Everybody wants a beautiful home. But there are chances that the ready to move apartment or house that you have bought doesn’t match your taste and style. Sometimes, houses are really old and needs major repairs and renovation. At such times, renovation, refurbishment or extension gives the required newness and freshness you wish for.

House renovation may entail new extensions and constructions within the property, refurbishing the entire bathroom, getting a sleek modular kitchen etc. All this can be done easily with the help of experts, but it requires funds. Breaking your savings is a bad idea. A better option is to take a home renovation loan. Yes, you heard that right, there is a loan called home renovation loan with which you can easily renovate your house without having to worry about funds.

Does the word ‘loan’ make you wary? Worrying about collateral? Fret not. A home renovation loan doesn’t require any collateral. A home renovation loan is nothing but a personal loan given for the purpose of renovating a house. So, it is no different from a personal loan. These days banks and financial institutions are offering personal loan for home renovation at very low rates so that everyone can afford it. In fact, we at Tata Capital offer home renovation loan at as less as 9.6 per cent, which is lower than even home renovation loan interest rate at any other place. At Tata Capital, the home renovation loan is custom made according to your needs. So, if your requirement is small with just minor repair work, you can avail a home renovation loan of as less as Rs 75,000. If the renovation is bigger and involves high costs, you can avail up to Rs 25 lakh of personal loan for home renovation at Tata Capital.

Now that you know where to gather your funds from to renovate your property, let’s check out a few tips to help plan a home renovation:

Don’t underestimate the cost of renovations: The biggest mistake that we often do is underestimate the cost of renovation. But remember, home renovation may actually entail huge costs. For instance, just to renovate an average sized kitchen you may end up spending over Rs 2 lakhs. Similarly, the cost could be a lakh or more for a bathroom. If you are thinking of funding all these from your savings, it’s a bad idea. Keep your savings for a future emergency, and simply take a personal loan for home renovation to make your life simpler. You can pay it off over easy instalments later on.

Do the leg-work to set a realistic budget: Good things in life doesn’t come easy. If you want to do up your house at a reasonable price, you have to do some preliminary leg work. Get multiple quotes from different contractors. Always opt for a reputed contractor after seeing some of their work. While the work is on, new issues may crop up and you should have enough funds to handle those, that’s why it’s best to take a home renovation loan so that nothing stops because of finances. Before work starts, sit with the contractor and make a realistic budget. Be prepared for costs to shoot up after work starts.

Answer questions honestly: Are you a hands-on person? If so, you could cut some costs by doing the work yourself. But be honest with yourself: Do you have the time or calibre? If not, then you’ll need to pay someone to do the work. That will mean taking all expenses into account—not just labour and materials, but also permits, as well as additional overhead. Let’s be fair, the people you hire will make a profit. It’s their job. So, don’t worry about costs all the time. Chalk out an honest budget, and apply for a home renovation loan accordingly.

There is no greater peace than living in a house that you can call home. And you can only call it home when it is up to your standard and liking. So, don’t think twice, just log on to the Tata Capital website, and apply for a home renovation loan right away.