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Why is loan against property for home renovation a boon?

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An ideal home should be a reflection of the people that live in it. But that can be an expensive affair and often your dream may have been compromised in favour of expenditure towards your family’s daily needs. If this rings true with you, there is another option, availing a loan against property for home renovation. You can not only avail a high loan amount, but you also won’t have to worry about paying it back immediately. A loan against property for home renovation offers you long tenors, which means lower EMIs. That’s not all. Here is a list of the advantages you can enjoy with the loan against property for home renovation.

Avail a Substantial Amount for your Dream Renovation

It can be difficult to set a budget for your home renovation because of added expenses as you go. For example, if you were to renovate your bathroom and an expert finds that the pipes need to replaced, it could set you back considerably with an expense that you hadn’t accounted for before. This is where a loan against property for home renovation comes in handy. Since you are pledging the house to be renovated as collateral, you can avail a high loan amount that can take care of unforeseen expenditure with ease. The lender is usually willing to loan an amount equivalent to up to 80% of the cost of your home renovation. For instance, Bajaj Finserv offers funding up to Rs.1 crore for salaried individuals and up to Rs.3.5 crore for self-employed individuals.

Get Started on the Work Instantly

The process to apply is fairly easy and doesn’t involve much paperwork. You can apply for a loan against property for home renovation online with just the click of a button. Most lenders require minimum documentation including your salary statements, bank statements and a copy of your property deed. When you apply with top lenders like Bajaj Finserv, you can have your loan processed within 72 hours. This can help you get started on your home renovation plans immediately.

Enjoy Hassle-Free, Long-Term Repayment Tenors

Even if your needs are immediate, the repayment tenor for a loan against property for home renovation can go up to 20 years. So, you can beautify your home in peace, and repay at your convenience.

Get a Lump-Sum or Borrow as needed

Don’t worry about the unforeseen expenses that can crop up on you while renovation is going on. Instead of borrowing the entire amount in one go some lenders allow you to borrow the money as and when the need arises, in instalments. For example, Bajaj Finserv allows you to borrow a Loan against Property on a Flexi Hybrid facility to offer you this benefit. You can also choose to pay interest-only EMIs to manage your finances with ease.

Choose the Type of Interest Rate that Suits your Needs

While you cannot choose the rate of interest you pay on a loan against property for house renovation, you can choose the type of interest you want to pay such as a fixed or floating rate, depending on your convenience. While a fixed rate of interest stays the same, a floating rate of interest can change based on the current market trends.

Avail Bajaj Finserv’s Loan Against Property to enjoy benefits like a Flexi Hybrid facility, minimal documentation, minimal charges on prepayment and part-prepayment and online account management.

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