Buying a home is a one-time investment in a city like Pune where the real estate prices are soaring high with each passing day. Owning a home today is more than just getting a roof over your head to reside in; it is financial responsibility that needs to be taken great care of. Owing to safety issues, installing new technology or even upgrading the space with the latest trends, people look forward to revamping the interiors of their homes. While the reasons for home renovation in Pune may be many, but one cannot ignore the fact that refurbishing the home comes at a price that needs to be borne by the owner of the house. If you too are looking to revamp your Pune home, then here’s how applying for a personal loan in Pune can help.
What is a Home Renovation Loan?
A home renovation loan is a personal loan that can be utilized to take care of various expenses such as buying quality raw materials, furniture, paying the deposit to contractors or even hiring an interior designer. This type of loan is unsecured and is provided based on your eligibility criteria. This implies that to get a loan for renovation your home, you don’t have to offer any of your assets as security to the lender as having a strong credit score and income help you avail the desired loan amount.
You can opt for a home renovation loan in Pune if:
- You are planning to give your house on rent
- You are planning to sell your house
- You want to give your house a makeover
- You want to hire an interior designer to design the house
- You need a huge amount of money you can repay in EMIs
- You want to upgrade the house with the latest furniture or art items
- You want to enhance the security of the house
Benefits of personal loan for home renovation purpose in Pune
Hassle-free application process: With the advent of technology, availing a loan for home renovation has become simple. All you need to do is look for instant loan lenders online and fill out the application form to cater to your home refurnishing financial requirements. Online lenders in India offer you a simple application process that further allows you to upload documents online, making the loan application process a cakewalk. This also ensures that you don’t have to run from pillar to post to get your loan amount approved as the data-driven algorithms used by the online lenders are quick to determine your credit eligibility.
Low-interest rates: Personal loan in Pune for home renovation purpose comes at a low in that ensures you don’t have to pay a huge amount back to the lender. It is important to note that the EMI you pay consist of both the principal and interest component. Hence, having a low-interest rate decreases your EMI outflow and also the overall amount you would pay back to the lender.
For instance, if the EMI towards personal loan of Rs. 3 lakhs at an interest rate of 18% for 60 months would be Rs. 7,618, whereas, the EMI for the same amount at an interest rate of 13% would be Rs. 6,826. This implies that overall amount you would be paying back to the lender at an interest rate of 18% would be Rs. 4,57,082, whereas at the rate of 13% it would be Rs. 4,09,555.
To get a home renovation loan at a low-interest rate having a good credit score is essential. Additionally, it is also imperative that you don’t have too many existing liabilities and have a high income to be able to repay the loan on time.
Quick disbursal: Many online lenders in Pune have started offering quick disbursals of home renovation loans to help homeowners address their financial requirements in the nick of time. Getting quick disbursal helps one plan address financial emergencies quickly, thereby helping you renovate your home in a hassle-free way, without having to worry about finances.
No security needed: You can renovate your Pune home in a stress-free way without having to worry about risking any of your assets to the lender. Since personal loan for the home renovation is of unsecured type, you don’t have to offer the lender any security that can be utilized in case of non-repayment of the loan. This helps you stay stress-free and renovate the home as per your liking.
Helps you increase credit score: To be eligible to get a personal loan in Pune, you must have a good credit score. A good credit score makes you eligible to get a high loan amount at a low-interest rate. If you get a loan in Pune and repay it on time, then chances of your credit score increasing are high that further makes you eligible to get more loans in future.