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Personal Loan For Home Renovation- Know The Benefits

Home isn't just a roof over our head, but much more than that, it is where we build memories with our loved ones. Home is where we can always relax, no matter how tiring the day was. And as our family gets bigger, so do our dreams, we aspire for a better quality of life for us and our children.  

At one time or the other, we all look to renovate our home to expand for a growing family or simply just to freshen up our space. A typical homeowner can spend months, or even a few years, saving for major home renovations. While this is the best option in many ways, it definitely takes a lot of time to come to fruition, and most of the time, the cash savings may only cover a small part of the renovation project. For a major house makeover, one of the best ways is to apply for a home improvement loan

A home renovation loan is one of the good financial backing options we need to ensure our beloved home keeps up with our way of life. Whether it is an expansion, an essential repair, a renovation, or structural changes to the home, with a personal loan for home renovation, one can get the financial support needed to ensure their home has everything they need and desire.

Furthermore, with the emergence of various NBFCs such as Clix Capital, one can easily apply for home renovation loans online. For that,  quickly fill out the form online while sitting at home. One just has to provide their personal, financial, and employment details to fulfill the eligibility criteria. Further, enter the Aadhaar number and proceed with the application. If one is a salaried employee over 25 years and under 58 with a total professional experience of at least 12 months, the process becomes relatively more comfortable for them. 

No compromise on one’s aspirations

Opting for a personal loan for the home renovation is an excellent idea as it is a type of unsecured loan. This means one doesn't need to pledge any collateral in order to secure funds.  Various leading digital NBFCs help one choose a tenure that fits their repayment capacity, thus ensuring that one doesn’t have to compromise on the desires of their dream house because of a lack of funds. 

Quick access to money to cater to urgent repairs

The lenders have made sure that the borrowing process remains hassle-free and that is why there is only minimal documentation required to apply for the loan. Along with that, one can expect quick disbursal of funds within 24 hours. This will help the ones who need urgent repairs and tears at their place.

Tax Benefits home improvement loan

The benefits do not end here. A home improvement loan fetches a tax benefit on the interest component, which means one can avail a deduction of up to Rs. 30,000 per annum (under section 24) for the interest that they pay on these loans. The Rs. 30,000 deduction could result in a tax saving of up to Rs. 10,300 thus lowering the overall cost of the loan. However, if the interest is paid for the renovation of a rented house, one can claim the entire interest as a deduction up to only Rs. 200,000 as per the Finance Act, 2017 and balance can be carried forward. 

Availability of hassle-free home renovation loans removes the obstacle that may be holding one back in making their home a place where they can dwell in peace and tranquillity with their family and friends and the tax deductions that come along add to the benefits of home repair loan. Want to know how to apply for the loan, click here!

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Written by Diksha Sharma

Blogger and content writer

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