Articles

Why Home Renovation Loan is the Key to Afford a Dream House

by Arwind Sharma Finance Advisor
Refurbishment and renovation of existing houses enhance the aesthetic value and comfort level, thereby making the house more functional. Apart from giving an eye-catching appeal to the home, revamping also increases the value of the same by a substantial amount. However, this whole process requires adequate funding. So, opting for a Home Improvement Loan is the best choice for the ones wishing to get work done on their properties.
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To cater to these needs and expenses, reputed NBFCs including Bajaj Finserv provide Personal Loan for home renovation. It also offers pre-approved offers for Personal Loan, business loans, home loans and a plethora of other financial products and services via a quick timesaving process.

Here’s why taking a Personal Loan for home renovation is a good idea.

1) Instant Approval

Time is money. So, getting the loan amount approved quickly makes it easier for the borrower to inch towards his dream home.

Many lending institutions approve the loan to their borrowers within minutes and the loan is disbursed within 24 hours after verification. This is a great advantage as they don’t need to spend a long week or so to get the loan amount.

2) High Financing Amount

The entire process of renovation encompasses a broad horizon and so as its funding. Therefore to emulate all the expenses, lenders provide a huge loan amount up to Rs. 25 lakh.

Hence redecoration and restoration of one’s home is now feasible with a home improvement loan.

3) Flexi Loan Facility

A few leading NBFCs bring up a smart way in public interest to repay loans. Borrowers have the opportunity to repay the loan amount with only the interest part as EMIs. This facility can reduce the EMI amount by up to 45%. The principal amount is repaid only at the time of closure of the loan.

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4) Quick Disbursal

Another added benefit of home renovation loan is its faster turnaround time. With a quick verification of documents, the borrowers can get the loan disbursed to his account within a time period of 24 hours.

5) Flexible Tenor

With home renovation loan, consumers can choose a time-period of 24 to 60 months to repay the amount. This flexible tenor helps the borrowers to pay back the loan amount according to their convenience without any additional stress.

6) Minimum Documentation

Personal Loan for home renovation requires minimum paperwork and documents which include:

  • KYC documents
  • Salary slips of prior 2 months
  • Employee ID card
  • Bank account statement of previous 3 months

7) Affordable Interest Rate

Borrowers have the benefit of enjoying affordable Personal Loan interest rate while opting for this financing option.

8) Easy Access to Online Account

Thanks to the digital era, now one can relax at home and apply for Personal Loan online. Additionally, the borrower can keep track of all the expenses from anywhere anytime. You can also analyse and compute everything related to EMIs with an online EMI calculator.

10) Transparent Policies

Trustworthy NBFCs and banks always present transparent set of loan policies to their customers. The lending institutions believe in sharing a loyal relationship with the customers.

These lending institutions even allow part-prepayment of the loan without any extra charge.


So, while considering this Personal Loan, applicants do not need to stress out regarding hidden charges or extra fees.

Who all are Eligible for this Loan?

Well, to qualify this Personal Loan eligibility criteria one can use the financial institution’s online eligibility calculator decoding the basic requirements.

So, to sum up, it can be said, home renovation loan can be useful in every dimension when one wishes to make his home a joyful place.



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About Arwind Sharma Advanced   Finance Advisor

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Joined APSense since, October 9th, 2015, From Pune, India.

Created on Jul 14th 2018 23:45. Viewed 824 times.

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