Your home is where you spend a large amount of time with the people you care most about. So, wanting to upgrade it by undertaking renovations is only natural. Not only do home renovations align your living space with the kind of aesthetic and functionality you desire but they also help increase its value. A well-maintained renovated home’s resale value tends to be higher than the general market value. But the fact is that home renovations tend to cost a chunk of money. If you cannot finance the home renovations your place requires in a lump sum, you should consider taking a home renovation loan or a personal loan for home improvement. Here’s why:
- Spreads out the cost
When you apply for a personal loan for home renovations, you get to renovate your home right away while spreading out its cost over a loan tenure that is comfortable for you. Through affordable Equated Monthly Instalments (EMIs) you can pay back the home renovation loan over a period of 12 months to 60 months. You can also use an online personal loan EMI calculator to assess what your EMI obligation will be by inputting the amount of loan you wish to take, the tenure you want, and the estimated rate of interest. So, whether you need to remodel your kitchen or remove walls to extend a room, you can apply for a home renovation loan and get it done right away.
- Requires no collateral
One of the biggest benefits of a personal loan for home improvement is that it is an unsecured loan. This means that you don’t need to provide anything as collateral to avail the loan. The loan is sanctioned simply based on your income and repayment capacity. That’s why using a home renovation loan is advantageous for renovating your home. Unlike other loans such as a home loan, there aren’t any restrictions either regarding what kind of home renovations or improvements you can use the loan funds to undertake.
- Quick application process
Another reason why a home renovation loan makes for a great option to renovate your home is that the application process is simple and easy and the loan disbursal is quick. You can apply for a personal loan online with minimal documentation. This hassle-free process ensures that you have the funds you need for your home renovations right away. This becomes especially important when you need to undertake repairs that are urgent.
The bottom line
A home renovation loan allows you to conveniently finance whatever home improvements, upgrades, repairs, etc., you require. With flexible loan tenures, easy eligibility criteria, and a quick online application process, you can click on the personal loan apply button and rest assured that a personal loan is the best option to finance your home renovations. Depending on your financial profile such as your income, credit score, etc., you can get attractive personal loan interest rates as well which can make home renovation loans an affordable option to consider when you plan to renovate your house.