Home is where the heart is, and preserving its comfort and value is important. As years go by, homes also demand maintenance, repairs, and upgrades to keep up with modern living standards and your personal preferences.
Perhaps you dream of a kitchen with advanced amenities or a spa-like bathroom for ultimate relaxation. Maybe your home requires urgent repairs to maintain its comfort and functionality. Whatever your vision may be, it’s a known fact that thecost of home renovation projects can be high. This is where a house renovation loan can be beneficial.
What is a house renovation loan?
A home renovation loan is a type of personal loan that offers a lump sum to help you finance house renovations, improvements, or refurbishments.
It’s an unsecured loan, and hence, you don’t have to pledge any collateral to obtain the funding. The approval and loan amount are primarily based on your creditworthiness, which banks determine by evaluating factors like your credit score, income, and debt-to-income ratio. Once approved, you can repay the borrowed funds over a fixed tenure through fixed monthly instalments.
Know why opting for a home renovation loan makes sense
Learn how a personal loan for home improvementbenefits you in several ways:
A quick, easy approval process
The approval process for home renovation loans is notably fast. This is because most banks allow you to fill out the loan application and upload all the documents online from anywhere. There is no need to make physical visits to branches and waste your valuable time. This is a big advantage when urgent repairs or upgrades are needed.
For example, if your house has sudden structural damage or you want to change the interior for a special event, the quick approval times mean you won’t have to delay your plans.
Higher loan amount
With the IndusInd Bank Instant Personal Loan, you are free to borrow anywhere between ₹30,000 and ₹5 lakh. This substantial amount helps you afford expensive renovation projects, such as restructuring your kitchen, upgrading your bedroom, or adding balconies, without worrying about paying for everything at once.
Look at the additional benefits you can expect:
| No physical documentation | You don’t need to submit any physical documents since the process is fully digital and paperless. |
| Competitive interest rates | Affordable interest rates keep your borrowing experience stress-free. |
| No hidden charges | Get a transparent cost structure and stay clear about all charges from the beginning. |
| Customisable repayment tenure | You can repay the borrowed amount within a timeframe of 1 to 4 years. |
| Online account management | You can manage your personal loan online and check payments, statements, and other transactions in real time. |
Get an instant personal loan with IndusInd Bank today and give your house the makeover it deserves!
Enhance property value
A well-executed renovation can boost your property’s market value. For example, installing new appliances and cabinets in the kitchen or upgrading the bathroom with modern taps and water-saving systems can make your property more valuable. Even if you don’t plan to sell, these improvements can attract renters and justify higher rental prices.
Flexible EMIs and loan tenure options
You can choose how long you want to take to repay the loan, with options typically ranging from 1 to 4 years. This allows you to adjust your monthly instalment according to your repayment capacity. You can opt for smaller Equated Monthly Instalments (EMIs) if you prefer a longer repayment tenure or larger EMIs if you want to settle the loan quickly.
Tax benefits
When you take an instant personal loan and use the funds for home renovation or improvement, you could qualify for an interest deduction under Section 24 of the Income Tax Act, 1961. This makes personal loans a practical and tax-efficient option.
To sum up
A personal loan for home renovation frees you from financial hurdles that may be stopping you from making your home more liveable and likeable. With quick access to funds, no collateral requirements, competitive rates, and customisable repayment tenures, this loan simplifies the process of upgrading your living space. The tax deductions further add to the benefits.
So, don’t let a lack of funds hold you back from creating a home you love. Apply for a home renovation loan and start the transformation today!
