HOME REPAIR GRANTS

Home is the basic need of a man. Every person and even a forest animal also wants a nice home where he can take shelter in inclement weather, take rest and enjoy the life. But for every body it can not be possible to be a owner of new home. The reasons are different for different people, but one reason is mostly common, it is lack of finance. So, many families want to repair their old homes and modify the building to some extent. For this alteration/modification home repair grants are necessary.

The main source of availing home repair grants is the various banks. But it is advisable to use earning and savings amount for home repair. As this will not cost any interest, but grants in the form of loan will cost more due to interest you have to pay. Even at last if it is not possible to repair a home with out a grant then consider few facts before accepting a grant.

First you have to estimate the required amount for the repair. If the grant is free then it does not matter from whom you get the grant, but if it is a loan, then please consult a developer or builder to find out the best one in respect of interest rate, flexibility and tenure. Generally home repair grants/loan has lower interest rate than housing loan and less repayment tenure. Mortgage is a drawback in this sort of assistance. So you have to search out the companies/ agencies which deal in home repair assistance without asking for mortgage.

If your home is damaged in natural calamities like flood, strom, earthquake or fire so on then you can avail home repair grants from the government that comes interest free. For this you may be required the proof of the damage. In India a recent scheme ‘Indris Awas Yojona’ also helps the middle and poor classes people to get free house and a free lump sum house repair grant. For city area ‘Jawahar Lal Nehru National Urban Renewal Mission’ is arranging such grants. This scheme is ideal for people having old flats in a city which is declared unsafe by a municipal corporation or such other housing bodies. The MHADA( Maharastra Housing and Area Development Authoriy) is a noted government body to grant financial assistance for house repair through out Maharastra.

Many companies take tender to repair houses with their own finance first and there after claim the total amount for renovation/ repair the house. Following factors is notable for house repair grants.

• The grant should have to be supported by legal documents. Sign the documents after going through it.
• Know the management of the repairing company.
• Try to get loan from bank and other government financial agencies as it safe in all respects.
• New repaired house should be insured to secure its future existing.