What Do You Need to Know About Home Improvement Loans
Published: Jan 18, 2023
A home is where the mind is refreshed in the company of family or friends. However, as times change, so do the home trends. That is why it is essential to spruce up your home at gradual intervals to keep it up-to-date and in sync with the times. This is where getting a home improvement loan makes a lot of sense.
What is a home improvement loan?
A home improvement loan is a type of home loan granted by banking or financial institutions. These loans provide you with the finances needed for refurbishing, remodelling or renovating your home. These loans are also a great help for individuals who are looking to improve the interior of their home. The following are the benefits of getting a home improvement with the help of a loan:
●Increases the property’s resale value
●Improves the overall level of comfort, ambience and style
●Can be customized according to requirements
●Improves the overall level of comfort, ambience and style
●Can be customized according to requirements
Why is a home improvement loan a good idea?
The decision for a home improvement is a good idea since it will allow you to undertake any long-term pending repairs to be completed. There are several reasons due to which the decision to take a home improvement loan, which are as follows:
1) When you, as a homeowner, decide to undertake a home improvement project on your residence, it becomes important to take a loan. The loan taken for the home improvement project has the same interest rate as that of a home loan. This makes a home improvement loan a sensible way to finance your property’s renovation and refurbishment.
2) The documentation needed for a home improvement loan is quite simple and straightforward, making it the least of your worries during the loan process.
3) Home improvement loans help with tax planning as well! According to Section 24b of the Income Tax Act 1961, tax deduction up to INR 30,000 INR is available when you take a home improvement loan for your existing home.
4) Another important benefit of getting a home improvement loan is the quick disbursal of loans that can help in starting work at the earliest.
2) The documentation needed for a home improvement loan is quite simple and straightforward, making it the least of your worries during the loan process.
3) Home improvement loans help with tax planning as well! According to Section 24b of the Income Tax Act 1961, tax deduction up to INR 30,000 INR is available when you take a home improvement loan for your existing home.
4) Another important benefit of getting a home improvement loan is the quick disbursal of loans that can help in starting work at the earliest.
Most Common Uses of Home Improvement Loans
Different homes have different renovation needs. Here are the most common scenarios where home improvement loans come in handy: –
1.Adding an extra room for a member of the family
2.Repairing a leak on the wall or ceiling of any room
3.Reworking the kitchen area to gain more light or space
4.And there are many more.
2.Repairing a leak on the wall or ceiling of any room
3.Reworking the kitchen area to gain more light or space
4.And there are many more.
If you’ve been holding back on the renovation for your home, then know that you don’t have to. Check out our low interest home loan products and get started on your home’s renovation!