You might have recently purchased a house, but it’s far from being a home yet. A home is more than just a roof and four walls. The aesthetics, décor, and comfort play an essential role in making it a more livable and loveable space. You can add this final touch to your ideal home with a home renovation loan.
What is a home renovation loan?
Just like a home loan is taken to buy a home, a home renovation loan is taken to renovate your home. You can use it for every kind of home improvement project. Right from funding tiling work, to new flooring, painting or buying furniture, you can use a home renovation loan to improve your home as you please.
It gives you the advantage of renovating your home in one go instead of taking it up slowly as and when you have the funds for it.
How to get a home renovation loan?
Both banks and financial institution offer several loan options that can be used for home renovations. One among them is a Home Renovation Loan. Since Personal Loans can be taken for every kind of personal need, you can use it to fund your home renovation expenses too. You can use it as a home improvement loan, home renovation loan or a home repair loan. They all come under the category of Personal Loans.
Using Personal Loans for home renovation
Personal Loans can be used freely for all home renovation needs. Unlike most loans, you won’t be questioned about how you intend to use the loan. You can use to renovate or refurbish your home however you wish. Moreover, these Personal Loans are unsecured loans. You don’t need to pledge a personal asset as collateral when taking the loan. You simply apply for the loan and pick the most convenient EMI terms for yourself.
Applying for a Personal Loan for home renovation
The Personal Loan eligibility criteria are simple and hassle-free. Lenders need to make sure you can repay the loan. To do so, they check your CIBIL score and your monthly income. Based on this, they evaluate your ability to repay the loan amount.
Additionally, minimal documentation is required when applying for a Personal Loan, which makes it a quick process. In fact, you can go through the Personal Loan online application and apply for it within minutes.
Some Non-Banking Financial Companies (NBFCs) offer pre-approved Personal Loan offers, along with other financial products like home loans, business loans etc. This further eases the time and effort put into applying and availing the loan. All you have to do is share your details.
The best thing about taking home renovation is that you can use it for something as small as general repairs or for something as big as adding a new floor to your home. You can use it to pay your contractor in one go instead of delaying and adding to late-payment charges. A Personal Loan is a simple and convenient option when it comes to financing your home renovation.