An investment made for buying a house or for home improvement is considered a wise choice in our society. As the cost of raw materials and other products required for home improvement is touching new highs, you may need additional funds to make the home of your dreams.
Loans for home renovation allow the customer to have the necessary liquidity to carry out the modernization work of his/her house. There are various types of loans that can be taken for home improvement.
If you are in urgent need of funds, you can always take a personal loan. It comes with easy eligibility criteria, needs no collateral, and has a quick approval and disbursal mechanism.
What are home renovation loans?
Home renovation loans are targeted loans disbursed to meet the need to carry out modernization work in the home. You can take a loan for home improvement depending on your requirement.
A personal loan helps you get the funds quickly and comes with easy eligibility criteria. More importantly, you do not need to submit collateral for taking a personal loan.
Benefits of personal loans
How do personal loans for home improvement work?
The granting of a loan for the renovation of the house is a fast and straightforward process. The evaluation and approval times of the application are very fast. You can get an instant approval for your personal loan and get started with home improvement activities without wasting any time.
Once the loan has been granted, the applicant will receive the loan amount in the bank account, which will then have to be repaid in monthly instalments. The eligibility criteria of the personal loan vary from one lender to another.
Through the online mechanism, it is now possible to complete your request quickly. Online credit is a faster, simpler solution within everyone's reach. And rest assured, the legal and regulatory provisions are respected in the same way. The conditions are the same as for the classic personal loan, but the approach offers more flexibility.
However, a good practice is to verify your eligibility before applying. Also, you should avoid making too many inquiries while you're looking for a loan since this may appear on your credit report.
WhenYou Should Take A Personal Loan For Home Improvement
Taking a personal loan for home improvement is a sound choice as it helps you get funds quickly and keeps your goal of building a dream home on schedule.
Here are the reasons when you should take a personal loan for home improvement:
Easy eligibility criteria
The eligibility criterion for a personal loan is very easy. You only need to submit your bank statements, income tax return, and KYC documents to apply for a personal loan. As compared to other loan categories, you do not need to submit too many papers to take a personal loan. The easy eligibility criteria in case of a personal loan help take a loan quickly and are not much of a hassle for the borrower.
Quick approval and disbursal
Approval and disbursal mechanism in case of a personal loan is quick. If you are in urgent need of funds, you can simply opt for a personal loan. This will help you get funds in no time. With the online approval process, it is even quicker for the borrower.
Simple application process
The application process for a personal loan is not very complicated. For instance, at Poonawalla Fincorp, you can apply online in just a few clicks and do not need to visit any office or branch for submitting a personal loan application. You just need to submit your details along with some documents and share them with us for quick approval and disbursal.
You do not need to submit any collateral for taking a personal loan. In a scenario where you do not have any collateral or do not want to submit any collateral, you can simply take a personal loan. This will protect you from the risk of losing your home in case you fail to repay the loan.
Even with the most meticulous planning, it is hard to estimate the cost of a home renovation accurately. For this reason, you will only get an estimate from contractors, plumbers, and electricians. If you just have to meet the needs of one room, you may be advised to waterproof the next room or to fix internal leaks in the outside walls. You can take a personal loan to keep some headroom with you to take care of unexpected expenses in the future.
With a personal loan, you have the choice of selecting a flexible tenure. Depending on the kind of EMI you can pay every month, you can select a tenure that will help you stay on course with your plan of repaying the loan to the lender.
Even if you don't plan on selling your house soon, it's a good idea to boost the value of your property while you can. By taking a personal loan for home improvement, you can invest that money to increase the value of your property.
These are the reasons why you should consider taking a personal loan for your home improvement project. Avoid committing typical home remodeling missteps to guarantee a more effective planning process for your home renovation project. Home remodeling loan calculators enable you to set out your repayment schedule in advance, keeping you within your financial parameters.
Poonawalla Fincorp offers personal loans at an attractive interest rate with easy eligibility criteria and zero hidden charges. If you want a partner that provides you with best-in-class service at an affordable interest rate, apply for a personal loan for home improvement with Poonawalla Fincorp.
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