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Upgrading to A Modular Kitchen? Secure A Home Improvement Loan in Just A Few Steps
Posted on Thursday, June 27th, 2024 | By IndusInd Bank
The heart of a home, the kitchen, often deserves more attention than we give it. Cramped spaces, outdated designs, and inefficient storage can make cooking a chore rather than a joy. If you are considering a kitchen makeover, modular kitchens offer a stylish and practical solution. They are popular due to their functionality, aesthetics, and efficient use of space.
Transforming your kitchen into a modular one can add to your home’s value and your cooking experience. However, undertaking such a renovation may prove to be expensive.
IndusInd Bank offers home renovation loan options to help you finance your dream kitchen. What’s more, you also enjoy tax benefits with such loans. Let’s learn more.
Design Ideas for Modular Kitchens
First, let’s look at popular design ideas you can use to transform your kitchen into a cooking haven:
1. U-shaped Kitchen
The U-shaped kitchen is ideal for larger spaces. It offers ample counter space and storage, which makes it perfect for avid cooks. This design allows for a smooth workflow with distinct areas for cooking, cleaning, and prepping.
2. L-Shaped Kitchen
The L-shaped kitchen is suitable for smaller spaces. This design maximises corner space and offers flexibility in the placement of appliances and work zones. It is also ideal if you have an open floor plan.
3. Island Kitchen
Adding an island can transform your kitchen into a multifunctional space. An island provides additional storage, and counter space and can even serve as a dining area. It is an excellent choice for those who like hosting people.
4. Parallel Kitchen
This design features two parallel counters and is also known as a galley kitchen. It is efficient for small to medium-sized kitchens since it allows easy movement between work areas.
With IndusInd Bank’s home renovation loan options, financing your kitchen renovation is easier than you think.
How to Secure a Home Improvement Loan with IndusInd Bank?
Applying for a home renovation loan with IndusInd Bank involves only a few steps:
1. Visit IndusInd Bank’s Personal Loan for Home Renovation webpage.
2. Click on ‘Apply Now’.
3. Enter personal details and specify your loan requirements.
4. Receive loan offers tailored to your needs.
5. Complete the video KYC verification process.
6. Digitally sign the loan contract to validate it.
IndusInd Bank’s instant approval and quick disbursal ensure you get the funds you need at the earliest.
You can also claim tax deductions on home renovation loans as per prevailing tax laws.
Tax Benefits of Home Improvement Loans
Read on to know how and what home renovations are tax deductible:
- Interest paid on home improvement loans can be eligible for tax deductions under Section 24B of the Income Tax Act.
- Section 24B allows deductions for constructing, renovating, or repairing a house. The renovation can include adding or extending a room, painting the walls, re-flooring tiles, making installations, and more. The renovation work must meet the necessary criteria set by tax authorities to be eligible for deduction.
- One can claim tax deductions on loans taken for home renovation whether they opt for a housing loan or a personal loan.
- It is advisable to consult a tax expert for detailed guidance on what home renovations are tax deductible and how to claim them.
Also Read: Optimising Tax Advantages- Proper Documentation of Personal Loan Utilisation
Conclusion
Upgrading to a modular kitchen can enhance appeal and functionality. With IndusInd Bank’s home renovation loan options, funding your dream kitchen is more accessible than ever. Also, do not forget to take advantage of home renovation tax deductions to reduce your financial burden.
Apply for a Personal Loan with IndusInd Bank and start your journey towards a beautiful, functional kitchen now!
Disclaimer: The information provided in this article is generic and for informational purposes only. It is not a substitute for specific advice in your 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 making any financial decisions based on the contents and information.
