Since the festive season is around, giving your home a makeover adds to the joy of festivities. With the rising cost of modern kitchens, luxurious furniture, tiling, waterproofing, and other expenses associated with home renovation, home improvement loans have now gained popularity.
Many individuals are now opting for a home renovation loan due to the numerous benefits it has to offer. Another financial instrument for obtaining funds for renovation is through a personal loan. Individuals may apply for a personal loan and upon disbursement, use it for renovation expenses. Numerous lending institutions and banks offer this type of loan at low rates with minimal documentation, along with other unique benefits.
Following are four reasons why you should apply for a personal loan to refurbish your home this festive season.
- Tax benefits
Availing of a personal loan for the purpose of renovating your home provides tax benefits on the interest amount under section 24 of the Income Tax Act. Expenses towards home renovation, repairs or reconstruction are eligible for tax deduction.
- Quick approval
Upon complete submission of the required documents, lenders approve personal loans quickly. Due to this availability of quick personal loans, many individuals opt for the same.
- Online benefits
Borrowers have the option of using the lender’s digital portal for various purposes. You may get details of the personal loan, apply online, and check your payment schedule online. Using the online portal is a very convenient option as borrowers can sit in the comfort of their homes and apply through the click of a mouse.
- Higher limit
The limit for personal loans is higher than home renovation loans. Moreover, banks or financial institutions do not question the intent of taking a personal loan.
A personal loan is a perfect solution if you are seeking funds to renovate your home. Besides, lenders provide personal loans for self-employed as well as for salaried individuals. So, go ahead, apply now and give your home the much-required makeover this festive season.
