Give Your Home an Instant Makeover With a Home Renovation Loan

Published on: 4 December 2021

Modified on: 10 April 2023

Fluctuating needs and weathering drives homeowners to revamp their houses from time to time. Remodelling your home not only adds to its aesthetics but also increases its value. Whether you undertake home improvement projects to address regular wear and tear, immediate needs or make your living space more comfortable, you can achieve it without burning a hole in your pocket. Be it adding a patio space, painting the exteriors and interiors, or any other renovation activity, a home improvement loan ensures that your financial cash flow remains stable and strong during the entire project. If you wish to give your house a much-needed makeover or want to extend the home space with an additional room but are falling short of funds, you need not wait for several months and save money to get it done. With easy access to home renovation loans, you can get instant personal loans for home renovation online quickly. With Fibe offering online personal loans, you can leverage many convenient options to meet your financial needs for home renovation. You must find the right personal home improvement to get affordable financing and make the most of your borrowing experience. 

What is an Instant Personal Loan?

You can get instant personal loan collateral-free to meet all of your financial requirements for home renovation. Online home loan providers help you complete the entire home loan application process online through a PC or a smartphone. You can check your loan eligibility online and obtain loan approval within a few minutes once your documents are verified. Once you receive your loan approval, you can activate the e-mandate and set up the EMI payments to go out automatically each month. 

Home Improvement Loan and its Types

A home improvement loan is a type of home loan that allows you to avail finances for various needs like home modification, renovation, and refurbishment. While a home loan enables you to buy a home, a home improvement loan allows you to enhance the house you own. Home improvement loans are a low-cost, flexible, and hassle-free way to make your home an enjoyable living space. There are two kinds of home improvement loans – Secured and Unsecured home improvement loans.

This type of loan uses your home as the guarantee. With this loan, you get a greater loan amount with a fixed interest rate and avail of an extended payback period of 10-15 years. The interest on this type of loan is tax-deductible and depends upon factors such as your health, age, property size, location, and credit rating. 

This kind of loan does not use your house as a guarantee making the venture riskier for the lender. Unsecured home improvement loans are generally smaller, with a higher interest rate, and must be paid back before 10 years. The interest rate on this loan is not tax-deductible and depends upon your credit score. 

Home improvement loans have several advantages that make them a popular choice amongst homeowners. Some of the key benefits of home improvement loans are:

Flexibility

You can utilize home improvement loans for several purposes such as extension, repairs, flooring, painting, and so on. Lenders also do not impose restrictions on the end-use of the loan amount. You can use the qualified amount for any home renovation expenses, including labor, material or transportation. Mostly, loan amounts are approved based on the value of the item used or the renovation proposal. Unlike restrictive loans, personal loans for home improvement offer flexibility on the amount required for purchase. You can also opt to finance only a portion of renovation through liquid funds and the remaining through a flexible mode.

Eligibility

Any homeowner can apply for a personal home renovation loan individually or jointly if many partners own the home. 

Features

The home improvement loan tenure can be up to 15 years with an interest rate on par with the home interest rate. The loan can be either fixed for a specific period or floating over the tenure agreed upon. 

Tax Benefit

A secured home renovation loan will allow you to leverage the tax benefits on the interest portion up to a predefined limit. 

Streamlined Process

Instant personal loans for a home improvement have a smooth, hassle-free process for application and approval. But it would help if you did the essential research and homework to increase your chances of eligibility and approval.  

No Middle Men

One of the main advantages of instant personal home loans is online security and privacy. KYC validations and OTP checks ensure the safety and confidentiality of your personal information. 

Instant Approval

Online documentation, loan approval, and KYC reduce the time taken for the home renovation loan approval. The lending process becomes simplified, and lenders can quickly decide to approve or reject your loan application. 

Good Interest Rate

The personal loan interest rate depends upon several factors. To avail of the best possible loan rates, you must maintain a good credit score and keep your debts within a manageable limit. With a strong track record, you can easily avail yourself of home renovation loans that offer flexibility and a reasonable interest rate.

No Collateral Needed

For secured loans, you will need to provide collateral. You can retain the collateral assets, but the lender will keep the ownership documents. If you cannot repay the loan amount for any reason, the lender will demand a collateral claim. 

The general documents required for home improvement loan application are:

● Filled out application form.

● Income proof, identity proof, residence proof, and employment proof.

● 3 months bank statement

● Passport photographs

Conclusion

Turn your decoration and renovation ideas into reality, transform your interiors, give your home a complete makeover without worrying about financing. 

Apply for a home renovation loan at Fibe to finance your dream home renovation project today!

Download the personal loan app here, or simply log in to our website and be a part of the #OneSmallStep experience.