Your home is a reflection of your status and personality. Where comfort and aesthetics play a pivotal role in selecting a home to live in, its location and construction quality equally define its pride. Hence, it is your whole and sole responsibility to ensure your home looks as dazzling and up-to-date as your image in society.
With the changing architectural trends, imparting a new touch to your old home can be exciting and wholesome. Also, like everything else, your home, too, needs maintenance, repairing, and refurbishing from time to time. However, this involves a lot of funds and investment. Hence, to share this burden, you can opt for home renovation loans so that you do not end up making a hole in your pocket.
What is a home renovation loan?
A home renovation loan is a secured loan, taken by pledging the property on which the sanctioned capital would be used. In other words, the home to be renovated is set as collateral against the home improvement loan amount. The borrower can then use this amount for repairing, refurbishing, reconstructing, painting, remodeling, or architecturally updating the property.
How flexible are these loans?
A home renovation loan provides you with the flexibility to use the sanctioned amount for anything on the structure of your home. Right from flooring, repairs, renovation, painting, extension, and so on, you can use it for anything that adds to the beautification of your home structure. However, you cannot use this amount for purchasing movable items like furniture, furnishings, or fixtures of any kind.
Who can apply for home renovation loans?
A home renovation loan is granted against the property that would undergo repairs or renovations. You can apply for it individually, or jointly, depending on the ownership. If the house is jointly owned, then all owners need to apply for the same. The tenure of the loan can go up to 15 years, depending on your profile and other details attached therein.
Why should you opt for a home renovation loan? 5 major reasons
With fixed monthly budgets and savings, it is not always possible to bear the brunt of undertaking renovation of your home independently, all by yourself. A decking solution to meet solve this conundrum is to opt for a home renovation loan. Here are some of its spellbinding features.
The moment you think of getting your home renovated, the very next moment you can apply for a home renovation loan and get it approved in no time at all. So, bid goodbye to prior planning and saving the amount for years to get your dream home refurbished the way you want. A home renovation loan can get you instant funding to go ahead with the work immediately.
Lower interest rates
Unlike personal loan interest rates, home renovation loans come at much cheaper and affordable rates of interest, starting from 9% per annum. These may vary from lender to lender and hence it is advisable to compare all available vendors and choose the one that offers the most competitive deal.
Flexible repayment options
Depending on your financial stability, and returning capacity, the borrower can select from multiple repayment options when opting for a home renovation loan. You can calculate the interest payable, along with the principal amount, and the monthly installments that you would have to pay, using a home loan interest calculator. In this manner, you can divide the burden of the loan over the number of years as per your suitability and plan your finances accordingly.
Keeping the borrowers’ convenience in mind, the documentation process of home renovation loans is kept very simple. All you need to do is check your eligibility using a home loan eligibility calculator and once that gets approved, simply fill in the application form and submit the required documents, like a photo identity proof, income proof, your property title deed, etc.
No biasing based on CIBIL score
The credit score of the applicant stands immaterial and irrelevant when opting for a home renovation loan. These loans are secured loans and hence even a low CIBIL score would not affect their approval.
A home is where your heart is, where you make beautiful memories with your family, to cherish for a lifetime. Hence, it has to be as per your requirements and specifications. In other words, it is a space where you want to retreat and rejuvenate after a hard day’s toil. A home renovation loan fulfills your dream of living in a space where you can relax your mind, body, and soul.
With access to websites like Fullertonindia, you can now compare home loan prices, get the best deals, and lock on the one that gives you maximum benefits at the most competitive interest rates.