If you were looking to avail some funds to renovate your home, then you can apply for home improvement loans. You can get an amount up to Rs.25 lakh from known lenders depending on your eligibility. But what are the ways to choose the best home improvement loans? Read on and know more! 1. Maintain a robust credit score You may come across one of the best loan deals in your city and still may not apply for it. It is considering that you may not have the eligibility for it. But when your credit score is higher, the best lender may be willing to offer you the loan approval. Hence, you should always maintain a credit score of 750+ to get loan approval in a flash. 2. Compare all loan offers online The next thing that can help you get the best home renovation loan is by comparing all loan deals online. You can do that on a third-party website and pick the offer that suits your needs and repayment capacities the best. 3. Check if the lender offers you the repayment flexibility The best lender should help you repay the loan over a flexible repayment schedule of up to 60 months. This way, you should be able to repay the loan by paying reduced EMIs and manage your outlays better. 4. Check if you can service the EMIs The best lender will be the one whose EMIs you will be able to repay without issues. You can use the online personal loan calculator and know the exact EMI figure that you can repay easily. You can increase or decrease the loan value to make the loan EMI amount affordable. 5. Go through the loan fine prints It is always good to be aware of the loan fine prints so that you don’t get shocked when you are asked to make some payments. By considering these vital aspects, you can help yourself opting for best home improvement loans in the market. Must Read: Know How You Can Avail Home Improvement Loan
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AuthorAman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management. |