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Home Repair & Renovation: What are the Available Funding Options

· Finance,Home Renovation Loan

Modern homes are much more than just a cozy little personal space with adequate aesthetics, they are a crucial part of your long-term investment plan. In fact, your house is one of your biggest assets whose value will keep on increasing with time. Besides, you can put your house on rent and turn it into a conducive source of passive income. Hence, you have to take a good care of your property and conduct home renovation activities on a regular basis.

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Having said that, the task of home renovation is an expensive task and can’t be done using one’s monthly income, at least not without emptying the pockets. Besides, given the tax benefits available, the task is better done using alternative sources of funding - home renovation loan.

A home renovation loan, as the name suggests, is offered to people who need financial assistance to renovate their residential properties. How is it beneficial? As per the Indian Income tax laws, the interest paid towards the loan can be claimed as a deduction from the taxable income. Accordingly, below are the credit facilities that can be used for the said purpose.

1) Personal loan for home renovation: a Personal loan is the most conducive solution for home renovation needs. The money is quickly disbursed and no collateral is required for the loan.

2) Home renovation loan: Home renovation is a type of home loan which is specifically for the purpose of meeting the cost of home renovation.

3) Top-up loan: Top up loan is an extended credit offered to the existing home loan subscribers. However, this feature is very limited and is found only in some housing finance scheme. So, to avail this facility you have to make sure your current lender offers it.

Conclusion: The above-shared alternatives differ in nature and hence, you must choose wisely.