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Home renovation is an ideal way to revamp the look and feel of the house Personal Loan . Apart from adding beauty to the house, regular maintenance also helps maintain its structural integrity. Apart from the looks and strength, home renovation also has some financial benefits. While purchasing a new house requires lots of funds going up to Lakhs, renovating the existing structure is a cheaper alternative to accommodate the family’s changing needs. Moreover, it increases the property’s value if the owners plan to sell it.
So, those looking for a modern and more luxurious house will find renovation the best way to achieve that goal. However, when it comes to finances, a Personal Loan for home renovation can make the necessary funds available quickly, allowing owners to design the new interiors or exteriors the way they want.
Why a Personal Loan Makes Sense for Home Renovation?
Premature withdrawals from investments or draining the savings are never a good idea unless it’s an emergency, and home renovation is usually not one of them. Therefore, the next alternative one may opt for is an unsecured home renovation loan.
Earlier, a Personal Loan did not work for all due to its hefty documentation requirements, strict eligibility criterion, and lengthy application procedures. However, many NBFCs have now made them accessible online without branch visits and paperwork. Apart from all that, they offer ample loan amounts with no end-use restrictions and do not demand collateral for security. Therefore, a Personal Loan for home renovation is a one-stop solution for all these issues without incurring unreasonably high-interest rates.
Features and Benefits for Home Renovation Loans
Here are a few features and benefits one must know about Personal Loans for home renovation:
Easy Accessibility
Personal loans are easily accessible from conventional lending institutions to Fintech finance providers, providing attractive offers. To obtain the required funding, an individual just needs to visit their Personal Loan login website or app and fill out an online application form. If the applicant meets their eligibility criteria and provides the necessary documents, they almost approve and disburse the loan instantly. Most loan providers process these loans through digital processing in less time.
All that makes it easy for borrowers to fund their home renovation projects with Personal Loans. They can use a Personal Loan to bear all expenses related to their home renovation, including home repairs, remodelling, interior designing, bathroom or kitchen renovation, etc.
Repayment in Convenient Tenure
Personal Loan providers allow borrowers to choose a loan tenure based on their repayment capacity. Generally, the Personal Loan tenure periods vary from 12 to 72 months, allowing borrowers to opt for an appropriate tenure with budget-friendly EMIs. Remember, a longer term lowers the EMI amount and vice versa. A Personal Loan EMI calculator helps make an informed decision regarding the loan amount, EMIs, and repayment tenure.
Minimal Documentation Required
When an individual applies for a Personal Loan for home renovation, the documentation required is minimal. They just need to provide a few documents, including their identity, residence, and income proof. Self-employed professionals will need to provide a few additional documents, like their office address proof, proof of business continuity, bank statements, etc. The processing is 100% online for Personal Loans, so borrowers need to submit the required documents through the lender’s portal directly.
No Collateral Requirement
Borrowers do not need to provide any collateral, security, or guarantor to obtain a home renovation loan. Personal Loans are unsecured loans that are easier and faster to process due to no collateral-related formalities. Therefore, borrowers can protect their assets by applying for a Personal Loan.
Quick Disbursal of Funds
Personal Loan approval from technologically advanced NBFCs takes just a few minutes. As soon as the loan seeker submits the application form, the lender starts working on it. Modern NBFCs have automated software systems to match the eligibility conditions and verify the documents. So, as soon as the applicants pass the eligibility criteria, they get an e-approval and a loan offer. If they accept the loan offer, the lender disburses the loan into their account.
Things to Consider When Applying for a Personal Loan for Home Renovation
Here’s how borrowers can get the most out of their Personal Loans:
1. Setting the Home Improvement Goals: Once borrowers decide on a loan amount using a Personal Loan eligibility calculator, they can visit the lender’s website or download their app to start the application process. The best thing is that these loans have no end-use restrictions, making them an ideal funding option to pay for materials, labour, designers, etc.
2. Comparing Loan Offers: Lending institutions have different loan offers with varying loan amounts, interest rates, repayment terms, and other conditions. Those with high credit ratings get better loan offers with lower interest rates and favourable terms and conditions. They easily qualify for higher loan amounts with faster approvals. So, one must compare loan offers from various providers and opt for one that best suits their requirements and repayment capacity.
3. Checking for Eligibility Conditions: These days, getting sanctioned for a Personal Loan is quite easy. However, different loan providers have unique eligibility terms that one must meet to obtain the required funding. Most eligibility conditions include the applicant’s age, salary, work experience, years in the current residence, etc. Moreover, they must have a good credit history to prove their credibility and intention for timely repayment.
4. Opt for a Suitable Tenure: To ensure comfortable repayment without straining the finances, one must pick a loan offer with flexible repayment options. They must use a Personal Loan EMI calculator to choose a repayment term that perfectly fits their monthly budget. Opting for a longer repayment tenure keeps the EMIs cost-effective. However, those who want to become debt-free sooner and save money on the interest outgo much choose the shortest possible loan term.
While planning to remodel the home, homeowners no longer need to break their emergency fund. Instead, they can obtain a Personal Loan for home renovation and repay at their convenience. Visit the selected lender’s website or download their app to apply today.
1. Setting the Home Improvement Goals: Once borrowers decide on a loan amount using a Personal Loan eligibility calculator, they can visit the lender’s website or download their app to start the application process. The best thing is that these loans have no end-use restrictions, making them an ideal funding option to pay for materials, labour, designers, etc.
2. Comparing Loan Offers: Lending institutions have different loan offers with varying loan amounts, interest rates, repayment terms, and other conditions. Those with high credit ratings get better loan offers with lower interest rates and favourable terms and conditions. They easily qualify for higher loan amounts with faster approvals. So, one must compare loan offers from various providers and opt for one that best suits their requirements and repayment capacity.
3. Checking for Eligibility Conditions: These days, getting sanctioned for a Personal Loan is quite easy. However, different loan providers have unique eligibility terms that one must meet to obtain the required funding. Most eligibility conditions include the applicant’s age, salary, work experience, years in the current residence, etc. Moreover, they must have a good credit history to prove their credibility and intention for timely repayment.
4. Opt for a Suitable Tenure: To ensure comfortable repayment without straining the finances, one must pick a loan offer with flexible repayment options. They must use a Personal Loan EMI calculator to choose a repayment term that perfectly fits their monthly budget. Opting for a longer repayment tenure keeps the EMIs cost-effective. However, those who want to become debt-free sooner and save money on the interest outgo much choose the shortest possible loan term.
While planning to remodel the home, homeowners no longer need to break their emergency fund. Instead, they can obtain a Personal Loan for home renovation and repay at their convenience. Visit the selected lender’s website or download their app to apply today.
