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Home Renovations: Navigating The Impact of Home Improvement Loans
Posted on Thursday, November 9th, 2023 | By IndusInd Bank
From deciding the loan amount and comparing interest rates to keeping the necessary paperwork handy, there are several factors to consider before applying for a home renovation loan.
Remodelling your home provides an opportunity to create a space that truly reflects your personality. Whether you wish to renovate your bathroom or fix plumbing issues in the kitchen, home renovations can give your house a brand-new look. However, implementing these changes can be expensive, and can be a major issue for many homeowners. This is where home improvement loans come in. They provide a way to turn your renovation dreams into reality. Keep reading to learn more about how home renovation loans work.
What Is a Home Improvement Loan?
A home improvement loan provides the financial means to renovate, repair, or upgrade your home. You can use the funds for structural changes, significant repairs, addressing maintenance issues, or giving your home a fresh coat of paint. Moreover, you can purchase furniture, fixtures, and electrical appliances using these funds.
Factors To Consider Before Applying for A Home Renovation Loan
Here are five things to keep in mind before applying for a loan for renovation:
- Decide Your Renovation Budget: Create a list of intended home improvements, such as getting new furniture or finishing a long-pending bedroom makeover. Obtain estimates from various contractors to determine the overall cost of the project. Evaluate how much you can cover with your savings and then determine the loan amount required to fund the rest of the renovation.
- Check The Eligibility Criteria: Each lender has specific criteria, in addition to basic factors like income, age, and proof of residence. Make sure you do your research and find lenders whose requirements align with your circumstances.
- Compare Interest Rates: The interest rate you will receive is mostly determined by your credit history and repayment capacity. Compare rates based on your credit score to find the best option.
- Prepare Your Documents: Consult your lender for clarity on required documents, including proof of identity, income proof, and required banking history documents. Collecting these documents beforehand can streamline the loan application process.
- Decide Repayment Tenure: Select a suitable repayment tenure that aligns with your repayment capacity and does not put a strain on your finances. Use an online EMI calculator to estimate your monthly payments.
Benefits Of Home Improvement Loan
| Easy and Quick Process | Offers quick access to funds, which makes it ideal for urgent home improvement projects |
| Flexible | Allows you to use the funds for various purposes, such as renovating your kitchen or buying new furniture |
| Lower Interest Rates | Interest rates are usually lower when compared to credit cards, which could result in long-term savings |
| Improves Credit Score | Timely loan payments enhance your credit score, which is beneficial for future loan applications such as mortgage or auto loans |
| Improves Home Value | Home improvements can boost its market value, particularly if you intend to sell it in the future. A home improvement loan can prevent exhausting your savings while making these improvements |
Apply for A Personal Loan for Home Improvement with IndusInd Bank
IndusInd Bank’s personal loan for home improvement provides essential financial assistance to fund your home renovation project. Whether you want to purchase construction materials, pay labour expenses, or obtain permits and licences, the loan amount can be utilised for a multitude of purposes throughout your home renovation project.
Discover the salient benefits offered by IndusInd Bank’s personal loan for home improvement:
- A 100% paperless application process
- Instant approval and speedy disbursement without any delays
- No collateral required
- Best-in-class interest rates, starting at just 10.49%
- Loan amounts ranging from INR 30,000 to INR 5 lakhs
- Flexible repayment tenure ranging from 12 to 48 months
Renovate your home with ease. Apply now for IndusInd Bank’s personal loan tailored for home improvements! Apply Now
Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.
