Every house needs repairing and maintenance from time to time so that it feels more like home. And there is no doubt that home renovations are expensive and can dig a hole in one’s pocket. If one does not possess enough wealth to comfortably meet the expenses of home renovations, he can opt for a personal loan. Availing a personal loan for home renovation is a hassle-free task if one qualifies the eligibility criteria. It is well-known that home renovations include a lot of things to be done such as repairing, repainting, furnishing, updating outdated features and so on. A personal loan can be easily channelized to finance all these tasks.
A personal loan for the home renovation can help you build your dream house without draining all your savings and income.
How to Avail a Personal Loan for Home Renovation?
A personal loan can be availed easily after qualifying the eligibility criteria using the minimal basic documentation that is required for the completion of the process. You can apply for a personal loan through the online portal of banks and other lenders. Any individual who possesses a good credit score and has a standard monthly income can avail a personal loan.
- All you need to do is go to the official site of your preferred bank and fill up an application form with your personal and financial details.
- Choose your desired loan amount and repayment tenure.
- Submit all the details and wait for an approval call from the bank.
- After you get the approval, complete the documents verification process and your loan amount will be disbursed to your account within 2-3 working days.
- The basic documents required for verification include your income statement, ID proof, your KYC documents and the bank statement of your account.
Why Avail a Personal Loan for Home Renovation?
There are several reasons that justify the use of a personal loan for home renovation. The major reasons are:
- The flexibility of use: A personal loan can be used for any undefined purpose. The home renovation includes a lot of different expenses like furnishing and repainting etc. which can be financed by a single loan. And if you save some money after renovation is completed, you can also utilize the same in the future for anything. This flexibility of use makes a personal loan the best option for home renovation.
- Minimum Documentation: For availing a personal loan, very minimum documentation is required which makes it a convenient source of getting funds. If the credit score of the loan seeker is good enough and his monthly income is considered to be sufficient, he can avail a personal loan within 2-3 working days. Home renovation requires immediate availability of liquid cash and therefore, a hassle-free process allows one to kick start the renovation at the earliest.
- Fast availability of funds: A personal loan application can be submitted online, and if one gets the approval after the document verification process, funds are disbursed in the bank account of the borrower in less than 48 hours. Secured loans involve a lot of formalities which can take a week’s time to get completed. So, a personal loan is a better option as it offers fast availability of funds.
- No collateral needed: The fact that a personal loan does not require any collateral/mortgage makes it the most customer-friendly credit. A lot of people do not possess any property/asset papers that they can produce as collateral to the lender. Therefore, the ones who own only the one house that needs to be renovated can opt for a personal loan without any second thought.
- Easy repayment facility: Personal loans, like any other loan, are repaid through EMIs which a borrower can do through the online banking facility of banks. Home renovation demands a lot of time and a borrower might not necessarily have spare time to invest in completing bank formalities. The easy repayment procedure of personal loans would not add to the mental burden of a borrower.
- Increases property value: A renovated house would have a better property value in the market. So, it is better to take the help of a personal loan and increase the value of your house. No matter whether you are interested in selling your property or not, it is preferable to renovate it with time so that its value remains high at any point in time.
- Manage unexpected expenses: Home renovation expenditure cannot be pre-planned accurately in advance. All the workers who are involved in the process provide a person with an estimated amount of expenses only. Therefore, one can avail a personal loan that helps to secure an amount more than the estimated expenditure. This would allow one to combat the unexpected expenses involved in home renovation.
Home renovations can be easily and conveniently financed through a personal loan. One should not keep avoiding the renovation of his house just because he lacks the funds needed to finance the expenses involved in it.