Owning a property is not enough. It needs to be maintained as well. Homeowners may face challenges concerning the maintenance of their houses. There might be situations needing immediate repair. Homeowners now have the luxury of taking a personal loan for home renovation that caters to such requirements.
New homeowners may require additional funds to spend on remodeling the house according to their requirements. A small household repair cost might be easy to bear. But, if that cost is high, it can become a considerable burden. Homeowners may run into several lakhs of rupees and may find it challenging to arrange the money. A home renovation loan ensures homeowners have the desired funds to remodel, refurbish, or repair their homes with ease.
Homeowners who have just bought a new place can carry out renovations as per their requirements without worrying about exceeding their budgets. Moreover, owners who want to redecorate their existing houses can use the home renovation loan to revamp or give a new makeover to their homes.
Below are some advantages that come with taking a personal loan to finance home repairs.
● Unexpected Expenses
Homeowners need to allocate a significant amount to maintain their houses for expenses like painting, tiling, flooring, sanitary work, or waterproofing. Sometimes, situations may arise wherein such expenses exceed their allotted budget. Personal loans for home renovation are a great way to manage unexpected expenses while maintaining a house.
● Low Interest Rates
Through personal loans, homeowners are offered lower interest rates than credit card loans, facilitating a lower cost of borrowing.
A sudden issue or damage in the house can lead to a significant spike in the homeowners’ expenses. Credit card loans can cause a surge in debt. On the other hand, personal loan interest rates are lower, ensuring homeowners do not spend extra on house-related expenses.
● Quick Disbursement of Funds
Homeowners may be required to address time-sensitive repairs like retiling before monsoons or sprucing up their homes for a wedding. They may find it challenging to gather the necessary funds at short notice to finish the repairs or remodel their homes without delay. Taking a personal loan eases the process as it makes the desired funds available in a short period of time.
● Fixed Interest Rates
Homeowners do not have to worry about changing interest rates or market conditions. Personal loans offer fixed rates of interest. Fixed payments enable homeowners to plan their finances more efficiently.
Emergency house repairs can hurt a household budget. Taking a personal loan for such expenses helps homeowners get a stable payment structure to plan their finances accordingly. Moreover, since the loan is repaid in easy instalments, the homeowner does not have to bear an immediate expense burden. . An EMI calculator will help you estimate the amount you need to repay towards your loan. Fullerton India’s smart calculator factors in interest rate, repayment tenure, and loan amount to generate your EMI amount within seconds.
● No Collateral
Homeowners are not obliged to put up collateral, as home renovation loans are unsecured.
Homeowners do not have to worry about surrendering their properties, gold, or shares as collateral.
● Simple Application Process
A simple application process of uploading the personal loan documents online makes the loan disbursement convenient.
Homeowners have the ease of filling out application forms and submitting them online. Applying, verifying, and approving a loan can be done in simple steps. The result is that homeowners can find the money they require to cater to their household repairs in a few clicks.
● Application Tracking
A smooth application tracking interface helps homeowners track their loan details.
Most of the information relating to the loan is made available online. Homeowners, therefore, have the flexibility to keep track of their loan-related information and track their dues, which helps them manage finances effectively.
Conclusion
Homeowners can no longer worry about large bills relating to unexpected repair and maintenance activities. A personal loan ensures the desired funds get credited into the homeowner’s account, allowing them to swiftly cater to their needs. A personal loan helps them gain quick access to the desired capital and ensures their monthly household budgets are not exceeded. Apply for a personal loan to meet your home renovation needs easily.
