Festivals are always a good time for renovating your house. Christmas being just around the corner, you can think of remodeling your house to give it an update and at the same time ensure the comfort of your family members. However, a home renovation involves maintenance work and repairs, which prompts huge expenses. You can think of availing a house renovation loan to get your job done.
After dealing with your day to day expenses, it can be challenging to save sufficient funds to remodel your house. If you apply for a house renovation loan , you can carry out your home renovation easily and repay your loan with affordable EMIs. There are many options out there to finance your house renovation, but availing a house renovation loan is the best option among them. Go through the article to know why you should apply for house renovation loans this Christmas.
5 reasons to opt for a house renovation loans
A House requires periodic maintenance and care to preserve its elegance. With time, your house can also be affected by natural calamities like rain, storm, excessive sunlight etc. To keep a home in a good state, every house needs yearly maintenance work like painting, remodeling, restoration and many others. To avoid costly repairs at once, you can avail a house renovation loan.
Here are some reasons to opt for a house renovation loan:
It is easy to qualify for a house renovation loan as it involves minimal documentation and requires you to fulfill simple eligibility criteria. First, you should be an Indian resident to be eligible to apply for a loan. Some banks have a specific age limit for applying for a home renovation loan. Further, you must be employed with an MNC or any private limited company and submit your bank statements to be eligible for this loan. Further, some banks have certain salary requirements to approve a house renovation loan.
Track loan repayments quickly
If you take a home renovation loan from a reputed bank or financial institution, then you can track your loan details using the customer portal. You need to log in using your Id and password, and track your payments online. This helps you not to miss your monthly EMIs. This will enable you to pay your EMIs on time, and hence result in improvement of your credit score. An improved credit score helps you get the best terms and interest rates on your next loan.
Unlike home loans, you don’t need to keep your property or anything as a collateral to avail a home renovation loan. However, this makes it an unsecured loan the interest may be high if your credit score is low. There are several EMI calculators available online, you can check your eligibility beforehand using an online EMI calculator.
When you apply for house renovation loan online, you don’t need to stand in long queues to submit your application. Hence, your loan approval also takes less time. If your documents are approved, then the bank dispatches your house renovation loan amount within 24 hours.
Simple application procedure
You can apply for a house renovation loan online from your home comfort. Mostly your application is approved within a matter of minutes, and your loan amount is dispatched within 24 hours after documents submission. It requires minimal documentation and approval takes less time, so the application process eventually becomes simple.
With a home renovation loan, you can refurbish your home without affecting your savings. However, some people make a mistake to use a house renovation loan to remodel their living space luxuriously, which increases the EMI and makes the repayment tough. Therefore, you can use an online EMI calculator to determine your EMIs before applying for the loan.