Like your outfits, your personal living space also reflects your personality. Functionality, aesthetics, and comfort are the essential features of one’s home and require constant upgrades. If you lack adequate funds to renovate your home, you can opt for a home improvement loan.
Purpose of the loan
A loan for upgrading your home helps you acquire funds to renovate your home’s indoor and outdoor spaces. Loans taken for home improvement offer great flexibility in usage. You can use them for remodelling, house maintenance, internal and external repairs, flooring, redecorating, and painting your entire house.
Let’s have a look at the various scenarios where you can use a home loan for improvement.
#1 Fix any area that’s broken
Over time, even the most well-designed houses suffer wear-and-tear and end up getting worn out. You can show your haven some love by finally fixing all the small or big leaks and creaks.
#2 Upgrade to make it a green home
Did you know that eco-friendly homes can save up to 40% of energy? This means you will save a ton on utility bills. If you are also looking to upgrade your home to reduce your carbon footprint, this loan can help you make the necessary changes to turn it into an energy-efficient home.
Properly insulate your home and replace old fittings of your windows and doors. Use CFL or LED alternatives for light instalments, install a skylight, or get French doors and windows to usher natural light into your home.
If you feel the eco-friendly biodegradable construction material costs will burn a hole in your pocket, fret not! Thanks to attractive home loan interest rates available, you’ll comfortably finance these expenses. Moreover, returns from your sustainable home are said to quickly offset the construction costs.
#3 Design a unique space
Your home keeps you shielded from the hustle of the outside world. Instead of compromising on that, make the most of your abode with multi-functional living spaces.
To create a more functional space for your child, add a fantasy playground on your ground floor or storage that holds their toys and art supplies. You can design a workspace for yourself by adding a room to ensure an excellent work-from-home experience.
To keep these expenses under your monthly budget, use a home loan EMI calculator to figure out your interest payable and monthly instalments in advance. Choose a loan amount that suits your repayment capacity.
What is the loan’s eligibility?
The improvement home loan eligibility criteria vary from one lender to another. Your eligibility determines the principal amount you are eligible to borrow for upgrading your home. The criteria can depend on factors like your CIBIL score, monthly income, age, employment type, debt-to-income (DTI) ratio, among others.
The bottom line
Renovating your home can be highly fulfilling. You can revamp your home to re-purpose unused spaces, save space, and improve the utility of your home. By availing of the benefits of a house improvement loan, you can upgrade your home to suit your lifestyle needs. So do your research, weigh your options, and apply for a home loan today!