Mr Sharma wants to improve the Vastu component of his home. He wants to take down some walls, build a prayer room, install new windows, and repair a leaky roof. However, a remodel in 2020 can prove hefty on the pocket, especially with the economic downturn. What can Mr Sharma do? He can avail of a home renovation loan!
Much like Mr Sharma, if you also want to spruce up your home favourably, a renovation loan can be a lucrative option. Because a personal loancan easily cover the costs for multiple repairs and renovations like:
- External repairs
- Internal repairs
- House maintenance
- Paint jobs
And many more!
Benefits of a personal loan for renovation
Not only are renovation loans excellent to meet the costs for multiple end-uses, but they also offer a host of benefits, from affordable interest rates to quick loan approval.
• Economical interest rates –
Loans for home renovations are widely available at competitive interest rates. And since they are easily affordable, they do not dent your pocket with the EMI burden.
• Flexible terms –
In addition to the loan amount, you can choose other loan terms like flexible tenure and EMIs. You can also take up to 60 months to repay the entire loan amount.
• No collateral –
Renovation loans come under unsecured credit, so they are offered without any collateral from your end. As a result, you are not required to provide any security when you apply for the same.
• Minimal documentation –
Paperwork for a renovation loan is usually minimal, so you do not have to furnish multiple documents at once. You only need to provide a few documents to support your monthly income.
• Tax benefit –
Under the Indian Income Tax Act, you can avail a tax deduction of up to Rs. 30,000 every year on the interest you pay to service the renovation loan. However, this is possible, only if the property is self-occupied.
Additional Read: Tax benefits available on a home renovation loan in India
Given the various benefits of home renovation on EMI, why not welcome 2021 in style? Here is how you can avail the loan with relative ease.
How to apply?
• Step 1:
Check the home renovation loan eligibility criteria with the lender of your choice. If you meet the conditions to the T, apply for a loan either online or offline.
• Step 2:
Provide your personal, employment, and financial information in the application form. Also, choose a loan amount and tenure you prefer. You can use a personal loan EMI calculator to quote a suitable amount based on your financial health.
• Step 3:
Upload or furnish the requested documents for verification. And wait for the lender to contact you via a representative.
• Step 4:
Upon loan approval, you will receive the disbursed amount in your bank account, ideally within a few days.
Additional Read: Tips to Help Plan a Home Renovation
Want to revamp your home before 2020 ends? Avail of a personal loan for home improvementat Tata Capital for competitive interest rates. Get flexible loan terms to meet your renovation needs comfortably. Benefit from our lucrative offers today!