Should You Take A Personal Loan For Home Renovation?

 

Should you Take A Personal Loan For Home Renovation

Making improvements to your home is quite common. Refurbishing is an excellent way to give your home an updated look and create a comfortable space to live. Everybody wants their home to look beautiful and unique. But to maintain it properly from time to time requires funds. Various lenders offer these types of loans to the borrowers to improve their houses. Home improvement requires a significant amount of funds, so you can use a home renovation loan to get it done. It is an unsecured loan which is useful when you don't want to put your home up for a mortgage. There might be various other financing options available in the market but opting for a personal loan is the best one indeed.

Personal loan rates and the simple and quick process is the most attractive thing about such loans. The rising cost of labour and material needs to be taken into consideration while estimating the total expenditure. The financial companies assess your requirement and provide various options that fulfill them. You must be careful about the possibilities as the credit market is quite competitive, and you might not want to end up with poor options. So, if you have finalized your new décor designs and ready to refurbish your house then read on.

Renovating your home adds value to it and is essential for its maintenance. There are customized loan options provided by NBFCs which offer you convenience in all ways. Take a look at a few perks of availing this loan:

Advantages of Availing Personal Loan For Home Renovation

1. Collateral Free Loan

As a home renovation loan is an unsecured personal loan, there is no need to provide any collateral while borrowing. The collateral-free feature of the loan speeds up the process as you don't have to wait for your collateral paperwork.

2. The Simple Loan Application Process

Most of such loans are available through the online application process either on the company's website or the application, which in general takes not more than 15 minutes for approval. There are times where the verification of documents and approval of the loan takes place in 5 minutes. Availing credit is easy due to simple eligibility criteria and minimal paperwork and documentation requirements. You get the funds in your account within 24 hours.

3. Unexpected Expenditure is Taken Care of

It isn't easy to decide the precise amount of funds that you will require to renovate your home. What you get from your plumber, contractor, electrician, and interior designers is just the estimate, and the actual cost may vary. In case of such situations when sudden expenses of waterproofing, fixing internal leakages, etc. arise, you must be able to tackle it by considering a higher loan amount.

4. Flexible Borrowing

Financing companies provide flexible loan options where you can use the part of the total sanction and pay the interest on the same. Besides this, you can choose to pay the interest-only EMIs initially and pay the principal at the end of the tenure. Thus, according to the availability of your cash flows, you can schedule your repayment.

5. Online Loan Tracker

Information regarding your loan is accessible online. The details of your personal loan rates, repayment tenure, the amount sanctioned, limit available, EMI, etc., are available at just one click. You can check your eligibility, calculate EMIs, and pay your installments online. You are provided with unique login details to track your loan account.

Conclusion

The home renovation comes with a hefty price tag, and that's where a home renovation loan is required. Making significant changes within a limited amount can impact the overall quality and finish. A personal loan can help combat the arising of unplanned expenses. A personal loan fulfills all the requirements of your home renovation at your convenience, with a flexible repayment schedule and without disrupting your savings.

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