09 September 2011
Home Loans for Artist Studio
Every artist need special place for their professional materials and to work from. Though every artist dreams of owning a studio of their own not many would have the luxury of owning a studio. It would be nice to own an artists’ studio and what better way to purchase it sooner than on loan, where you get to independent professionally and also own a private work place.
Like any other loan even artists’ can apply for loans and get it approved if they have the repayment capacity and fulfill the eligibility criteria for housing finance companies. How to go about purchasing a artist studio on loans? Same rules apply for artist as they come under the special category of self employed professionals. With art prices on a steady rise and paintings going at such high rates now even lending institutions are willing to bet on artists and offer loans. Usually any lending institution who is offering loan will wish to know the financial position of the borrower. Their monthly income and their repayment capacity is one of the most important criteria to get your studio loan approved. Since artist studio would amount to a less area there will also be less tenure for repayment and one can negotiate it at a lower rate of interest.
An artists’ studio would not be of a larger area and usually accommodates a hall and a small pantry or kitchen along with a wash room. Sometimes it may just be a square room with a door and window. The main criteria that would be considered for approval of loans for an artist studio would be the standing of the artist. Whether they are new or an established artist would matter much for approval of any loan. If you have a base and have many paintings sold to your credit and are a known name among the art world it would become very easy to get your home loan approved for an artist studio. If you are a new artist then the procedure might be some what different as you will need to make clear your financial income position and your assets along with your other property or income proof.
Home loans for artist studio are also available from any housing finance company or private lender according to your repayment capacity. You can get a loan by mortgaging your property and own an artist studio or if you are working as a teacher or running an art class well and good as you have a monthly salary proof.