amount is UShs. 30 million
- Regular and flexible loan repayment plans.
- Maximum loan period of up to 36 months.
Basic Requirements::
- Saving or Current account with the bank
- Applicant must have a home to improve.
- Security for the loan.
- Applicant must be resident in the branch designated area of operation.
- Applicant must possess good source of income for repaying the loan.
- Application fee of UShs. 15,000/=.
- Commitment fee of 2% of loan amount.
- Financial card
Benefits:
- Fast and easiest way to improve homes.
- Improves living conditions of customers.
- Manageable loan installments.
- Competitive interest rate.
The best houses to renovate include apartments and town houses. What you need to do is give your tenants notice to relocate, then apply for the renovation loan, which you will get within 48 hours. Then renovate and increase rent with a small percentage. The increase will cater for the loan.
