It’s common to flip through design magazines or browse interior décor websites and get enamored by the beautiful furnishings and home décor while you dream of making it yours someday. As exciting as redecorating your home sounds, whether it’s as simple as replacing simplistic conventional windows with big quaint French ones or restoring your tiles with classy wooden flooring, it’s an extensive and expensive affair. Fortunately, you have access to a personal loan at a time of need. What makes this a good option? Let’s have a look.
Why should you choose a home renovation loan to renovate your home?
Not only is a personal loan a multi-purpose loan to meet varied needs, but it comes with a range of advantages that make it a suitable option.
- Minimal documentation
The paperwork for a home renovation loan is typically very little in comparison to other loans like a car loan or home loan. With just a handful of documents, you can get the job done, which makes it easier for everyone involved.
- No collateral
With other loans like home loans or car loans, you need some collateral. And in the event you’re unable to repay the loan, the lender takes possession of the asset. However, a personal loan is an unsecured form of credit that doesn’t require any form of security. So not only does this make it easier to obtain the loan, but it also ensures your assets are safe.
Other than being multipurpose (you can use them for different purposes like medical, traveling, purchasing jewelry, etc.), personal loans come with flexible tenures and EMIs. Another handy tool is the personal loan EMI calculator to check your monthly EMIs. You can figure out a comfortable tenure with this method.
- Tax benefit
If you use the personal loan for home renovations, you can avail of a tax deduction under the Indian Income Tax Act. A deduction of up to Rs. 30,000 every year is permissible on the interest you pay. Please note, the tax deduction is only available on the interest you pay and not the principal amount, and it’s possible only for a self-occupied property.
- Economical interest rates
Typically, personal loan interest rates are affordable and competitive. Not only can you get your home renovations fulfilled, but you also avoid burning a hole in your pocket.
- Quick availability
One of the USPs of a personal loan is quick and efficient disbursal. Some lenders even loan you the money within 24 hours. This makes it an ideal option when you need funds quickly and effortlessly. With automated systems in place, you know your request will not sit at the bottom of the pile or require multiple follow-up phone calls. After submitting the application, your requests are complete within a few days.
- Accessible anytime, anywhere
With everything being digital today, when you need a loan, all you have to do is log onto the lender’s website, fill out the application, upload soft copies of a few documents like your ID proof, PAN card, bank statement, etc. and you’re good to go! If you pass the eligibility criteria, your loan will be verified, approved, and disbursed in no time.
Long gone are the days when getting a loan was time-consuming and full of hassles. Now, you can complete the entire process from the comfort of your home almost instantly. There’s no stress, no worries, and approvals are received in minutes.
If you knew it was this easy to secure a home renovation loan, would you have waited this long?