Your home is where all your memories are made. You live, dine, play and do everything there. That’s why it is important to make sure that your home is comfortable. That means periodic renovations can breathe new life into your home. Get a Home Renovation Loan and see what you can do to brighten up your living space.
Home renovation isn’t just about fixing leaky pipes and faulty wiring. It’s about changing the space you live in and making a difference to the quality of your living. Applying for a Home Renovation Loan can get most of the math down where expenses, renovation costs and labour charges are concerned.
How to Apply for a Home Renovation Loan?
Getting a Personal Loan for home improvement can be an easy process when you meet the eligibility criteria. Before you apply for Home improvement loan, use a Loan eligibility calculator to check if you are actually eligible to take out a loan at the bank that you’ve chosen.
To get a loan for a dream home renovation, you should be salaried and earn a minimum of Rs.35,000. You should also present proof of employment like an employment ID, proof of residence and other financial documents. These are documents like payslips for the past 2 months and your bank statements for the past 3 months.
You should also get a letter of employment along with work tenure and experience from your past and present employers. This shows signs of stable income. A good credit score is also a bonus, so make sure you haven’t defaulted in any way on previous dues.
The Process of the Loan
Once you’ve got your documents and applications in place, the bank authorities will visit your home. They’ll assess costs and move forward accordingly. Most banks provide a repayment tenure term of 15 to 30 years. A good step before applying for a personal home renovation loan is to get advice from finance professionals to get an idea for how much money you need, what you want to renovate and how to get it done.
Proper financial planning can save you a lot of money down the road. The repayment procedure is easy since you can keep track of it with the online account that the bank provides.
Your Personal Loan interest rates are also usually lower than other unsecured loans. So if you have a good credit score above 750, your loan application can get approved instantly. After that, your amount will be disbursed within 72 hours.
Once all that’s done, you can go ahead and start the renovation. It can be adding a false ceiling, sprucing up your kitchen, or anything else you want to do. If you’re planning on selling your home, renovation makes a lot of sense, since a good looking and well maintained home can fetch a lot more than what you put in to brighten it up.