Are you looking to renovate your house? If yes, then the first thing that you might look for is the idea and the funds. While there are various options to get the funds, the best one is to secure a home renovation loan.
But sometimes, there are chances that you might be required to wait for a couple of days to get the funds. But even if you need a low amount of loan, there are options of securing quick loans with the help of the home renovation loan or instant personal loan.
So, let us look at the prominent reasons for taking the home renovation loan. Also, do you have an idea about personal loan eligibility criteria for immediate fund needs?
Personal Loan Eligibility Criteria
Personal loans can be used for multiple purposes. The borrower is not required to furnish the details of ultimate use while using the personal loan. Indeed, an instant personal loan is the best way to meet the immediate need for funds for any purpose, like planning a small vacation to fund medical emergencies.
Once you are done with the loan EMI calculator to know the amount you can handle monthly, it is time to check the personal loan eligibility criteria. The primary things to consider are:
- Proof of identity
- Proof of residential address
- Age of 20 to 60 years
- Banking relationship
- Steady source of income with proof of income
- A CIBIL score above 750
Reasons to Get Home Renovation Loan
If you are looking for some quick loans apart from instant personal loans to get your home furnished, then a home renovation loan is your best choice. The top reasons to get the home renovation loan are:
Simple to qualify criteria with low documentation
The renovation loans usually have simple to qualify criteria with the primary age between 20-60 years and a substantial monthly income. Documentation for home improvement financing is generally straightforward. All you need is essential documents such as identity and income verification, photos, a property title deed, and so on. Being an existing customer of the house financing business simplifies the paperwork even further.
Quick processing with low interest
House renovation loan is approved fast since the documentation required is less. As a result, one may begin the remodeling work as soon as possible without waiting for a financing application to be granted. Also, it is typically offered at the same interest rate as a home loan, which is much lower than the rate of instant personal loans.
Flexibility to use
One may use the house renovation loan for various home improvement activities such as remodeling, repairs, flooring, extension and painting. In other words, it provides cash for any work related to the property. One cannot use it to repair or purchase moveable goods such as furniture, fixtures, and furnishings.
Tax benefit and collateral-free
Unlike most other loans, a home renovation loan does not require collateral. Because this is an unsecured loan, the EMIs are slightly higher. Section 24 provides tax benefits for home improvement loans used for upkeep, repairs, and expansion. For self-occupied properties, the interest paid on loan is tax-deductible up to 2 lakhs each year.
Though there are various quick loans available in the market, securing the home renovation loan to redefine the house is great. If any lapse in acquiring the same, one can always opt for an instant personal loan.
Before applying, connect with Bajaj Finserv, where you can get a complete range of pre-approved offers, especially for loans or credit cards, by sharing your basic details only.