The renovation of your home can give it a makeover, and much needed a new lease of life. But when it comes to expenses of remodelling, the bills may go in lakhs. Opting for the home renovation is also vital if you wish to sell it later and get better ROI.
Many people apply for the home renovation loan to cover all costs. If you wish to know why a home renovation loan is a great option, then this quick post is for you!
1. Significant amount to undertake all renovations
The House Renovation Loans comes with an amount of up to Rs.25 lakh. The amount is enough to help you carry on with many tasks. Be it bathroom fittings and kitchen remodelling to lightings; everything is possible with the loan amount.
2. Collateral-free loan facility
You don’t need to pledge any collateral if you wish to apply for the home renovation loan. It is given on the basis of your creditworthiness. If you have a robust credit score with clean loan repayment and stable income history, then you will get the approval.
3. Avail tax benefits
The home renovation loan can help you avail tax advantage on the interest component. You can enjoy a deduction of up to Rs.30,000 per year for the interest paid. This deduction is, yet; under the limit of Rs.2 lakh for self-occupied home’s interest payment.
4. Superfast approvals
The eligible candidate doesn’t need to wait for the loan approval. It is given on the go if you meet all eligibility and other terms and conditions of the lender.
5. Access loan money within 24 hours
After getting the loan approval, you can access the loan money within 24 hours. It means that you can get started with home renovation in a day.