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5 Benefits Why to Choose Personal Loan to Renovate Your House

Published on Nov 14, 2022Updated on Feb 20, 2024

5 Benefits Why to Choose Personal Loan to Renovate Your House

With the festive season just around the corner, every family in India is looking forward to renovating and improving their homes. Decorations, fresh coats of paint, lawn extensions, etc., are in order and to manage the expenses that follow, many individuals are taking up the big, smart financial decision of borrowing a home renovation loan. Be it salaried or self-employed individuals, turning to lending institutions for managing your finances can prove to be beneficial. This article talks about how a personal loan for home renovation can come to your rescue within minutes.

Personal Loan for Home Renovation

Home renovation can come in many forms. From remodelling your kitchen to modifying your bathroom interiors, from beautifying your bedroom frames to designing a false ceiling for your hall, you can improve your home in different ways. A home renovation loan is open-ended, which means that it does not bind you with any utilisation criteria. You can use it to make any upgrade you want in any part of your home.

5 Benefits of a Personal Loan For Home Renovation

With an instant personal loan for home improvement costs, you can enjoy the following 5 benefits:

Lump Sum Amount

With certain financial lenders, you can avail personal loans of up to INR 25 lakhs* too. Such a lump sum amount can take care of major purchases like a chandelier, a refrigerator, an air-conditioner, a microwave oven, and so on. If there are no new items to be bought, you can use this hefty amount for your balcony improvement construction, garage makeover, or terrace renovation.

Quick Reflection in Account

Once your loan is sanctioned, the entire principal amount will be sent to your account. The most beneficial aspect of such a loan comes into realisation during time-crucial renovations like plumbing and electrical improvements.

Must Read: Difference Between Home Renovation Loan and Home Extension?

No Collateral Required

Personal loans are unsecured in nature, that is, they do not demand that you offer a collateral in exchange for the funds. You can ensure financial security this way and take the advantage of every rupee well.

Attractive Interest Rates

Personal loan rates under lenders like SMFG India Credit start from only 11.99%* and can go up to 36%* per annum according to various factors. With such interest rates, you can easily repay the amount through good financial planning within the specified tenure. Personal loan interest rates will depend upon the following factors:

  • Credit history of frequent borrowing and on-time repayment
  • CIBIL score
  • Monthly income
  • Previous dealings with same lender
  • Current debt
  • Type of employer and work experience
  • Other factors such as age, employment, location etc.

EMI System for Repayment

Instead of having to bear the pressure of repaying the entire loan amount upfront, you can pay it back in instalments over a period of time. This option is called Equated Monthly Instalments or EMIs. How much EMI you have to pay every month depends on the principal amount, interest rate, time span, and number of instalments that occur in the time period. To save you the trouble of having to apply the EMI formula yourself, check out this online personal loan EMI calculator.

Best Personal Loan for Home Renovation

The features of the best personal home renovation loan are a maximum limit of INR 25 lakhs*, interest rates starting from only 11.99%* per annum, tenures as long as 60 months, and minimum processing fees. Moreover, as an applicant, you can apply for the loan online, submit the documents through a website, and obtain the loan approval within a few days. Such a factor of convenience sets personal loans for home renovation apart in the market.

Conclusion

If you’re looking for personal loan options to renovate your house, you should consider SMFG India Credit’s personal loans. Moreover, you can check your eligibility through our online personal loan eligibility calculator which bases its decision on your salary, your repayment capacity and city of residence. Give your home a makeover with a personal loan today!

* Please note that this article is for your knowledge only. Loans are disbursed at the sole discretion of SMFG India Credit. Final approval, loan terms, disbursal process, foreclosure charges and foreclosure process will be subject to SMFG India Credit's policy at the time of loan application. If you wish to know more about our products and services, please contact us

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