Routine renovation and maintenance of your home is a must. Just like human health needs regular check-up and treatment, your home also needs renovation from time to time. Home renovations not only improve your quality of living but it also helps maintain the value of your property. Fixing the little wear and tear, like a leakage in the pipe, broken tiles or marbles, or a crack in the ceiling, is very important. But the only obstruction that can keep you from investing is the stringent budget. Buying a home is an expensive endeavour and it leaves you with very less to bear such expenses. As such an instant personal loan can come to your aid.
Instant money loan is a very attractive financial tool that can help you meet all your emergency needs. It is easy to avail, quick to process and simple to repay. You can just download an online loan app and apply for an instant personal loan in a few minutes.
However, when it comes to availing a loan, it is always smart to weigh your options and know the perks of using a loan product. Read on to discover a few reasons that make a personal loan for home renovation a better option!
Why Getting a Personal Loan for Home Renovation Is a Better Option
- Loan is available instantly – An instant loan is available, well, instantly. Almost all other loan options may require weeks for the entire loan process to complete. This can lead to wastage of precious time especially if you are in urgent need of home repair work. With an instant money loan, you can get the money in your account in a matter of minutes. This allows you to divert your focus on what needs to be done instead of how to finance it.
- Loan usage is not restricted –A personal loan is very flexible and permissive in terms of how you use the money. A regular home renovation loan might come with restrictive uses. But with aninstantpersonal loan you get the absolute freedom in all aspects of home repair, be it nature of work or chosen vendors. You can also use this funding to take care of the interiors and the furniture as you deem fit.
- Loan documentation is simpler –Not a lot of documentation is needed to get an instant money loan. In most cases, you will have to provide your account details, income proof, PAN and Aadhaar card with the loan application. You do not need to involve architects, contractors, planners, or authorised suppliers to provide their bills and invoices. The KYC process is simple and since it is an unsecured loan, youdo not have to submit any mortgage papers.
- Loan process is fully automated- Instant loan is processed through mobile app or over the internet. All the authentication work, forms processing and other due diligence is done by computers. Similarly documents like Aadhaar are also authenticated online using a SMS based one-time password through the UIDAI. Since most of the information is collected digitally and in a standardised, machine readable format, the risk of human error is almost non-existent in for a personal loan take over the internet.
- No advance fee or charges involved:The best thing about a personal loan is that you do not need to worry about having to pay any loan processing fee in advance. When you apply for a personal loan, you are specifically communicated about the application or processingcharges that will be levied by the lender. All these charges and fees are actually deducted from the sanctioned loan amount before it is disbursed to your account. You do not have to pay anything in advance for getting the loan.
- Convenient loan tenure: Home renovation loans particularly those of the mortgage kind are long duration loans with many extending for as long as ten years. Being tied to a loan for such a long period can have a lot of implications and is never recommended if you have at least one alternative. On the other hand, if you take a short, two year personal loan, you will be done with it very quickly and without having to pay a lot of interest.
- Cover your extra expenses with a personal loan: For the people who have already budgeted and saved money for their home repair and renovation work, a personal loan can be a great way to cover any unbudgeted or extra expenses. Budget overflow and overspending is a fact because no matter how much financially disciplined a person may be, they may still get stuck in circumstances where they may need more money than what they saved.
- A personal loan is widely available: Not many people may consider this but choosing a personal loan is a great idea because there is a much higher number of lenders which offer personal loans. They compete with each other and competition is always good for the customer. With a wider choice of lenders, you can do comparison shopping till you can find a lender who actually matches all your specific loan requirements. Plus, there is no risk of lenders forcing borrowers to adhere to restrictive loan terms and conditions.
Your takeaway!
Finally, when you choose a personal loan there is no collateral involved, your home remains yours! Availing a loan against your home may bring you lower interest rate but it has many disadvantages. Selling the home becomes a complicated if there is a loan going on against your property. Plus, the lender can take away your home if instalments are not paid. With a personal loan, your home always remains secured, even if you fail to make the repayment!
