Home renovations don’t come cheap. Whether you’re planning to remodel your living room, fix the roof or rain-proof your home, you’ll need a substantial budget to cover all costs. If you’ve already planned ahead, you might have built savings for it by now. However, if you’ve not pre-planned your home renovation, you can always get a little help with finances.
Banks and financial institutions offer several home improvement loan options. A Personal Loan is one such option that can be availed when you’re seeking finances to renovate your home.
Using a Personal Loan for home renovation
A Personal Loan can be taken to finance any individual needs. This means you can use a Personal Loan for home renovation too. There is no restriction on how you utilize the loan amount. You can use it to fix leaking pipes, paint your home, build an extra floor, pay your contractor etc. The lender will not question you about how you intend to use the money. Personal Loans are convenient to use and easy to get too and thus, can be considered as a preferred option when financing your home renovation.
Moreover, there are multiple benefits of availing a Personal Loan too.
Benefits of Personal Loan for home renovation
1) No collateral needed
Personal Loans are unsecured loans. You do not need to pledge a personal asset like a home or your jewelry as security when availing the loan. Non-Banking Financial Companies (NBFCs) offer unsecured Personal Loans of up to Rs. 25 lakhs for home renovation needs. This gives you the opportunity to make the most of the loan amount and give your home a good quality makeover.
2) Easy to apply
Home Renovation Loan eligibility criteria are also quite simple compared to most loans. There is minimal documentation required when applying for a Personal Loan for home renovation. Moreover, these days you even get Personal Loans online where you don’t have to run around bank branches and offices to get a loan.
3) Easy to get funds
Most lenders consider your Personal Loan application based on your ability to repay the loan. Your CIBIL score and your monthly salary are two solid factors that help them decide if you’ll be able to comply with your EMIs. Once you qualify this test, your Personal Loan approval gets through quickly. Since there is no multiple documentation required, the processing time is reduced too. Additionally, Personal Loan pre-approved offers further quickens the process of getting the funds. Therefore, using a Personal Loan as a home renovation loan is a good idea, especially when you need urgent cash to fix a leaking roof or a broken pipe.
Once you have your home renovation budget ready, you can use a Personal Loan to obtain the funds. The convenience of a Personal Loan makes it an excellent option to fund something as small as a home repair to something as significant as a home remodeling. You can pick your EMI terms when applying for the loan and then conveniently repay it back.