Which Loan is best for Home Improvements
Upgrading house interiors with improvements and repairs is a good decision that should be considered at an interval of 5years at least. This change not only increases the resale value of your property but also adds a new look to the home. However, the interior designing work with refurbishing demands a huge amount. If the finances for home improvement are not planned well in advance, it is difficult to implement the required changes.
Here is when a personal loan for home improvement comes into picture that covers both renovation and repair costs. Consider interest rate, loan tenure, processing fees and terms before applying for home improvement loans. Eligibility criteria for home improvement loans are similar to a housing loan. This kind of personal loan can be applied individually or jointly by co-owners of the flat.
A Top-up loan is another type of credit that can be taken for home improvement. It is an added loan taken above an existing home loan. The condition for top-up loan is that it gets sanctioned only when a home loan has been repaid for years without any default.
Consider Gold loans, if you are not eligible for personal loans. When a property is not in your name or the credit history is low, gold loans are a good alternative for home improvements. Get 80% of your gold value and repayment tenure of 12-15 months.
Instances where a major improvement is required, loan against a property can be taken. The repayment tenure is longer than personal loans. Consider this option only when the upgrade in your home is big. Otherwise, mortgaging an expensive property for small changes and repairs is not a wise thing to do.
Credit cards set with high credit limits can be used to support home improvements. This is a simple form of loan where filling an application form is not required. Using a credit card for emergency repairs is acceptable, however, do not rely on credit card loan for long-term financing as interest rates charged by most credit cards are highest.
Excellent credit score during loan application is an advantage that lowers the interest rate, irrespective of secured or unsecured loan. Simply Cash is the latest instant personal loan app helping the loan seekers to acquire finances with ease. Right from application, documentation and disbursal, everything is done online. Acquire home improvement loan up to 1.50 lakh via Simply Cash. The feature of paperless documentation makes the Simply Cash app hassle-free yet secured.
So, whether it is changing your bathroom fittings, increasing the parking area, adding safety boundaries or refurbishing the living room, all the possible improvements can be made when the desired budget is in hand. Personal loan for the home renovation is the safest option to modify your home without the stress of repayment at a higher rate of interest.