You may want to renovate your home to carry out essential repairs and maintenance work or to improve its aesthetics and your comfort. However, both can come with a heavy price tag. In order to meet the expenses without any compromise, consider applying for a home renovation loan. Here’s how renovating your home can add value to it.Whether you intend your property to be self-occupied or leased out, it is essential you maintain your home well. This avoids instances of future repairs that can be even costlierRenovating your home on time strengthens it while upgrading its aesthetics. Customised for home remodelling and repair, the home renovation loan from NBFCs offers you convenience in every way. Take a look at a few benefits of availing this loan:
Affordable Personal Loan for Home RenovationSnneha Lukaa September 20, 2019
1. Simple Application Process
You can also benefit from a quick online application, approval within 5 minutes and disbursal of funds within 24 hours of document verification. Availing the home renovation loan is effortless with simple home renovation loan eligibility criteria and minimal documentation requirements.
2. Collateral-Free Loans
You can avail loans at low interest rates without having to pledge a personal asset as collateral. This makes it less stressful as a borrower when applying for a loan. You can use a free online EMI calculator to check the affordability your loan.
3. Unexpected Expenses
Even the most in-depth planning cannot give you the exact cost of your home renovation. This is because all contractors, plumbers, and electricians will only give you an estimate. In an event of catering to the needs of one room, you may be advised to waterproof the adjoining room or fix internal leakage in the external walls. In order to combat such unplanned expenses, you may consider taking a bigger loan amount.To avoid such a costly affair and increased EMIs, choose the flexi-loan facility. This allows you to borrow as you need multiple times from your sanctioned limit, while you pay interest only on the amount you have used. Furthermore, you can choose to pay interest-only EMIs and repay the principal amount at the end of the tenor. Prepayments of this facility come with no extra charge.
4. Track Loan Details Online
Applying for a home renovation from reputed lenders means you will be able to access all your loan information in an instant using the customer portal. All you need to do is log in with your customer ID and password. Tracking your expenses online can help you avoid missing out on payments. In turn, this, or the successful repayment of your Personal Loan increases your credit score. An increased credit score helps you achieve higher loan amounts at lower interest in the future if the need for the same arises.
For better planning of your home renovation project, avoid common home renovation mistakes. You can also use a home renovation loan calculator to plan repayment in advance, so that it stays within your budget.