Your home is not just a place to stay. It is much more. It is a reflection of who you are. It is your pride. It is a pleasure for all of us to live in beautiful homes. If you are thinking of renovating or re-doing your home, you do not need to wait till you collect enough money for it. You can apply for a home renovation loan and give your home a complete makeover. A home renovation loan allows you to renovate, refurbish your home. These loans are similar to home loans except that instead of purchasing a home, you use them to improve a home you already own. You could opt for a secured home improvement loan (you need to keep your home as a guarantee and you get a higher loan amount at a fixed interest rate) or an unsecured home improvement loan (no guarantee needed but you pay a higher rate of interest and you cannot claim tax benefit on it). Below are a few benefits of home renovation loans.
1. Low-interest rate
Compared to a personal loan, secured home renovation loans offer a lower rate of interest.
2. Tax benefit
A secured home renovation loan allows you to avail of a tax benefit on the interest component (up to a certain pre-set limit).
3. Flexible in use
You can use your home improvement loan for your home renovation activities like repairs, changing flooring, extension of your house, and painting, among others. Essentially, you can use the loan amount for any work that is related to your home structure.
You can apply as a sole applicant or a joint applicant for this loan. If your house is owned jointly, all the owners together need to apply for the home renovation loan.
Home renovation loans come with attractive features. For instance, we, at Indiabulls Home Loans offer both secured and unsecured home renovation loans with attractive interest rates. The loans are easily available to both existing as well as new customers. The documentation process is really simple. You need to submit a photo id, residency proof, income proof, original house deed documents, an estimate from an engineer or architect on the estimated home renovation costs, a check for the processing fee, and a certificate of no encumbrance on your house. If you are an existing customer, the process is simpler. You can also choose from a range of tailored repayment options. Home improvement loans are normally processed quickly as the documentation process is minimal and free of hassles. The loan tenure is normally spread over a period of 15 years. It may vary depending on the age of the applicant (at the time of loan maturity) and the age of the property (at the time of loan maturity), among other factors. A home renovation loan gives you the freedom to upgrade your existing home and make it into your dream home as per your tastes and preferences. Living in a beautiful home and coming back to it every day after work helps in uplifting your mood and spirits. A well done, beautiful house also has more value in the rental market. The easy availability of home improvement loans from us, at Indiabulls Home Loans, eliminates the funding problems, which may be stopping you from renovating your home. If you apply for a secured loan, you can avail of tax benefit on the interest amount, which is the icing on the cake. Apply for a home loan today and transform your home into the home of your dreams! Related Articles: