‘Home is where the heart is!’ For your heart to be in your home, sometimes it may be necessary to give our abode a whole new look, or simply make some additions to it to make your stay more comfortable. Of course, renovation projects often require a decent sum of money. However, this isn’t something that should hold you back from enjoying a house that you find both, appealing and comfortable. After all, you can always take the help of credit, whether it is in the form of a home renovation loan or simply ICICI Bank Personal Loan or other Personal Loan option.
Home Renovation Loan
A home renovation loan is the first credit alternative that crosses the mind of every person looking forward renovating their home, owing to the very purpose that it is offered for. Yet another attractive aspect of this loan is that it is usually provided at a low interest rate, ranging from 9.5% to 12%. However, this line of credit is losing out on its popularity due to factors like:
- The availability of only up to 80% of the estimated cost of the project.
- The fact that the loan can just be taken in the name of the homeowner, which in some cases, isn’t feasible due to the ripe age of the owner.
- The fact that it can be used only for some specified purposes, and not for aspects such as the purchase of furniture.
- The multiple inspections conducted by bank officials to check, whether or not the loan is being used for the specified purpose.
Owing to the disadvantages plaguing home renovation loans, many financial advisors now recommend Personal Loans to redecorate or redoing existing residential properties.
Given that Personal Loans can be obtained with incredible ease within a matter of 3 to 5 days, their demand has seen an unprecedented rise in the past few years. Besides, the disbursed loan amount, in this case, can be used to fulfil almost any need, and the lender has no say, whatsoever, regarding the end use of the amount. Here are some of the additional advantages of using this credit for redesigning your home:
- In the case of Personal Loans the loan amount is disbursed all at once.
- These loans can be applied for by any member of the family who meets the essential eligibility requirements.
- Once expended, you are free to use the money as per your need, without having to answer the bank officials regarding the same.
- Personal Loans are unsecured, and hence do not require any collateral for security.
- The loan amount can be used to meet one or more financial needs. For instance, a loan of Rs. 8 Lakhs can be used for construction work worth Rs. 5 Lakhs, and for buying furniture worth Rs. 2.5 Lakhs. You can then use the remaining amount to buy the electronic appliance(s) of your choice.
In exchange of the multiple benefits of Personal Loans, you will have to pay a price which comes in the form of a high Personal Loan Interest Rate ranging from 11% to 26%, depending on your credit history and the loan amount.
We hope that you are now able to clearly see why it is that most experts suggest homeowners to opt for Personal Loans when it comes to renovating their house. And if you do, wait no more before you grab the most effective Personal Loan, both in terms of the cost of the credit as well as with regards to the payment terms of the same!