Major home improvement can be a hassle to pay for; find out an easier way of financing your home improvement using a personal loan.
Renovating your home can be great—the feeling you get when you remodel part of your home, or the entire house, is truly satisfying. Whether it’s building a new interior staircase or repairing a run-down garage, your home gets a facelift and you get a sense of accomplishment.
Like a lot of people, you may have been putting off this task for the all-too-common reason that you can’t balance your monthly expenses with the additional burden of a home-improvement project. However, you needn’t keep putting this off, and here’s why: a Personal Loan.
These loans are tailor-made for your home improvement needs, and can cover expenses as big as rebuilding a portion of your home that was (say) damaged in a recent storm.
Let’s address the most common doubt you may have first:
Why Personal Loans?
A lot of people apply for a personal loan for home improvement as they prefer instant pay-outs. Apart from their quick disbursal, personal loans for home improvement are also great because they come with convenient features like nil foreclosure charges and part prepayment facility.
If you decide to go ahead with a personal loan, you can easily compute amounts using what’s called a personal loan eligibility calculator available on most lenders’ websites.
Who can Apply and what Costs are Covered?
Any salaried or self-employed individual can apply for a personal loan for home improvement, and you only need to present certain documents like your salary slips for the last 3 months, bank statements, employment proof and the regular KYC documents.
Once sanctioned, a personal loan for home improvement covers various costs such as extending a portion of your home, building new rooms, external plumbing works, flooring, painting, and other external elevation works. From a kid’s room straight out of a fantasy land to auber chic living room, a personal loan can finance it all.
Remember to Budget
Before you apply for a personal loan to renovate your home, decide on an appropriate budget. To begin, make an estimate of the costs involved in both labour and materials. Then, include the costs of all the inclusions you plan on making and you’ll arrive at a rough estimate of your total cost. Make it a point to only apply for a loan that covers your expenses and don’t go overboard.
If you’re planning on making a sizeable investment on improving your home, a personal loan can be instrumental in making expense management much easier. With one of these in hand, you can renovate to your heart’s content, without having to keep a worried eye on the expenses.