While change is inevitable, it is necessary too. Without change, life can become boring and monotonous. While you might change your lifestyle and habits, you must modify your surroundings to feel the impact thoroughly. For example, the surroundings could feel dull if you live in the same house with the same interiors for a long time. Therefore, people like to renovate their house, keeping festivals and events as excuses. However, renovating your house could be expensive and can deplete your savings. A better alternative is to avail a home renovation loan. A home renovation loan can help you finance your home renovation and help bring a new and fresh look to your house.
Here is how a home renovation loan can help you refurbish your house.
What is a renovation loan?
A home renovation loan is a loan offered by banks and financial institutions to help individuals finance the extension, renovation and repairs of their houses. It is also called a home extension loan and can be used for flooring, tiling, plaster ing, plastering etc. It has a simple application process and easy documentation requirements.
- Easy availability
You could want to repaint the entire house for the weekend party or order new furniture to celebrate your promotion at work. Whatever be the reason, you need not wait for days to arrange funds. With easy availability and a simple application process, you can get the loan amount in a few hours. All you have to do is fill out the application form, furnish the required documents and upload them. You can get the loan approval in a few hours.
- Flexible repayment
Imagine you need to get your home renovated for the upcoming wedding in the house. Now, you might have to spend a considerable amount for the wedding too. This can add to your budget and prove to be too expensive for you. However, when you have a home renovation loan, you need not worry. You can repay the loan amount in comfortable EMIs over the tenure. You can choose a tenure yourself from one to 15 years and pay an EMI that is financially compatible for you.
- No end use
Whether you need to repaint the house, change the entire furniture, change the curtains and upholstery or add in additional rooms and bathrooms, a home renovation loan can be your best bet. You can use the loan amount for any purpose you want. The lenders do not ask about the purpose for which you have applied for the loan.
- Appealing interest rates
If you opt for credit cards or personal loans, you could be baffled by the high-interest rates. However, home renovation loans have affordable interest rates that you can easily afford. You can meet your purpose of refurbishing your house without paying a hefty interest amount on the loan.
A home renovation loan could be a good option if you are looking forward to redecorating and repairing your house without exhausting your savings. However, ensure that you check the eligibility and also the home loan interest rates to avoid any nasty surprises in future.