Planning to Get Your Home Renovated this Festive Season? Find out how a Personal Loan can help you

The Indian festive season is around the corner, and here in India, it means a load of expenditure. But due to God’s grace and human advent, you can avail of home renovation loans to renovate your lovely house. You only need to type on your web browser, “need a personal loan”; additionally, you can type need personal loan for renovating the house.” 

Let us first understand what exactly is a home renovation loan?

Firstly, a home renovation loan is also known as a home improvement loan, and in India, both are used covertly. The loan offered comes under the category of unsecured loan. It is offered explicitly to the homeowners at a substantial interest rate. Additionally, the loan is strictly given under the norms for home improvement purposes. The scope of which is limited to expanding your house, renovating the interiors or even exteriors, or redesigning it up to the modern trends by accommodating views from a top architect. Personal loans are indeed a great way to not touch your savings and still get the major repairs done.

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Paperwork and eligibility required to avail of home renovation loan

• The applicant must be a citizen of India.
• The applicant must be of age 21 years but should not be older than 55 years (in most cases).
• The applicant should be enrolled in a firm and should be drawing a minimum salary of INR 18,000.

The basic documents required

The aim of the lenders is to facilitate the entire process. However, owing to various government legal requirements and to prevent any fraudulent activity, companies will ask for the below information/documents:

• The applicant should have a scanned passport-sized photograph not older than six months.
• A pan card should be available, as, without it, the process cannot be initiated. Moreover, the company cannot track your credit score. A credit score of 700+ is required (in most cases). Additionally, the pan card number helps to find out any previous default.
• Aadhar card’s copy both front and back.
• A permanent driving license.

Additional documents can be asked owing to the legislation change. 

Let us look at some of the standard applications for which one might need a personal loan.

• Construction – It is incredibly typical to plan to add a room in your house. Moreover, the addition of a living space allows a better optimistic mindset that helps in generating great ideas. Also, there are chances your family would be growing, and you’ll have significant responsibilities, financially and figuratively. One might need a personal loan when their child is getting married or planning to go abroad for higher studies. The possibilities don’t end. However, there are ample opportunities available in the digital world we live in. 

• Repainting – In India, Diwali’s association is embedded with our family searching for a painter, even months before the actual festival. And personal loans can come in handy here. A house painting helps in changing the entire vibe of the residence. We always recommend asking an architect or taking an external, expert opinion about the shade you are planning to adopt. However, the cost of repainting can dent your savings; hence, you can opt for a personal loan. 

• Interior remodeling – Let us start with our kitchen, the place where a variety of utensils are present, each of different sizes and weights. One might feel the need to build an additional cabinet for all the new purchases they are planning to make at the festival. Or you can turn your traditional kitchen into a modular one. Opting for high-end modulation can be expensive, but one can take the help of a home renovation loan to lower the financial burden. 

• Miscellaneous – In a festival, you can find many nooks and corners that will need a touch-up. Your furniture might need polishing, or you’d have to get rid of an old almirah to bring in a new one. Such expenses can be taken care of by varieties of loans available in the market. However, we always advise looking at the scope of the loan.

Conclusion

Personal loans have eased the financial implications of a festival; more so, they allow us to enjoy the festivities rather than making us worry about the availability of funds. Likewise, a home renovation loan can come in handy; however, we always recommend our readers to look for hidden clauses, terms and conditions, and company reviews before taking a loan.