Should we use a housing renovation loan to finance home renovation?

  • Updated on: 10 Apr 2023
  • Published on: 16 Apr 2021
Should we use a housing renovation loan to finance home renovation?

Building your dream house is possibly the most anticipated as well as the most financially burdensome task you might undertake in your life. In recent times, with the COVID-19 lockdown, our homes became our office, our gym and essentially a safe sanctuary for all of us. 

Our home, as often said, is the extension of our personality and sensibilities. To keep up with the changing times, and your evolving tastes, house renovation becomes pivotal. However, home renovations can be a very expensive affair, especially if it involves specially curated furnishings or the services of an interior designer. 

Here’s why you should opt for a personal loan for renovation:

  • A house renovation loan does not significantly impact your savings 

Since home renovation can put a huge dent in your savings, it is sensible to take a personal loan for renovation. It does not disturb your financial planning or empty your savings account, and home renovation loans in India are easily available from almost all banks and NBFCs. 

In fact, you can plan your home renovation loans well in advance by using tools like the Home renovation loan calculator to exactly know how much money you’ll have to shell out in EMIs so that you can plan the home renovations accordingly. 

  • House renovation loan does not usually require collateral 

Since it is in the form of a personal loan for renovation, it is usually unsecured and hence there is no requirement to provide any form of collateral or security. In most cases, a simple legal agreement or bond is sufficient. In fact, in case of home renovation loans online from lenders like Fibe, even that process is simplified. You just need to meet some basic eligibility criteria and you are good to go. 

  • Easily available online home renovation loans 

With the advancement in the FinTech sector, a huge number of NBFCs have cropped up who offer online home renovation loans without any hassle. You just have to satisfy certain basic eligibility criteria and upload a few KYC documents online, and the online home renovation loan is approved in a jiffy, while you sit in the comfort of your home. This significantly reduces the hassle of filling out multiple forms and signatures, and cuts down on multiple trips to the bank, which might make social distancing difficult.

  • Home renovation loan in India have fast approval rate and quick disbursal

As a corollary to the preceding point, online lenders have an extremely simplified application procedure, with next to no paperwork. The approval and the disbursal of the home renovation loan amount also happens instantly. For instance, if you take a personal loan for renovation from Fibe, the entire loan amount, ranging from eight thousand to five lacs, is approved and directly disbursed into your bank account. 

  • Personal loan for renovation gives you flexible repayment options 

Personal loans for home renovation are not only easier to get but also offer a lot of customisable options. Firstly, you can plan your home renovation loan in India by using the Home renovation loan calculator to plan your repayment. Furthermore, online lenders like Fibe offer you customisable options like: 

  1. Flexible tenure of repayment, from 90 days to 730 days 
  2. Option to auto-debit of the EMIs directly from your bank account
  3. Option of pre-payment or early repayment of the home renovation loan without any foreclosure charges or pre-payment penalties. 

House Renovation Loan – The right choice? 

At the end of the day, financial goals for everyone are different and their ideas about financial planning can be poles apart. There is no straitjacket formula which can give a conclusive answer as to whether or not you should go for a house renovation loan. 

However, the above mentioned points do make a compelling argument in favour of availing a housing renovation loan. In today’s time, online home renovation loan can be easily availed and used to make your idea of a dream house come true. Log on to the Fibe website and start your journey towards your dream house today. 

So, get started on the Fibe experience now!

Want to talk to us about credit, loans, and your instant cash needs?

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


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