Kick-Start A Home Improvement Project With A Personal Loan
Looking to start a home improvement project but short on funds? A personal loan might be the solution you need to get started. Learn how to kick-start your project with a personal loan.
Home is the place close to most of our hearts. This is the reason why we ensure that it is kept in best of the condition with upgraded equipment. There are some frequent expenses such as getting a fresh coat of paint or minor repair works. But some expenses related to home improvement such as upgrading the kitchen, changing the layout, etc can be costly and possibly drain your savings. You may not have such a large amount readily available but you don’t need to worry or compromise on upgrading the most loved space of yours. Personal loans can help you meet such expenses. The best part is most of these loans are available instantly without much hassle and there is no restriction on how the borrower wants to spend. Amounts starting from Rs 5,000 rupees to right up to Rs 5 lakh and even more are offered. Those with relevant documents and good credit scores can get the money in a matter of few hours.
Credit Score
Banks and non-bank finance companies provide easy and flexible repayment solutions so that borrowers are not burdened. Repayment period typically ranges from three to five years. Some borrowers may also have a running home loan and if the repayments are made timely, availing a personal loan would be even easier. It is a good idea to check with your existing lender if there is a pre-approved home loan. In such cases, the credit score of the borrowers is also expected to be good. A good credit score would allow borrowers to negotiate with lenders for a lower rate because usually interest rates on personal loans are higher because lenders don’t ask for any collateral.
Home Improvement
The borrower is free to decide on how he or she wants to spend the money, be it on repair works or completely redesigning the home. Some of the ways to use personal loans for home improvement are as follows –
Changing Layout -
COVID-19 pandemic underscored the importance of having a bigger home. Not all of us can move to a bigger one but we can definitely improve the existing house to better suit our needs. This could involve dedicating a space of work and studies and shifting windows to accommodate more sunlight.Tech Upgrade -
Nearly all essential home appliances run on remote control with centralised management. Personal loans could help you upgrade from archaic devices to modern ones, taking less space and also saving on electricity bills. Upgrades could include shifts from manual switches to voice-controlled lighting as well as wireless heating and devices that consume less water.Zaroorat aapki. Personal Loan Humara
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Kitchen -
Upgrading to a kitchen equipped with easy-to-use and safe devices could be an investment worth making. It will help in cooking tasty meals quickly, something that is the need of most nuclear families in the metro and urban areas. Personal loans can be used to buy devices such as oven-toast-grill, refrigerators, etc that are based on the latest safety protocol.
Most of these home improvement plans are costly and involve a large pool of money. Instead of saving money from your salary bit by bit and then undertaking these projects, opting a personal loan can come handy. To make the process simpler and to ensure the come is credited quickly, borrowers should run a quick checklist. Some of these steps are –
Pre-Approved Loan -
Check if you have a pre-approved offer from existing banks and other lenders with whom you may have a home or a car loan.
Interest Rate -
Since personal loans carry high interest rates, check rates across banks and NBFCs to get the best possible deal. Also, check for details like processing fee, foreclosure charges, etc. Compare the monthly EMIs across lenders and then make a list before applying.
Documents -
Keep documents like bank statements, salary details, PAN Card, Aadhaar card ready before making an application.
Conclusion
Personal loans can help you make your home even better. Lenders like IIFL Finance understand the sentimental value of borrowers with their homes and ensure that the process of disbursing the loan is not quicker, all other terms and conditions are transparent, and repayment period is flexible.
IIFL Finance provides personal loans of Rs 5,000 to Rs 5 lakh at a competitive interest rate in a transparent manner. You are free to use the IIFL Finance loan for any purpose, including home improvement, and the fund can be disbursed within few hours of submitting PAN, Aadhaar and bank statements.
Zaroorat aapki. Personal Loan Humara
Apply NowDisclaimer: The information contained in this post is for general information purposes only. IIFL Finance Limited (including its associates and affiliates) ("the Company") assumes no liability or responsibility for any errors or omissions in the contents of this post and under no circumstances shall the Company be liable for any damage, loss, injury or disappointment etc. suffered by any reader. All information in this post is provided "as is", with no guarantee of completeness, accuracy, timeliness or of the results etc. obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability and fitness for a particular purpose. Given the changing nature of laws, rules and regulations, there may be delays, omissions or inaccuracies in the information contained in this post. The information on this post is provided with the understanding that the Company is not herein engaged in rendering legal, accounting, tax, or other professional advice and services. As such, it should not be used as a substitute for consultation with professional accounting, tax, legal or other competent advisers. This post may contain views and opinions which are those of the authors and do not necessarily reflect the official policy or position of any other agency or organization. This post may also contain links to external websites that are not provided or maintained by or in any way affiliated with the Company and the Company does not guarantee the accuracy, relevance, timeliness, or completeness of any information on these external websites. Any/ all (Gold/ Personal/ Business) loan product specifications and information that maybe stated in this post are subject to change from time to time, readers are advised to reach out to the Company for current specifications of the said (Gold/ Personal/ Business) loan.
