Opt for a Home Improvement Loan to Renovate your House

Buying a house is the biggest investment in your life, which shows your status and achievements. The atmosphere of your home can calm your mind at any time. The second importance of having our own house is that it provides a roof to our close ones when we are not. The benefits are many and to preserve them you need to maintain your home. Taking care of your home is not only necessary to ensure its value, but also to ensure a safe place for you and your family.

What should you do to maintain and renovate your home?

Home maintenance mostly consists of repairing, remodelling, renovation etc. By doing this, your house looks more beautiful, more convenience in the house and most importantly it preserves its cost. But what if you do not have the money to do so. Or you do not want to spend your savings in it.

In such a situation, a home improvement loan can prove to be the best option for you. The biggest advantage of a home improvement loan is that it gives your home a better design and more convenience as per your choice.

What is a home improvement loan?

Home improvement loans are similar to house loans, where you are given money to renovate or improve the existing house. With a home renovation loan, you can correct and upgrade the damage in your home. There are also some advantages of doing this:

– His resale value increases.
– Features, style and looks are better.
– Preserves its value.
– Work is done as per your choice.

Why You Should Choose a Home Improvement Loan?

Low interest rates: Home improvement is usually safe in lieu of ownership. Hence the loan is a secured loan and it is available only at home loan rates, making it the best funding option for renovation and expansion of the house.

Tax exemption: You can get deduction of up to 30 thousand rupees per year under section 24 of the Income Tax Act. The deduction will be applicable on the interest, which you will pay on the home renovation loan. This exemption is within the total limit of 2 lakhs available on loan interest payment of self occupied houses.

Flexible to use: You are free to use your home improvement loan for many activities including repairing, flooring, detailing, painting in your home improvement, but you cannot use it for any of your personal use.

Loan period: Home renovation loans usually come for a long period, ranging from 5 to 15 years. This makes repayment easier for borrowers.

Documents required:

– Correctly filled application form
– Real home title deed
– Residence and proof of identity
– Proof of income and job
– Last 6 months bank statement
– One Passport Size Photo
– Check for processing fees
– Architect / Engineer Estimate for Home Improvement Work

Leave a comment