Which is better, a personal loan or a home renovation loan in India?Although personal loans are more popular and fetch high number of goals, but being unsecured in nature it incurs high interest rate. In India, there are many borrowers who assume there is a vast difference between a home renovation loan and personal loan. However, the fact is, a home renovation loan is also a type of personal loan that borrowers rely on for upgrading/changing the home décor.
Personal loans are taken for various purposes that include wedding, vacation, education, debt consolidation or one reason can also be home renovation. A home renovation loan helps borrowers to reconstruct, renovate, improve or restructure their dwelling spaces at easy to repay personal loans. Some home repairs become unavoidable and need urgent fixation. This emergency step can be implemented with personal loan for home renovation within 24hours via an instant loan app.
Benefits of taking Home Renovation Loan in India
Instead of pushing forward the home renovation need to another month or next year, it is better to apply for a home renovation loan for timely repairs. Its quick approval, minimum documentation and low interest rate makes personal loan for home renovation a good deal with a number of benefits:
- Tax Benefits- One of the most rewarding benefits of home renovation loan is earned in the form of tax benefits. Availing a loan for home improvement ensures tax benefit under section 24 of the Income Tax Act that help to save some amount of money. You can get up to Rs.30,000 tax benefits per annum on your home renovation in India.
- Quick Loan Approval- Immediately after the verification of mandatory loan documents is done in real-time through the app, borrowers receive the loan approval in minutes and disbursal amount directly in the borrower’s registered bank account.
- Lower Interest Rate- Home renovation loan is an unsecured loan and charges a relatively lower interest rate, compared to other personal loans, that may incur a higher rate of interest that differs on the basis of lenders and locations.
- Lower EMIs- Borrowers can decide their EMIs before hand using the in-built EMI calculator. Customize the interest rate and tenure to get an affordable EMI that is easy to repay every month.
- Collateral Free- A home renovation loan is an unsecured personal loan with no demand of an asset or security in the process. Borrowers have no stress of risking their assets as a collateral. As a result, you get the loan amount faster.
- Minimal Documentation- Enjoy the convenience of minimum paperless documentation while availing home renovation through instant loan apps. KYC details with income documents are the basic documents required to verify the personal identity and financial ability of the borrower.
Simple Eligibility Criteria & Documentation Process for Home Renovation Loan
With easy and simple eligibility criteria and minimal documentation, a home renovation loan can be quickly obtained. Firstly, you should be an Indian resident between 21-58 years of age and must have a stable job/business of minimum earning of 15,000 Rs per month.
Required Documents are limited and minimal. You just need to keep your Aadhar card and PAN card details handy for quick approval of home renovation loan.
Simply Cash, an instant personal loan app powered by HeroFinCorp is one of the leading loan providers that offers loan for home renovation based on simple terms and conditions. Its basic eligibility criteria and paperless documentation makes it more admired and widespread to avail instant personal loan in India.