Policies, Codes & Other Documents
Have you ever thought that your kitchen can be a comfortable place where you can actually de-stress and find comfort? Now, we are not talking about the delicious goodies that are lying the cabinets. But did you ever wonder maybe cooking can help you release the stress of the day?
This thought sounds true for a lot of people, men and women. For many, a kitchen can be a great place for ideation, for bonding with family or just letting off some steam after a long hard day.
Do you know what is better than being a kitchen that makes you feel relaxed? A well-aided and equipped one with all modern facilities to give wings to your gastronomic experiments!
A well-designed kitchen is a dream many of us possess. While ready-to-move-in houses come with a pre-set kitchen, you can always modify it according to your needs. Say, for instance, have a complete modular kitchen installed, or get a second sink, place it outside of the actual cooking and clean-up zone so that another chef can prep food, or wash hands there. You might also want to get paneled cabinet ends to give your kitchen a custom-built, furniture-like look. You may even get full-extension, soft-close drawer glides installed so that you can pull the drawers completely out of the cabinet to be able to reach everything inside. And of course, you want to get a chimney installed so that the grease doesn’t spoil your walls.
Even though all this sounds fantastic, how much would you consider spending on renovating your kitchen space? If you already have the money, then this isn’t an issue. If you are short of funds a home renovation loan can be the answer.
A home renovation loan is nothing but a personal loan that helps you make improvements in your house – be it the master bedroom, the drawing room, kid’s room, an extension of the terrace or the kitchen. You can renovate any area of your house with a home renovation loan.
Where do you start?
Answer: a budget.
Before you derive a budget, you will need to understand what kind of work you would want to get done in your kitchen.
Making a budget helps you to allocate the right amount of money for all the work that you would need to get done.
If you already have a figure in mind, the next is allocation. Ideally you should allocate 9 per cent of your total personal loan amount to electrical and plumbing, 10 per cent to counters, 14 per cent to appliances and ventilation, 16 per cent to walls, ceilings, floors, doors and windows, 22 per cent to design and installation, and 29 per cent to cabinets and hardware. Once you have this budget and breakup in place, it’ll be easier for you to distribute your home renovation loan judiciously across different expense areas.
Just because you have availed a personal loan does not mean you go crazy with the spending. You will have to get competitive quotes for all the work that you would want to get done in your kitchen.
Approach different vendors and suppliers and before you choose anything make sure the items and the work fit your monetary constraints. You have to make sure that you don’t run out of money in the middle of the work. Hence it is important that you avail the best possible deals that you can.
Personal loan eligibility for home renovation in financial institutions such as Tata Capital is very simple. You should be in the age group of 22- 58 years with a minimum monthly income of ?15,000. Additionally, you should be in the same job for six months, and you should have a minimum of one-year work experience. Pretty simple, right?
Once your personal loan eligibility criteria are sorted, you can gather the documents that are required to obtain a home renovation loan. The documents are also easily available stuff such as a photo ID proof (a copy of your Voter ID / Passport / Driving License / Aadhaar Card), address proof (a copy of your Ration Card / Electricity Bill / Passport), income proof (a copy of your Bank statements for the last six months), last three months’ salary slips, and employment certificate stating one year of continuous employment. Once you have all these documents in place it is no big deal to get your personal loan approved from trustworthy financial institutions such as Tata Capital.
Though institutions such as Tata Capital give up to Rs 25 lakhs of home renovation loan at as less as 11.25 per cent, you must chew as much as you can eat. Your personal loan amount should be one that you can repay easily.
So, what are you waiting for? Go ahead, make your kitchen a haven of good vibes.
Policies, Codes & Other Documents