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Your home is the most adored asset that you build! It is not only the roof over your head but also the very reflection of your personality. While building a home is a mammoth task, maintaining it is no less. Your home is constantly exposed to the perils of nature and passage of time. Hence, it is very important that you take regular care of your home. Whether it is fixing a part of your house or redoing it for the look and feel, home renovations can be expensive. But with an instant money loan you can easily cover your home renovation expenses without worrying.
Before you apply for an instant loan to get home repairs done, it is very important to understand certain features of a home renovation loan:
- Unrestrictive use of the loan amount
First and foremost, a home renovation loan allows you to do most kinds of repair and remodelling work in your home. The money can be used for repainting the walls of your home. These may be interior walls or exterior walls. Similarly, you can use the loan funds to change the floor or replace the furniture and other fittings and fixtures of your home. The loan is not restrictive and allows you to do repairs or replacements as per your preference.
- Flexible Loan Tenure
Second a home renovation loan is a short-term loan. Generally, when a person buys a new home, they take out a traditional home loan which can span as long as 20 or even 25 years. On the other hand, a home renovation loan will not even stretch far beyond 2 years in most of the cases, though of course the exact duration will depend upon the lender who gives you the loan.
- It is an unsecured loan
Third feature about a home renovation loan you should know is that there is no security involved in a home renovation loan. When you take a traditional home loan to buy a new place, you are actually providing the home ownership documentation as a security to the borrower. This is not the case when you get a home renovation instant loan.
- Fast Approval, Quick disbursal
Fourth, it is much easier and faster to get a home renovation loan than almost all other ways to collect funds for home repair work. You can apply for it through an app. The process will require a few taps and can be completed in a matter of minutes if all goes well. As per experts, home improvement is the top reason for people who apply for instant loan in India. This is because you can get the money in hand very quickly and start the work as early as possible.
- Fixed interest rate
Fifth factor why home renovation loan is a good choice for home repairs is because it is issued on a fixed interest rate. Fixed interest rate means that when you get an instant money loan, your repayment duration and loan EMI are all fixed. On the other hand, if you get a loan with floating interest rate, either the monthly EMI will go up and down or the loan period will fluctuate with changes in the interest rate. This can create a lot of uncertainty in your monthly payments.
- Minimal documentation
Sixth feature of home renovation loan is that you can take it with minimal documentation. All you need to provide is your identity proof, income proof, PAN card, bank statement etc. The process is very fast and simple and can be done without the need of any physical documentation. Just upload scanned copies off all the paper work or computer generated pdf files where ever available (commonly in case of bank statements). No need for filling of paper forms either, if you mistype something, just delete and start over.
- Easy eligibility
Seventh feature of home renovation loan is that it is even available for people who are nearing retirement. Anyone who is between 21 years and 58 years of age is generally considered eligible to apply for a home renovation loan as long as they match other criteria for the loan.
To conclude
Getting a home renovation loan is a great idea, especially if you have not done any kind of home repair work in the last few years. It is a very good idea to take the loan and get repairing work done before the rainy season or winters. This will allow you to get the repairs done in time and prevent any further damage from occurring and causing more problems. So next time you see the roof leaking or any crack in a wall, do check if you can take a personal loan to get your home fixed and renovated.
Source
https://theprint.in/india/house-renovation-top-reason-for-taking-instant-personal-loan-study/952064/
https://www.herofincorp.com/personal-loans/home-renovation-loan
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