Do you know; besides home loans, you can also apply for home renovation loans? With time, the condition of a house deteriorates due to usage, weather conditions, and various other factors. Naturally, a house will not look the same after many years of construction.
To make the house look new, you will have to renovate it. For this, there are Personal Loans for Home Renovation, commonly known as Home Renovation Loans. These loans can help you get the money required to refurnish/decorate a house. Lending institutions like Clix Capital offer Home Renovation Loans online with easy terms and faster approvals.
Read on to understand how a house renovation loan works.
What Exactly Is a Home Renovation Loan?
A Home Renovation Loan is an unsecured Personal Loan used for refurnishing your house. Since it is a type of Personal Loan, it does not demand security/collateral from the borrower.
With Clix Capital, you don’t have to worry about getting a home renovation loan which comes with an easy to fulfill eligibility criteria. Once you take the home renovation loan, you can use it for any home-related purpose.
A home renovation could be used for the following or more reasons:
- Remodeling a room, balcony, kitchen, or bathroom
- Changing the flooring of a house
- Reconstructing the ceiling of the house
- Revamping the façade of the house
- Improving the interior of the house
- Painting or wall paneling of the house
- Replacing old doors, windows, tiles, and lighting
Besides the above purposes, you can use the home renovation loan for any other thing you want. No one’s going to ask where the renovation loan amount will go.
It is crucial to note that this loan comes with an easy repayment tenure, allowing the borrower to repay the amount to the lending institution. Within the repayment tenure, the borrower repays the loan in EMIs. You can calculate your EMI before approval using the Personal Loan calculator available on the website of top lending institutions like Clix Capital. Like the Personal Loan, competitive interest charges apply to the home renovation loan.
Now that you understand a home renovation loan, let us discuss its pros.
Understanding the Pros of A Renovation Loan
Some advantages of a home renovation loan are as follows:
- Even though a home renovation loan is a form of Personal Loan, it has lower interest rates. Usually, unsecured loans tend to have a higher interest rate in India. With this loan, you can enjoy affordable interest charges.
- You don’t have to worry about collateral for a loan. Applicants do not have to offer their property as collateral to get a renovation loan.
- You can apply on the website of lending institutions like Clix Capital and get instant loan approval.
- With a home renovation loan, you can choose your repayment tenure. Choose a tenure that allows you to repay the loan EMIs without financial burden. The EMI for a home renovation loan will vary according to the loan tenure.
- The borrower is eligible for a tax benefit with a renovation loan. As per the Income Tax Act, you can enjoy a tax benefit of up to 30,000 in a year with this.
- This loan. The tax benefit is offered on the interest charges paid for a loan.
- Lending institutions will not restrict you from using the house renovation loan for a particular reason. Once the renovation loan amount comes to your account, you are free to use it in any way you desire.
Eligibility for A House Renovation Loan in India
There are some rules for home renovation loans in India. Every lending institution has a different eligibility criterion for the loans. The eligibility criteria to get a house renovation loan from Clix Capital are as follows:
- The applicant should be aged between 25 and 58 years
- A home renovation loan in India is available to salaried individuals
- A renovation loan applicant should have a minimum working experience of a year
- The applicant should be employed in the current organization for at least six months
- The applicant should have a minimum monthly salary/income of 25,000
A home renovation loan can help you make your house look new. You can apply for a loan online and get instant loan approval. There is no need to provide collateral for a loan. You can choose the repayment tenure according to your financial capabilities.
If you plan to take a home renovation, you can apply for a Personal Loan for Home Renovation with Clix Capital online now!