What are the Benefits of Availing a Home Renovation Loan?

Many financial institutions extend financial assistance in the form of a home renovation loan to repair, renovate or improve the condition of an existing property. Typically, such a credit option comes with multiple tenor and affordable repayment options.

Individuals can avail home renovation loans –

• To enhance the value of their property through renovation.
• For improving the existing structure of a property.

Besides these, individuals also tend to benefit from the key features of such credit options.

Nonetheless, secured home renovation finance usually comes with end-use restrictions, which is why more individuals opt for personal loans for home renovation for the necessary financial requirements. 

Major features and benefits

By applying for a home renovation loan, borrowers are entitled to these benefits –

1. Substantial loan value with a no end-use restriction

Personal loans and any such unsecured loans do not come with any end-use restriction. This offers borrowers the freedom to use the loan amount as and how they wish to. They can use the remaining balance to finance other requirements. Moreover, the sum of money extended as the loan amount is quite substantial and helps cover major repair expenses with ease.

2. Easy application procedure

The application procedure to apply for a home renovation loan is simple and requires individuals to meet basic criteria set by the concerned financial institution. Any resident Indian who is 23 years to 55 years of age with a stable source of income can apply for a personal loan for home renovation online. Regardless, individuals should gather all the essential information to know how a personal loan application processed by an institution of their choice to be better equipped for the same.

3. Easy approval and instant disbursal

Most financial institutions allow individuals to apply for a loan and submit the necessary documents online. This further simplifies the process of verification and makes the approval process faster. It directly helps in quick disbursal of the loan amount into the borrower’s account and offers them the necessary financial assistance at the earliest. Nonetheless, to ensure the process of loan approval and disbursal is speedy, applicants should keep all the requisites and other deliverables handy. For instance, applicants have to submit certain documents including KYC, employee identity card, latest salary slips and bank statements, etc.

4. Flexible tenor and easy repayment option

Besides the instant personal loan approval, the said loan option for home renovation usually comes with a flexible tenor that extends up to 5 years. Similarly, they also offer easy repayment options to borrowers, who have the flexibility to choose a loan tenor that suits their repayment capability.

5. Collateral-free credit

Being an unsecured credit option, individuals who opt for a personal loan for home renovation do not have to mortgage or pledge any asset as collateral. This is one of the most important personal loan features and benefits. With no security involved, borrowers do not need to worry about the loss of the asset in case of any urgent financial situation which may lead to payment default. 

Most financial institutions like Bajaj Finserv offer financial tools like a personal loan calculator to help individuals decide a suitable tenor and EMI amount.

They also provide pre-approved offers that make securing any loan seem easy and convenient. These offers are available on several financial products including home loans, personal loans, business loans, etc. You can check your pre-approved offer by simply offering a few basic details like name and contact number.

As such, avail an unsecured home renovation loan to give your home a complete make-over and repay the loan in easy, affordable EMIs.