Effective July of 2015, a new law was passed to allow members to use the Home Improvement Loan to aid homes damaged by flooding. Members can use these loans to install flood control and/or overhead sewer systems. This gives our members the opportunity to make improvements and potentially increase the value of their home; without the burden of interest charges!
Members are eligible to apply for special no-to low-interest loans to repair or remodel their homes.
Various loan amounts are available up to $30,000 at fixed interest rates.
The most popular (Zero interest) loan, a loan of up to $10,000 at 0% interest (5 years fixed).
That is quite a difference from market rate loans. So members can increase the value of their homes while saving thousands of dollars in interest at the same time.
Members of the Southwest Home Equity Assurance Program can apply for the Home Improvement Loan at Marquette National Bank or Hoyne Federal Savings Bank.
The process is the same as for a regular home equity loan: and applicants must be approved by the lending institution.
Once approved, you must use the loan for future repair, maintenance, remodeling, alteration or improvement of the landscape in the guaranteed property made from date of application to a period no longer than six months. Any home improvements made prior to the date of application are ineligible for the subsidy payment.
To apply for the Home Improvement Loan, you can contact the bank listed below:
Marquette Bank 6316 S. Western Ave., Chicago, IL 60636 773-476-5110 www.emarquettebank.com
Hoyne (formerly known as Prospect Federal Savings Bank) 6858 S. Pulaski Ave. Chicago IL. 60629 773-581-6500