Your home is a gateway to your world, and people will judge you on their first house visit. You may have spent a ton on your house when you first built it, but over time, it looks like a shabby version of its former self. However, all is not lost, since you can always make adjustments to the house with the help of housing loans.
Furthermore, you can always improve a lot in your home that you never had earlier; you can add a modern touch to it to keep up with the times. You can renovate your house to make it look more attractive, increase its structural strength, or make significant adjustments to change the look and feel of the house. The reality is that you may not always have the money to go around renovating the house to suit your desires.
However, with housing loans for home renovation, you can relive your dream home vision once again with a cheap home loan interest rate.
Eligibility Criteria For A Home Renovation Loan (Varies across lenders)
- You need to possess a property that you can mortgage and renovate.
- You need to be at least 24 years old while applying
- You need to complete all repayments before 60 years.
- You need to have a sufficient source of income to afford the loan.
Why You Need to Opt for Housing Loans for Home Renovation
- Loan Interest Rate
While you may apply for a personal loan for renovations, there is nothing as advantageous as housing loans.
You can use your self-owned house as collateral, live in it, and pay your loan off in up to 30 years. The home loan interest rate is also very low, and there are often special privileges for women.
- Tax Benefits
Housing loans come with huge tax benefits. You can avail up to Rs. 30,000 in tax deduction every year, depending on your interest payments.
- Minimal Documentation
Home renovation loans do not require too much documentation since they are secured. You will just be required to submit identity proof, income proof, photographs, and property title deed for these types of housing loans.
- Easy Approval
These loans are processed quickly, and you can get a loan in no time. Since you don’t have to approach the lender multiple times, you can focus on the renovation issue.
Procedure To Get A Loan For Home Renovation
- Check your loan eligibility.
- Submit a loan application form that contains your property and income details, and check the best offers.
- Ask Queries to the lending organization about the offers and choose the best offer for you. Meanwhile, the lending organization will verify your details.
- After verification, you will receive a sanctioned loan, and the amount will be credited to your bank.
After a few years, it is natural that your home may need a makeover. Sometimes, it can be a costly affair. Housing loans for renovation is your safest bet to remodel your property. But, you should always check the home loan interest rate, processing fees, prepayment, eligibility, and terms and conditions.