Can you borrow money on your Mortgage to Renovate or Expand your Home ?

Can you borrow money on your Mortgage to Renovate or Expand your Home ?

Can you borrow money on your Mortgage to Renovate or Expand your Home ?

expansion beit shemesh

You can borrow between 60 -75% oft he value of your property for Renovation and Expansion of your home. For example if your property is worth 1 million shekels, you can borrow between 600,000 and 750,000 shekels of the value of your home. The reason you can borrow so much is because renovation and expansion increase the value of your home so the banks are happy to lend you the money, as they deem the loan as a low risk for them, since the price of your home will for sure go up after expansion and renovation.

 

 

Can you borrow money on your Mortgage to Renovate or Expand your Home ?