Thinking of Making Home Renovations? You May Avail Home Renovation Loan
Your home is much more than just a roof above your head. It is the pride that reflects your accomplishments and status. Everyone loves the pleasure of living in a beautiful house with its comfort and aesthetics. But if you do not have sufficient funds, it would be next to impossible to renovate your home.
Availability of home renovation loan, it is easy to renovate, modify and refurbish your home. The prime benefit of this loan is to provide you with the necessary funds so that you can upgrade your home to a more contemporary design. Moreover, this quick loan would help you have a house that you can customize according to aesthetic preference and taste. But before you take any home renovation loan, you must look for some of the pointers related to this instant personal loan.
Lower rate of interest
Taking a home renovation loan is one hassle-free and flexible process. It makes your home a very comfortable space to live in. While you may take a personal loan to renovate your house, you will have to pay a higher interest rate. But with the renovation loan, you can have a much lower rate of interest. It makes it one of the attractive options against your homeownership.
Tax benefits
If you take up the house renovation loan, it will offer you certain tax benefits. You can take up a deduction of a minimum of 30000 INR. This deduction results in your tax-saving while loading the overall cost of borrowing.
Minimum documentation
For taking the house renovation loan, you need to have minimum documentation. Once you match the personal loan eligibility criteria, taking up the loan becomes an easy process. Especially if you are an existing customer, the documentation becomes much simpler.
Quick processing
The lender processes the house renovation loan quickly and that too without hassle-free and minimum documentation. It can help you to start your renovation work without waiting for too long. Once you apply for the loan amount, it would hardly take time to get your loan approved.
Before applying for the loan, you can use the Online Personal Loan EMI Calculator to estimate the monthly EMI amount. If you have a jointly owned home, every homeowner needs to apply for a renovation loan. The family members may be the joint applicants for the loan amount though they may not be the joint owners. The tenure of such a loan can extend up to 15 years. The actual tenor depends upon the profile, including the property’s age, your age, income tax and many more.
To apply for such a loan, you need to fill up an application form and apply it with various documents, including the bank statement for the last six months, employment, income and residence proof, the title deed of your home, check for the processing fees and the no encumbrance certificate. If you can remove it from your home, it increases the utility of your home. It uplifts the spirit by providing you with the satisfaction of showcasing your home to your friends and family.
Moreover, the availability of such loans from the various financial institutions might hold you back to make your home contemporary, likable and liveable. With a lower interest rate than any other personal loan, you will also benefit from tax benefits. The best part of such a loan is that the existing customer can take up 100% of the renovation estimate. As the days pass, the cost of living is getting higher. But with the help of the renovation loan, one can choose to live in the dream house.