Looking for a way to improve your home, but lack the means to do it right now? To help out homeowners who want to fix up their domiciles the City of Philadelphia has partnered with area banks to provide low-interest home improvement loans.

The loans are offered by PNC Bank, Bank of America, Citizens Bank and Commerce Bank, and have a 3% interest rate for families that qualify and 5% for those whose income exceeds set amounts. There are no equity or home-appraisal requirements, and homeowners can borrow up to $25,000. However, the money can only be used for certain kinds of improvements, like water heaters, cabinets, storm windows, insulation, etc. Ineligible improvements include air conditioners, hot tubs, satellite dishes, etc. A full list of eligible and ineligible improvements and the guidelines for low-interest qualification are available at www.PhilaLoan.com. Additional information is available at 1-877-4-U-PHILA.

Philadelphia Home Improvement Loans are funded through the City’s Neighborhood Transformation Initiative.

OneNeighborhood.org wrote this summary.