Home Improvement Loan

Security

 Security for the loan is a first charge by way of an equitable mortgage of the property to be financed and/or such other collateral securities
as may be deemed fit by PNB Housing. Additional/ interim security may be required as acceptable to PNB Housing.

Frequently Asked Questions

Are home improvement loans secured

Yes. A home improvement loan is usually a secured loan. The property being improved is taken as security through an equitable mortgage. Extra security may be asked if required. This helps protect the loan and ensures smooth approval and repayment for the customer.

Can I get a home improvement loan without collateral

PNB Housing generally offers secured renovation loans. A home improvement loan without collateral is normally not available because the property is used as security. Some lenders offer an unsecured home renovation loan, but PNB Housing follows a secured structure to keep the process safe for both customer and lender.

What is an unsecured home renovation loan

An unsecured home renovation loan is a loan given without using any property as security. Approval depends mainly on income and credit history. PNB Housing does not normally offer this type because its home improvement loans are secured through an equitable mortgage of the property being renovated.

Can my existing property be used as security for a renovation loan

Yes. With PNB Housing, your existing property can be used as security for a home improvement loan. The property is kept as the first charge through an equitable mortgage.