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What Type of a Loan is Best for Home Improvements?

What Type of a Loan is Best for Home Improvements?

A paint job for the kids’ room, a new shelf for the pantry, perhaps some circa lighting for the hallway? Well, the list can go on and on. While there are myriad ways of revamping your house, unfortunately, most of these home renovation projects are usually a costly affair.

Sure, you can pay out of your own pockets to cover the expenses. But why deplete your savings? If you’re short of funds, consider a home renovation loan!

How does a loan for home renovation work?

A home renovation finance solution is a special type of loan that can cover a diverse set of renovation projects. With a house renovation loan, you can:

  • Plumbing and sanitary works
  • Tiling, flooring, and waterproofing
  • Painting and whitewashing
  • Revamping the interiors
  • Purchasing new furniture and furnishings

Whether you’re renovating the interior or exterior of your house, this personal finance solution can help you shoulder the expenses effortlessly. 

Additional Read: Things to Consider Before Taking a Home Improvement Loan

Why you should consider taking a home improvement loan

Still on the fence about getting a loan for home improvement. Well, then these benefits ought to help you decide:

#1 Comes with a competitive interest rate

As market competition has gotten steeper, most lenders are now offering attractive personal loan interest rates on house renovation loans. Because of this, such loans have become budget-friendly options to finance your home remodels.

#2 No collateral required

You can avail of this type of loan without pledging collateral. So, you don’t need to provide any asset as a guarantee against a house improvement loan. You only need to demonstrate a healthy credit profile to qualify.

#3 Quick and straightforward application process

You don’t need to submit heavy paperwork or go through a rigorous process to apply for a house renovation loan. Most lenders now provide the entire application process online, saving you the hassle of visiting a branch physically to get started.

What’s even better is if you apply online, you can benefit from quicker loan approval and funds disbursal, typically within 7-8 working days!

#4 Flexible repayment terms

With a house improvement loan, you can spread the borrowed loan amount over a longer duration and take advantage of flexible personal loan EMI options. You needn’t worry about paying high interest on the installments or meeting any hard-and-fast criteria.

This is because, nowadays, numerous lenders willingly extend repayment terms aligned to your monthly budget and convenience, including tenure, EMI options, etc. So, you can repay the debt comfortably.

Additional Read: Do I Need a Good Credit Score for a Home Improvement Loan?

In conclusion

A home renovation project can easily rack up bills after bills, making the entire process an expensive affair. So, instead of straining your hard-earned savings, you can opt for a personal loan for home renovation to get the job done quickly.

With a renowned lender like Tata Capital, you can get quick funds to finance all your home improvement projects. We extend house renovation loans at highly competitive interest rates with minimal documentation and flexible repayment tenures.

So, don’t wait any longer to spruce up your home. Click here to check our interest rates and personal loan eligibility criteria.

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