Do you think a house is simply perfect with broken taps and chipped walls? No way, right? Almost all of us would like to live in a comfortable house, with ‘looks to die for’. Such a house gives us a sense of pride and also contributes to our quality of living. It’s said very rightly that a home gives a true account of ‘who lives within’.
With time, many people want to modernize their homes. They feel the need to make suitable changes such as repainting their homes, buying new furniture, increasing the size of their bedrooms and so on. But, many such home improvement ideas do not see the light of the day due to lack of funds. As you may have observed, home renovation works are getting costlier every day. This discourages people from moving ahead with any home improvement work even if they have the inclination for it.
This fact is acknowledged by most of the reputed lenders and they have also come up to seize upon the latent need of these people. Lenders such as SBI, HDFC and ICICI have devised attractive personal loan products to fund home improvement expenses. Loan seekers in India are also inclined more towards personal loans for their home improvement works instead of home loans, because of the inherent advantages associated with the former. We will discuss these details later in this blog.
Home improvement loans are an excellent means to strengthen the investment you have made already in purchasing your dream home. It can be used for any kind of repairs, updates and renovation on a property already constructed. You can avail these loans as and when you require to carry out any major/minor renovation work in your house. You can also use the funds to purchase furniture, bathroom fittings or for doing the interiors as well.
Some of the salient features of a home improvement loan are as follows-
A home loan has some inherent disadvantages when compared to a home improvement loan. A home loan mostly covers 80 to 85 % of your estimated expenses. Also, you have to avail a home loan in the name of the future owner of the property to be purchased or in favour of the registered owner of an existing property. Now, if you are an elderly person in your late ‘50s, you may find it difficult to get a home loan approved. In this scenario, the lender will hesitate to consider your loan application as you are very close to the retirement age. Moreover, your children cannot avail the home loan on behalf of you.
Another definite disadvantage of a home loan is that you can not avail it for uses such as buying furniture or bath fittings. While approving a home loan, the lender wants to be absolutely sure about your intended purpose and ensures that you cannot use the funds for any other purposes. No such bindings are there with a personal loan for home improvement. Therefore, it’s no surprise that more and more loan seekers are opting for home improvement loans if they have urgent requirements for renovating their homes.
Some of the advantages associated with home improvement loans are:
Love your home? Then you can express the love for your ‘sweet home’ in your own unique way! Avail a home improvement loan and show the world ‘who lives in your home’!
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