A Home Repair Loan to the Rescue of your Home
Many people face the problem of funding the high cost of repair of existing houses. If you have been living in your old house for the last several years, you will have noticed that the house needs some repairs here and there. It is not an easy task to buy a new home every 10 years, so what you can try out is a perfect remodeling or a renovation. Your old home may have lost its glow and amazing comfort, but when you renovate it, you will find a new feel and your comfort is back. A home renovation is definitely not a quick try out, as it takes a good amount of funds. It is not a good idea to slash your income or use up your savings to pay for your renovation. This way, all other expenses and fixed obligations for the month will be affected. A home renovation loan helps you out at the time of renovation to meet all the needs of repair that your home would need. It is the best flexible option under which you can completely find a good source of money to spend on anything like painting, fitting, construction, or even expansion. Your home needs every touch of modern amenities and a perfect repair done, so use this festive season to get back to a perfect new home.
An understanding of a home renovation loan
A home renovation loan is a secured and flexible form of loan like a personal loan that is offered by a financial institution to a home owner to work out things for the home. A renovation loan will be flexible enough to be used for anything that you would like to do to your home. It is not a rigid form of fund and you can create a good amount of wealth and then pay it back in installments at a reasonable rate of interest. This is a secured loan and the secured loan will be the home itself. You can easily get a good rate of interest since this is a secured loan, but you must meet the eligibility criteria, like a good income or a good credit score, to get the things easily at the best rate of interest.
Documentation for home renovation loan
When you try to get a home renovation loan, you need to make sure that you have all your documents ready to get the loan. Find out below the documents that you will need:
Age Proof (PAN Card, Passport, Any other Certificate from Statutory Authority)
Residence Proof (Passport, Driving License, Telephone Bill, Ration Card, Election Card, Any other Certificate from Statutory
Duly filled in Application Form with Photograph
Education Qualifications – Latest Degree
Latest Salary-slips for 3 months
Form 16 for 2 years
Last 6 months’ Bank Statements (salary account)
Photocopy of Title Documents of the Property, Approved Plan
How can you use a home renovation loan?
A home renovation loan is used for the renovation of your home. It can include everything starting from painting, fitting, construction, modular kitchen, features, new amenities, or expansion of your home. All of these expenses can be covered by a home renovation loan. It is a flexible loan and can be very helpful for meeting any needs in your home.
Wrapping up
The rate of interest on a home renovation loan is much more affordable than a personal loan. If compared, the home loan is the most expensive and high-value loan.
Must Read : All You Need to Know about an EMI Calculator
