How to Finance Your Home Renovation?
‘Home is where the heart is’, many of us lead our lives with this saying quite literally! We do everything in our capacity to design our dream home. While it is the place where we spend most of our time building memories, it is also the place that needs regular maintenance and care. For this, renovating the space is the most sought after option. While the need of renovating the house may be any-repair work, remodeling, painting job, buying new furniture or other, the need for funds is essential. To breath a new life into the aesthetics of your space, you can opt for a home renovation loan without having to worry about arranging funds. Read this article to know how you can finance your home renovation without having to dip your savings.
Reasons to renovate your home
Safety: Problems related to cracked walls, electrical, illegal walls or balcony, there could be an endless list that can hamper your and your family members safety. You just can’t put off the renovation work owing to non-availability of funds.
Increase its future value: If you plan to sell your house in the near future, then a home renovation loan can be of great use. A nicely designed house with latest trends and features will help you get a good resale value.
If insurance risks are not covered: Your home insurance would not cover any unauthorized additions or alterations. Any damage caused due to these or any man-made or natural calamity is not covered.
Increased comfort: Your comfort is one of the most important reasons why you should be renovating your space. With the help of a home renovation loan, you can change the furniture of your space, make new additions in its designs, build a wall or do anything that would ensure you are comfortable in your own space.
If lack of funds is keeping you away from renovating your space, then here is how you can fund your home renovation.
Get a personal loan: You can opt for a personal loan for home renovation if you wish to renovate your space. This type of loan is of unsecured type and is offered without any collateral. The loan amount is disbursed based on various factors including your age, income, employment status, company type and profession. The loan is offered usually for 6 months-60 months and the tenure may vary from lender to lender. The interest rate of a personal loan depends on various factors including your credit score, income, age and other factors.
Use credit card: You can also use your credit card for home renovation purposes. You can either convert your credit card purchase into EMIs or get a loan on credit card. However, the interest rate on credit card loans is usually higher than that of a personal loan. Also, if you don’t repay the credit card bills on time, then your credit score is likely to get affected which will make it impossible for you to secure a loan in the future.
Home improvement or mortgage loan: You can either opt for a home renovation or a mortgage loan to renovate your space. However, the disbursal for this type of loan takes time, which may lead to a delay in your renovation work. While interest rates look low, due to long tenure, the total interest paid can be high
Get a NO COST EMI Loan
You can get a home renovation loan from Credit Fair at ZERO COST EMIs. Credit Fair offers you instant disbursals at minimal processing fee that helps you build your dream house with ease. You can get a loan of Rs. 10,000- Rs. 20 lakhs at low documentation. With a quick and easy loan from Credit Fair, you can renovate your home now and pay later.