Having a house of your own has its own perks, but as wise men say, “every pro has its con”, ownership of a house comes with a life-long obligation to repair and renovate it after every fixed interval. The same is necessary to prolong the healthiness of the house and make it a safe haven for your family. Having said that, the cost involved in renovation and repair can put a deep hole in your pocket. You can apply for a loan and secure the required funding to cover the cost without using your other savings.
- Home Renovation Loan: Keeping the constant need of home renovation in mind, most financial institutions have started offering credit schemes particularly for the purpose. You can take help of Home Renovation loan for this purpose. Once you find a fitting scheme, you can apply for it.
- Top up Loan: A top-up loan is additional loan facility offered by some housing loan lenders over and above the fund sanctioned against home loan application. This can be the one more alternative to obtain money and cover the cost of renovation if only your lender offers the facility.
- Personal Loan: Almost all of us are aware of the concept of Personal Loan, which is available for financing all kinds of personal monetary needs of the applicant. Therefore, when talking about home renovation, you can count it as a personal expense to avail a Personal Loan for paying the cost. Besides, taking a Personal Loan for home renovation makes you eligible for certain tax benefits.
Watch the below video to know more about home renovation planning.