Renovate Your Home Today With the Help of a Home Renovation Loan!

Planning to renovate your home but worried about the finances? Well, a home renovation loan can serve you right. And if you are salaried employee, then why not opt for a salary loan. For other professionals, an online loan could be the best bet. Today, there are many finacing options to fulfil your dream aspirations, but you must be familiar with the world of finance to make the right choice.

Salary loan vs online loan

A salary loanis specialy designed for salaried individuals to cope up with financialemergencies. In a salary loan, you can get a line of credit or early salary up to 2.5 times your net salary. These loans are usually offered for a short tenure of 3 to 12 months and are repaid through monthly instalments. The disbursals are quick and require minimum paperwork.

An online loanis a financial product where a lender offers you money against your repayment capability. It can be your salary, business income or any other fixed income. It is an unsecured loan that do not require collateral. You can apply for this loan from a bank, NBFC or a loan app.

What is a home renovation loan?

A home renovation or improvement loan is an unsecured personal loan that you can take to meet the expenses of renovating your home. Today, many lenders offer home renovation loan at attractive interest rates. This loan do not seek collateral or security and can be used for any repair or renovation work. The disbursal of the loan essentially depends on the eligibility criteria of the lender. You can easily secure an online loanwhich has instant processing and disbursal.

Why you should avail a personal loan for home renovation?

You can fund your home renovation in various ways, but your best bet is a home renovation loan. Using up all your savings for home renovation can leave you exposed to other emergencies. Pulling out your investments can take away the benefits that you would have received on maturity. Similarly, liquidating your assets would take time and could prevent you from attaining a higher value in the future. A top up loan on your on-going home loan would freeze your asset for a longer period as collateral. Thus, there are many reasons why a personal loan stands as your best option.

Here are some of the reasons that makes an online loan for home renovation your best choice –

• Your savings remain intact

If you take a salary loan for the renovation of your home, you won’t have to exhaust your hard-earned savings. You can keep the savings intact and use your future salary to repay the loan. It helps in managing your finances in a better way.

• No need to break investments

If your home renovation comprises major alterations, then it could be a huge expense. Many people think about breaking their FDs or pulling out their investments. But the interest earned on the investment is greater than the rate of interest of your loan, then availing a personal loan is a cheaper option.

• Your assets remain safe

It may so happen that renovation of your home is more of an emergency and less of a choice. For instance, during monsoons roof cracks or leakages are common. Fire breakouts or natural calamities can also result in urgent repair works. In such a situation, an online loan or salary loan can help you get the work started immediately without seeking your assets as collateral.

• Higher loan amount

You can easily avail a high value loan if you match the lender’s eligibility criteria. The maximum loan amount that a lender would offer you depends on your total monthly income, your credit score, existing debt, age and location. You must check with different lenders and avail the loan from a lender who offers the best combination of maximum loan amount eligibility and lowest interest rate.

• Quick access to funds

In case of an urgent requirement for the fund, you can easily apply for an online loan. The whole process is done digitally. There is minimal documentation and no physical paperwork. As soon as the online loan is approved, the loan amount is immediately transferred to your bank account.

• You can choose to pay over time

The cost of renovating your home is a costly affair, but thanks to easy repayment options offered by personal loans. You can choose to repay the loan amount over a tenure of your choice.Small manageable EMIs make your repayment much easier.

• Convenient application

You can apply for an onlineloanat any point of time. Whether you are planning for a renovation or an emergency repair hit you or you face cash crunch in the middle of renovation, a personal loan can help. You can apply for an instant loan online and get it processed within a few hours.

Conclusion

The eligibility criteria for a personal salary loan primarily depend on your repayment capacity and credit record. If you have a good credit history and a stable source of income, you can easily avail an online personal loan and use it to renovate your home.