Home renovation loans allow homeowners to borrow money based on the value of their property, providing the necessary funds to cover the costs of repairs, upgrades, and additions. These loans can be either secured or unsecured, with secured loans requiring the property itself as collateral to protect the lender from financial loss.

The specific terms of a home renovation loan, such as interest rates, repayment periods, and eligibility criteria, can vary depending on the lender and the type of loan you choose. Once approved, you can use the funds to complete your desired home improvements and repay the loan through regular monthly instalments over the agreed-upon term.