For home renovation projects, current home loan borrowers may also apply for top-up loans that are offered in addition to their current mortgages.
Read More:- Akshay Tritiya Gold Offers 2023: Up to Rs 3000 discount on Gold Coin
Home renovation loans are made available to applicants who want to renovate or improve their homes in a variety of ways, such as installing new flooring, painting, tiling, upgrading, remodelling, fixing problems, expanding their homes, etc. Such loans are common variants/sub-type of personal loans and/or house loans offered by numerous banks, NBFCs and HFCs. Additionally, as personal loans have no end-use restrictions other than speculation, one can use them to renovate, improve, or extend their home. For home renovation projects, current home loan borrowers may also apply for top-up loans that are offered in addition to their current mortgages.
Read More:- Here’s Why LIC Aadhaar Shila Scheme May Suit All Your Needs
Personal loans are given starting at an annual interest rate of 10.50% in most cases. Some PSU banks do, however, provide personal loans with lower interest rates. Personal loans have terms of up to five years, with some lenders offering longer terms. The main benefit of using personal loans for home repair is how quickly they can be approved and disbursed. Personal loans are typically processed and disbursed by lenders in 2 to 7 business days. To speed up customer onboarding and loan disbursement, a growing number of lenders have implemented end-to-end digital processing of personal loan applications.
Read More:- Vedanta board approves raising Rs 2,100 crore through NCDs
Numerous lenders also provide pre-approved rapid personal loans to chosen clients depending on those clients’ credit histories. These personal loans can be disbursed within a short period because they are pre-approved. If you take out a personal loan to renovate your property, you have unlimited discretion about where you spend the money. The loan amount is up to you to choose based on your needs. Numerous banks and financial institutions provide a sizable sum under this. Additionally, you have a variety of methods for paying it back. You are free to select and pay for the EMI at your convenience. Your monthly expenses might be taken into consideration as you choose the term and payment amount.
Also Read– ED Files Case Against BBC For Foreign Exchange Violations
Nowadays, the majority of bank activity is done digitally, thus getting approval for loans and other financial transactions doesn’t take very long. The loan money is often transferred to your bank account within a day by many banks or financial organisations. Additionally, consumers now have more flexible options for withdrawing and using their loan proceeds. The loan’s approved amount is yours to spend however, whenever, or for what you need, and you only have to pay interest on the amount you use.
