Can You Use a Personal Loan for Home Renovations ?
The festive season is around the corner and you are thinking how will you renovate this year? Or maybe there’s a roof leakage and you are having sleepless nights but can’t think of a cheaper way to get it fixed?
Loathing around your house, staring at your cellphone, you are wondering if somehow you could arrange some funds to fulfill your dream of renovating your house and turning it into a cozy home. You know that you have been ignoring this for years now and it is high time you stop procrastinating and actually take that renovation seriously! It is true that home renovations are expensive and may have a major impact on your savings but if you feel that your house desperately needs a makeover or an important repair then there is extraordinarily little you can do. We understand the fact that unless you have already planned it financially, there are high chances you do not have the funds to handle an emergency like this.
This is why we have come up with a few solutions which could be of use to you :
Is Personal Loan a good option?
You would not believe it if we told you that this is the most frequently asked questions when it comes to Personal Loans. Just like you, there are many people who want to know if it is a good idea to take a personal loan for home renovations. The answer to that depends majorly on two factors :
•The amount of money you need
•The rate of interest at which the loan is being offered
So, if you are seriously considering applying for a personal loan, we would suggest you have a detailed discussion with your loan provider and try to negotiate the best possible interest for yourself. In the Indian market, the personal loan offers could be as low as 10% p.a and as high as 32% p.a. While a loan with high interest may put a lot of financial pressure on you in the longer run, a lower interest rate may help you recover from your debt in a short span of time.
The biggest benefit of applying for a personal loan is that it is an unsecured form of loan and you won’t have to put up your property as collateral while you are using those funds for the renovation of your house. Now, the only problem here is personal loans have high interest rates in general, so this is only a good idea if you are in dire need of funds.
When should I apply for a personal Loan?
A personal loan is applicable in cases where you suddenly have unexpected expenses. You could be planning your expenses for a home renovations for months but still end up spending a lot more than you originally planned. Every time you are getting something fixed, some new expenses will come up which is unavoidable, and this will leave a hole in your pockets. This is why you need a personal loan that gives you access to higher lump sum amount.
You will find that most banks have promotional offers on personal loans like 0% interest for six months or may be a competitive interest rate and flexible payment terms. These are exactly the kind of offers you are looking for while making a big expense like home renovations as it becomes much more economical, and you don’t feel like you have made a financial blunder. Its better if you look for offers online before deciding. Checking personal loan offers online lets you compare from multiple products and also helps you understand what exactly suits your situation. If you want to check out interesting offers online, all you have to do is visit CreditKaro.com and compare personal loans online.
Benefits of Personal Loan
Lower Interest rates : Personal loans usually carry lower interest rates than other financial products. Quite a few times, you will find offers which will make your loan amount much more economical.
Loan flexibility: The best part about opting personal loan is that you can use this loan amount for any purpose-whether it’s fixing a leakage in your roof, kitchen redesign or maybe changing doors and windows. Whatever you do with your funds is completely up to you, no questions asked.
Quick disbursal: Another good part about personal loans is that if you are applying online, you can access the required funds in less than 72 hours.
Personal loans are the most flexible type of loans if you make sure that you are using the money responsibly and repaying the loan amount on time without any discrepancies. To conclude, personal loans are a good option if you are looking to use that money to renovate your home, all you have to make sure is you find the right deal for yourself.