Why You Should Take A Personal Loan For Home Renovation
Nishant Vivek 20 July 2018
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You may want to renovate your home to carry out essential repairs and maintenance work or to improve its aesthetics and your comfort. 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.
 
Renovating Your Home Adds To The Property Value
 
Even though you may not consider selling your property at the moment, it will be profitable to add to its value while the option is still economical. Renovating your home makes your home as good as new. This is exceptionally useful during a time when the real estate prices are on the rise.
 
Home Renovation Is Essential For Maintenance 
 
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 costlier. 
 
Renovating 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:
 
1. You Can Avail A Collateral-free Loan
 
You can avail up to Rs.25 lakh at low interest rates without having to pledge a personal asset as collateral. You can use the EMI calculator to check the affordability of the same. 
 
2. 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. 
 
3. You Can Take Care Of 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. You Can Track Your Loan Details Online
 
Taking a best Personal Loan for 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.  
 
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