Are you planning a home renovation loan? Start with these 5 steps
When planning to apply for a construction loan, here are some important factors to consider for a pocket-friendly experience.
1. Set your home improvement goal
Remember, raising funds is part of the journey when considering a loan. You will also have to pay back the loan and there will be borrowing costs. So find out about the essential requirements at home and apply accordingly. While top lenders offer up to Rs. 25 lakh renovation loan amount, only borrow what you think is usable and necessary.
There is no limit to the end use of a Home improvement personal loanso that you can use it to accomplish these goals and more:
– Paint your house for a better look and feel
– Add a new concrete structure like a garage or patio
– Turn a balcony or attic into a remote work space, office or nursery
– Renew your kitchen and bathroom with better fixtures, plumbing or repairs
– Design green areas or create a garden on the terrace or balcony
– Replace tiles, doors or windows
– Add home security system and upgrade to smart devices and settings
With a home renovation personal loan, you can give your home a whole new look while increasing its functionality. It also increases the value of your home as an asset.
2. Explore the market and look for a pre-approved offer
Compare different lenders and their offers to help you make an informed credit decision. Find out about the rates and features that can add value to your experience. This can be the collection of documents on site or 100% online minutes for the application and other formalities. You can also use a pre-approved offer to make it easier and faster to apply. Such offers are based on your previous credit experience with a lender and, in addition to a competitive interest rate, give you an advantage when it comes to quick access to funds and minimal paperwork. With offers like this, you can save more and make your home renovation plans hassle-free.
3. Find a lender using simple selection criteria
Today lending has gotten a lot easier, the same is true for home renovation personal loans. However, different lenders have different terms and conditions, and failure to meet these eligibility parameters has negative consequences. To prevent your loan application from being rejected, find a lender from whom you must qualify for the loan on simple terms. You can get a home renovation loan quickly with the best lenders if:
– Your age is between 20 and 67 years
– You work full-time in a public company, private organization or MNC
– You are a permanent resident citizen of India
– Your CIBIL score is 750 or more
– You meet the city-specific minimum income requirements
4. Check the cost of the loan and choose the best terms
Budgeting your loan is essential to making the right loan decision. When applying for a loan, look beyond the interest rate. These additional costs include the following.
– processing fees
– EMI bounce fees
– billing fees
– Secure online application fees
– Partial prepayment fees
– foreclosure costs
– Penalty interest for missed EMIs
Make sure that the lender you choose is transparent about these fees and also offers a competitive interest rate. This is a great way to ensure that you budget for all of these costs and that you don’t get caught off guard later.
5. Schedule your repayment before proceeding
Instead of taking photos in the dark, calculate your EMIs and schedule repayment even before you even submit an application. This is a great way to ensure that your EMI obligation doesn’t weigh on your finances. With the best personal loans, you can enjoy a long tenure of up to 60 months. This will reduce your monthly payments. However, you can reduce your outgoing interest by choosing a shorter term. Use an EMI calculator online and calculate different EMIs for different loan amounts and terms. That way, you can choose the option that suits you best.
With this action plan, you can make your home improvement dream come true! For a stress-free experience, consider the Bajaj Finserv Home Renovation Loan. It offers a comprehensive sanction with no hidden fees and a long term of 5 years. You can easily qualify for this loan by submitting just a few documents. The Flexi Loan Facility can cut your initial EMIs by up to 45%. So immediately check your pre-approved offer and apply for an upgrade for your home online!
Disclaimer: This content is distributed by Bajaj Finserv. No HT journalist is involved in the creation of this content.
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