5 reasons why a personal loan can be beneficial for your home renovation

Read on to know why a personal loan can be the ideal solution for all your home improvement needs.

By Ground report 06 Sep 2023

New Update

Home is truly where the heart is, and you may want to make it more comfortable for yourself and your family. Be it modernising the kitchen, upgrading to smart appliances or adding a home security system, there may be many things on your home improvement checklist. Financing all these expenses, however, may require getting a loan.

Here’s when you can consider a personal loan for home renovation. It does not require you to put up your home as collateral, unlike a home loan, and is easier and faster to apply for and get. Read on to know why a personal loan can be the ideal solution for all your home improvement needs.

Ample funds for home improvement activities of all kinds

From buying the latest home appliances to adding a whole new wing to your home, home renovation comes in all shapes and sizes. Whether you want to invest in furniture and furnishings, retile your bathroom or paint your home inside-out before the festive season, you can do it all with a personal loan. You can get up to ₹50 Lakhs from lenders and use this amount to hire contractors, buy materials and do up your home in style.

Get going with an easy online application and simple eligibility terms

Getting started is often the biggest hurdle for any home improvement project, but with a personal loan, initiating the process is really simple. All you need to do select your lender, fill an online application form, submit basic documents and sit back. Most lenders offer approval in 5 or 10 minutes, so you will know if you qualify for funds instantly.

In addition, meeting most lenders’ eligibility terms is easy, as personal loans are meant to be accessible for everyone. With a good CIBIL score and a stable income, you can not only get a personal loan, but also enjoy competitive interest rates.

Gives you access to funds fast for urgent repairs

Lenders today disburse personal loans in just a few hours of verifying your application and approving it. This speed makes a personal loan the perfect way to finance home repairs that are urgent. Whether it is a leaking roof or pipes that don’t work, you can rely on a personal loan to get you the money you need as quickly as possible.

What’s more, there is no restriction or limit on how you put the funds to use. So, no matter what you have planned, you can use your personal loan amount freely.

Makes repayment comfortable so you can focus on home improvement

You can repay a personal loan on your terms by choosing the right tenure. Lenders usually offer anywhere between 1 to 6 years to repay this loan. By choosing the right duration, you can ensure your EMIs are within your budget. This way, you can repay stress-free, and focus on home improvement!

This flexibility also helps you choose a tenure that allows you to pay monthly instalments on the due date. By being timely with repayment, you can increase your creditworthiness and build your credit score.

Allows you to add value to your home without risk

Since a personal loan is unsecured, you do not need to attach your home or any other asset to secure funds. This is unlike a home loan, which requires a property as collateral. What’s more, certain home improvement activities can actually help you increase the value of your asset. Whether it is adding a garage to your property, extending a room, or doing structural remodelling, you can do it all risk-free.

Now that you know the advantages of taking a personal loan to renovate your home, all you need to do is a little research and planning. Start by comparing lenders and checking their interest rates as well as other charges. Then choose the right lender and use an EMI calculator to forecast your monthly payments. This will help you plan repayment even before you apply.

Doing all of this is easier with the Bajaj Markets App. This one-stop financial marketplace gives you access to top lenders all at one place so you can compare features and rates with ease. You can also apply online on your smartphone in just a few steps. Get the app today from the Play Store or App Store and renovate your home stress-free!