Repairing or renovating specific parts of your house can be quite expensive. The cost incurred in such installations can prove challenging to meet because of the ever increasing cost of appliances and fittings.
In such situations, you can avail a loan against property for home renovation, which comes with several benefits for borrowers. As there is no end-use restriction on the sum disbursed as credit, you can utilise the amount for any purpose as you desire.
How does loan against property for renovation help you?
To make it accessible for everyone, most lending institutions have eased the norms of availing a loan against property for home renovation.
There are several benefits of availing such a credit. These are discussed below –
A substantial amount
You can avail a higher amount of credit, which can go for up to Rs.3.5 crore in case of self-employed individuals. On the other hand, a salaried individual is eligible for a home renovation loan amount of Rs.1 crore.
Simple documentation
As you are mortgaging your property to avail the loan, there is no need for stringent documentation. Your application is processed comparatively faster than any unsecured loan.
Convenient repayment
A repayment tenor between 2 and 20 years for salaried individuals and up to 18 years for self-employed borrowers can be availed. This longer tenor will help you repay loan against property with ease.
Besides, you can also opt for a balance transfer facility to another reputed lender to lower your loan interest rate. Altogether, home renovations can be simplified if you have the right source of finance and know how to utilize the same in your favor.
