Renovate your Home Easily with Loan Against Property Renovation Loanby Alisha Antil Financial Blogger
Home is where the heart is, and to ensure your heart is in the right place, your home should be a reflection of all that you desire. Daily expenses and your children’s needs often take priority and the way your house looks and feels takes a backseat. But it doesn’t have to. You can spruce up your home in just a few clicks with Loan Against Property. Unlike a home loan, which you avail to purchase a new house, loan against property for home renovation allows you to avail a loan against your existing house to renovate it. While you may consider a personal loan to get the same job done, here are a few reasons why a loan against property for home renovation is a better idea.
The Interest Rates are much Lower
When you avail an unsecured loan for home renovation, your interest rate will be high. With a secured loan like a loan against property, your house becomes your collateral. Thus, your interest rates will be much lower. This will help you repay the loan much more affordably while tackling all the home improvement expenses without any compromise. The Loan Against Property gives you up to Rs.3.5 crore as per the value of your pledged property.
There are Tax Benefits
If you wish to use the loan for improving your home, which includes any work to make structural changes to your home that will increase the value of the property, you can avail a tax benefit. The tax deduction can go up to Rs.30,000 per annum, based on the interest you are paying on your loan.
The Application Process is Easy
The criteria to apply for a loan against property is easy. For example, if you apply for this loan, as a self-employed professional you will need to be between the age of 25 and 70 and show a regular income to be eligible. As a salaried individual, you will need to fall between the age of 35 and 58 and be employed in an MNC, private company or the public sector. The loan is available to you if you reside within select Indian cities and the documents required in either case are minimal. You will only need your latest salary slips, bank account statements, PAN or Aadhaar card, IT returns and copy of the documents of the property you wish to mortgage. This quick and easy application makes it more convenient for you to avail of the funds you need.
Additional Read: Renovate Your Home with a Home Improvement Loan against Mortgage
The Loan Disbursal is Quick
Your dream house will become a reality in no time with Loan Against Property. Once your papers are submitted, the loan disbursal process takes less than 72 hours. They also offers a doorstep service to collect all the necessary documents to simplify the process further.
The Tenor is Flexible
Enjoy your newly renovated house without any repayment stress. The long tenors for loan against property make high-value loans affordable. Salaried applicants gets a tenor of 2 to 20 years. Self-employed applicants can repay their loans in up to 18 years. They also allows you to make a pre-payment or foreclose the loan at minimal charges. This makes it easier for you repay the loan when you have additional income to do so.
So, get cracking on your home renovation today and rebuild a beautiful, joyous home for you and your family. This will make it easier and faster for you to access funds to improve your home and get customised terms for faster repayment.
Created on Nov 19th 2018 01:06. Viewed 328 times.