We all have various types of plan in our mind about decorating our houses as per our choices, keeping in mind the likes/dislikes of our family members. And one fine day, we finally decide to take the lead and change the face of our house, for obvious reason being ‘A Home is where the heart is’
In such cases, one will think about how the finances will be arranged to renovate the house and may think of opting for a Personal Loan. But he will be taken back by the heavy interest rates that are charged on Personal Loans. Interest rates on Personal Loans can range between 12-20% depending on the lender and even the tenure is supposedly shorter.
Here one can choose wisely and opt for Home Improvement Loan or Home Renovation Loan. These types of specialized loans are becoming quite popular these days due to the varied demands of customers. For lenders, it’s a tough job to accommodate different types of loan requirements into one of Personal Loan. Therefore it is advised that in such cases borrower has to be wise to choose the right type of loan based on his requirement, which will eventually help him to save on higher interest.
Discussing further about Home Improvement or Home Renovation Loan, they can be taken for any home makeover related work. Such as flooring, tiling, painting, extension, lighting, wardrobe, plastering, procurement of electrical equipment, repair work among others. A Home Improvement Loan can be taken for an existing home as well as for a newly purchased home, there’s no rule on this.
Eligibility for Home Loan:
A Salaried or self employed individual can apply for this loan. Either you can individually apply for Home Renovation Loan or jointly with a member of the family. By applying jointly, you become eligible for a higher loan amount. If incase you have a home loan with a bank you can approach the same bank for Home Renovation Loan, as your documents are already there with them, so the processing becomes easy and quick.
Key features of Home Renovation Loan:
- Higher Tenure of 15-20 years
- Lower interest rate
- Minimum documentation
- Clubbing of income
- Faster disbursement
Thus, it’s suggested to opt for Home Renovation Loan owing to the wide variety of benefits that it offers as compared to a personal loan. A well decorated home not only lifts the ambience of your home, but also lifts the spirits and mood of the people staying in it.
If, all this excites you and makes you feel like getting a makeover done of your home, visit Fedfina and beautify your paradise just like you dream.