As the recent outbreak of Covid-19 forced people to stay shut within their homes, owners have now begun to realize numerous imperfections in their shelters. With more free time in their hands, people have been shifting their focus towards home improvement lately.
The current situation makes up for the perfect time to focus on the renovation of your home. With leisure and all hands to the pumps, you’re only one step away from fulfilling your dream of renovating your house- a home improvement loan.
What is a Home Improvement Loan?
A home improvement loan is money borrowed from a lender for the sake of the renovation of your house. You can work on the maintenance of your house, kitchen, bathrooms, backyard, make repairs, or even add new utilities to them. If you’re planning to take a home loan first to purchase a property, and then go for a home improvement loan, you must use a home loan eligibility calculator to check if you fulfill all the criteria or not.
Benefits of Home Improvement Loans
While many people might argue that personal loans are still an option to go with, it’s perhaps true that home improvement loans are a much better option than them.
Let’s see how:
- Lower Rate of Interest
Home improvement loans come with surprisingly low rates of interest which makes them more affordable. And securing such a loan for a more extended period adds the cherry on top of the cake! Go through the PNB housing interest rates before applying for this loan.
- Lesser Amount of EMIs
With lower rates of interest, the sum of your monthly payments (EMI) also gets reduced to a great extent. So, it makes it easier for you to take a loan during a pandemic and repay it within four to five years when your financial condition gets better with the market.
It is advisable to check PNB housing interest rates to avail a loan with lesser interest and hence, lower EMIs.
- Usage of the Loan Amount is Totally Up to You
Another great benefit of home improvement loans is the flexibility they offer you. You can use the loan money to make repairs in your house, extend the property, add new equipment and luxurious utilities to it, and more.
- Lesser Documentation
The process of checking yourself on a home loan eligibility calculator and applying for it or that of personal loans can be tiring. But it is not the case when it comes to taking a home improvement loan.
From eligibility criteria to documentation and verification, applying for a home renovation loan is quite simplified, and a quicker process.
Taking a home improvement loan during the pandemic is a smart choice since not only will you be able to dedicate more time towards the renovation process, but it is economical, too. With people witnessing a dip in their salaries during such times, taking a loan for renovation rather than putting money from your pocket is a better option.