A home renovation loan can be used by borrowers to renovate or repair their house or one they have recently purchased.
Benefits of home renovation loans
- Since these are similar to personal loans, they can be used to suffice any financial requirements. You can even spend it on home decor items.
- As the interest charged on such loans is attractive, borrowers can use also it to pay off other liabilities or debts that carry a high rate of interest.
- Home improvement loans are subject to tax exemptions under Section 24(b).
A borrower can avail a top-up loan over their existing home loan and use the same for renovation.
Top-up loans have the following features –
- Does not require any collateral against the loan.
- High loan sanction amounts up to Rs.50 lakh.
- Zero documentation allows for a quick and easy application and disbursal process.
Ways to use a top up loans for home renovation
Here are few ways you can use a top up loan to upgrade your house –
- Build a garage if you plan to buy a car.
- Floor makeover by changing or installing tiles.
- Build a modular kitchen.
- Repair leaky roof.
- Build a patio.
- Repaint interiors or change your furniture.
Refer to leading lenders to avail a home loan at the most beneficial terms and features. Aim to make the largest possible down payment to avail the loan and reduce your financial obligations.