Buying a home is not just an investment that provides a roof for people: it is also an emotional investment that reflects who they are. Any invested homeowner will want to keep their own slice of earth in top-notch condition and continually renovate it according to the latest trends from time to time. However, home renovation costs can be quite exorbitant for people living in Hyderabad. Even a small repair or alteration can cost quite a bit. But with the easy availability of personal loans, homeowners planning for a home renovation do not need to wait for long.
A personal loan in Hyderabad has become a popular funding option for easy and quick access to funds. Let’s learn more about these loans and how to use them to finance a home renovation.
What is a personal loan for Home Improvement?
Home improvement loans are unsecured personal loans that do not require any collateral to be put up as security. Aspiring borrowers can obtain these types of loans with minimal documentation after fulfilling the NBFCs’ eligibility requirements. Personal loans are ideal for tackling various home improvement needs and require repayment in easy EMIs over a flexible repayment term. You can use a personal loan EMI calculator to get a precise idea about the amount of EMI you will have to pay. Since these loans do not require any security, NBFCs and banks only check the applicant’s credit history, income and employment details, and DTI ratio while evaluating personal loan applications. What’s more, if a borrower has completed their KYC on major platforms like Paytm, they don’t need to get it verified again with the lender.
Home Renovation Ideas with a personal loan
Borrowers can use a personal loan for home improvement, including kitchen remodelling, interior and exterior repainting, roof or tile replacement, and whatever else falls under the roof, or outside it. Choosing the right NBFC for personal loan in Hyderabad helps make renovation easy, affordable, and memorable. Have a look at some ideas for using a Home Improvement Loans:
1. Kitchen Remodelling: The kitchen is the heart of every home. Kitchen remodelling can be a good investment with a home renovation loan. A kitchen renovation might include replacing the flooring, adding more space or shelves, getting new cabinets, reinstalling the countertop, etc. No matter what type of improvement one makes, one can borrow money from a reputable NBFC and cover the cost without saving money for it.
2. Bathroom Addition: If a house has fewer bathrooms compared to the family’s needs, adding one would be a good idea to use a personal loan in Hyderabad. Some borrowers may also use a personal loan to change the tiles, add a bathtub, change the toilet seat, or install a shower screen to make the bathroom look trendy and stylish or add to their Consider the cost of materials, contractors, labour, and other resources before borrowing money to avoid making any costly mistakes.
3. Room Recreation: Adding a room can increase the dependable space of the house, boosting its value significantly. The expansion project might include modifying the property’s current structure, such as enclosing a balcony, making the house more spacious and liveable and enhancing its overall value. Some may also transform an extra room into a kids’ playing area, study room, or work-from-home office. However, when it comes to the cost, funding the project with savings can put a hole in the pockets. With a personal loan for home improvement, homeowners do not need to worry about a thing.
4. Basic Home Upgrades: Basic upgrades like repainting the walls, landscaping the garden, replacing the taps, and fixing the leaking roof add value to the house and make the house more comfortable for the family. A home renovation loan always helps homeowners upgrade their houses as per their family needs.
5. Interior Decoration: In a home, the entrance and the living room attract most of the attention. Whether the homeowners plan to change their decor or revamp the living room or bedroom interiors, a home improvement loan helps them cover the expenses based on their requirements. Homeowners may decide to replace their old or broken doors and windows, restore cracked floors and tiles, or perform some electrical or plumbing work to make the home more liveable.
Benefits of Using a personal loan for Home Renovation
Personal loans are the most popular funding options known for their easy and quick loan disbursement process. That is why many people living in Hyderabad consider borrowing one while planning a home renovation. Check out some benefits of taking a personal loan in Hyderabad for home renovation:
- No End-Use Restrictions: Many loans have specific purposes for using the loan amount. For instance, a borrower can utilise a Home Loan to buy a home only and not for a home renovation project. However, personal loans have no such end-use restrictions. Borrowers are free to utilise the loan amount for almost any personal purpose that is legal, risk-free, and legitimate. So, they can use a personal loan for home renovation to buy materials, cover the shipping costs, hire labourers and contractors, etc.
- Easy and Quick Loan Process: personal loans are unsecured loans that provide the needed funds easily and quickly. Borrowers can avail of them within 15 minutes, depending upon their documentation and credit profile. The 100% digital loan procedure without physical documentation does not take much time and accelerates the loan process.
- No Collateral Requirement: Since a personal loan does not require any collateral, borrowers have no risk of losing an asset in case of a default. No collateral requirement also reduces the documentation and verification formalities, easing and accelerating the loan process.
- Minimum Documentation: Aspiring borrowers do not need to submit a bunch of documents to apply for a personal loan in Hyderabad. Most NBFCs ask for the applicant’s identity, address, and income proofs only. Some technologically-advanced NBFCs may also verify the details with the applicant’s KYC information.
- Convenient Loan Term: Borrowers can choose a loan repayment term from 12 to 48 months as per their repayment capacity and convenience. A personal loan EMI calculator helps calculate the EMI amount for various loan terms, helping the borrowers select a term with budget-friendly monthly instalments.
A personal loan is an ideal way to finance home improvements in Hyderabad. Use a personal loan in Hyderabad to improve the house as per the latest trends or family needs without saving money for years. Carry out the home renovation project now with a borrowed amount and repay it gradually over time in easy EMIs. It is a great way to uplift the house and even increase its future value.