The financial market is full of various credit options. But among all, the home improvement loans are currently on the trend. It is because unsecured loans are gaining popularity because of their easy access. Personal loans made it easier for the Indians to plan their home or remodel it as funds are easily available. Before you indulge in this loan, here are some things you should know about personal loans for home improvement.
One can use it in various home improvement needs. One can take numerous types of personal loans. But before you take the home improvement loan, remember that this loan can fulfil the financial need of several home improvement names, including-
Minimum qualification It is one of the convenient credit options that anyone can avail. All you need is certain requirements like:
Quick availability One can avail of the home improvement loan within 24 hours from the time of applying. Tax benefit There are unique tax benefits for home improvement loans. Moreover, the maximum amount that one can deduct annually can go up to Rs.30000. Collateral financing The home improvement loan is a collateral-free loan. Due to that, there is a reduction in the documentation requirement. Convenient tenor selection As per the financial capacity of an individual, they can select the loan repayment period. Flexi loan facility It is another unique benefit of taking a personal loan for home improvement. Various lenders, including Bajaj Finserv let the borrower withdraw the desired amount from the pre-sanction limit. This facility charges the borrower minimum interest rate, which reduces the EMI by 45%. In today's era, home improvement loans can be easily available. But you must fulfil all the eligibility criteria to get the loan amount. Additional Read: Everything You Should Know About Home Improvement Loans
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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. |