Should You Opt for a Personal Loan for Home Renovation?

Renovating a house is expensive. It can cause a minor setback in finance. If the house is in pieces, the setback can be significant. It’s time to fix the leaky ceiling, the broken windows, and the noisy doors. Unless one has made a budget and planned everything already, it will be difficult to fix everything. A Personal Loan for Home Renovation is helpful in these cases. A home improvement or renovation loan is a type of personal loan offered by banks to renovate a home. This loan does not need collateral. It puts no limit on how to use the money. Depending on the customer, they can use the loans however they want. It can be used to decorate the home during the festive season or renovate and fix it.

Many customers prefer a Personal Loan for Home Renovation. This type of loan is easy to get. It does not require any collateral. The only eligibility criteria for this type of loan is that the customer should be a salaried applicant. Also, it is a personal loan, so it is quick, convenient, and approved within minutes. It can be availed with minimum documentation. 

Why should one go for a Personal Loan for Home Renovation? 

The interest rates on these personal loans are significantly less. Many banks offer Personal loans with 0% interest on promotional offers. Hence, Personal loans are very cost friendly and affordable. Customers should only worry about the repayment in time. If not paid on time, the interest might increase, leading to a stressful financial situation. A personal loan for home renovation is one of the best options to go for if someone wants to renovate their home. It is convenient and readily available with minimum documentation. 

No restrictions on the use of the loan.

The funds raised by the loan have no restrictions or limitations on using the money. These funds can also be used to buy white goods like washing machines, ac, television, and many more. The personal loan for the home renovation is collateral-free, so there is no need to risk assets to get the money. Lenders can offer to give up to Rs 25 lakhs when one is borrowing a home renovation loan. 

Immediate money for repairing works 

Personal loans generally very quickly deposit money in the customer’s account. One can obtain the cash within a day. This will help in managing immediate repairs. Water damage, sewer blockage, leaky ceiling, and electrical damages need close attention. These are also very costly to repair. A personal loan for home renovation will be a cost-friendly and quick solution to the problems. One can access a home renovation loan within a day. One can also apply for it online.

Flexible repayment terms

The eligibility criteria for a personal loan for home renovation are straightforward. If a person is a salaried employee, they can apply for it. These loans have low personal loan interest rates. This allows one to pay affordable EMIs. One gets an ample amount of time to spend in instalments. The tenor to make the repayment can be customised as per the customer. A lengthy tenor will make the repayment pocket friendly. The lender gives up to 60 months for the repayment of the loans. This fair amount of time is enough to repay the loans and be debt free. One can also use an online EMI calculator to plan the repayment process for the personal loan that they took.

Everything to know about the Flexi Facility 

This is a new facility provided by specific lenders. This facility makes the repayment process much easier and more convenient. The flexible facility allows the customer to only pay interest on what they utilise. The customer can borrow any amount of money with this facility. During the first year of repayment, the customer can pay only the interest as the EMI. The Flexi facility also allows customers to prepay at no charge if they have a surplus fund. When a customer takes a personal loan for home renovation, they should be avail of the Flexi Facility. It helps the customer to manage their finances better. 

Alternatives of personal loan 

Personal loans can be attractive for customers but may not be their first choice. Here are some alternatives for a personal loan for home renovation that may help to renovate the home without a loan.

Credit Cards 

Credit cards can be an option to raise funds for home renovation. Regular customers of a bank can negotiate with the bank to purchase a credit card with 0% APR on the purchase offer. A 0% APR can help the customer finance the home renovation without paying any interest. The only criterion is to pay off the money before the APR expires. If the APR expires, the customer must pay high interest on the remaining balance. 

Cash 

If someone is going to renovate their home, the best way to do it is with money. Cash comes with the advantage of not paying any interest later. One can remodel their home in phases if they have financial stretches. Cash is a direct way of paying. It helps the customer pay for what the customer needs at that moment.

Conclusion 

In conclusion, a personal loan for home renovation can be a helpful way to raise funds for renovating the house. It is quick, convenient, and easy to avail. If a customer wants to know more about personal loans and financing, then Piramal Finance is a good option for the customers.