With the upcoming festive season, home renovation is one of the priorities for many individuals. Be it changing the wall color or the upholstery, the furniture, or the curtains, there are always certain items in the cart. But home renovation can, however, be a financially intensive undertaking usually requiring lump sum funding. The lack of necessary funding can either lead to postponement or compromising on the good stuff. But with customised home renovation loans, you can get your dream décor done without burning your budgets. These are designed as instant money loans that come with fast approvals and are easy to avail.
The features of these loans are closely similar to those of traditional personal advances. Only that they come with a simplified application and processing with some features and benefits tailored for easy, short-term financing. Let’s check out in detail all the aspects of these loans and how they are suitable as a home renovation financing option.
Ways to Utilise a Home Renovation Loan for House Upgrade
As instant money loans are available at a suitable value, they can be used to fund a host of renovation initiatives as listed below.
- Flooring and furnishing of the house
The extent of financing required for redoing the flooring and furnishing of your house can vary depending on the expansiveness of the redoing. It can, however, give an entirely fresh feel to your home interiors. You can easily choose to replace the existing furniture at your home and redo a new flooring altogether with an instant money loan available up to a decent financing value of up to Rs.1.5 Lakh.
- Remodelling and painting
Another way to prep up your house for the festivities is through remodelling, painting, and wallpaper. And a festive occasion like Diwali might just be the right time to give your home a new look. Remodelling mostly includes giving your home decor a new makeover. It might include installing new lights, chandeliers, or ceiling fixtures. You can also give your room a themed look with wall paintings and wallpapers. No matter what your choice is, a quick loan can come handy in helping you with the finances.
- Outdoor landscaping
Outdoor landscaping is also a crucial part of home renovation and can include undertaking a host of changes to your home’s outlook. Right from landscaping to installing patio furnishing, vertical gardens, water fountains, and more, the scope for renovation is immense. An instant money loan provides just the right financing for the purpose and is easy to repay over an extended tenure.
These are just a few of the ways you can use an instant money loan for home renovation. However, the requirements can vary depending on your home decor choices as well as the renovation requirements.
Now, you must know about the top reasons why you can go for a home renovation loan to remodel your house.
Top Reasons to Choose an Instant Money Loan for Home Renovation
- Versatile utility
The utility of a home renovation loan is not limited to a change in interior and exterior décor. It remains versatile as per the individual’s need. Since these are types of personal loans that come with zero restrictions to end use, the borrower can use them for other household purposes also. You can use the amount to carry out necessary repairs or costly replacements.
- Tax benefits
Any expenses met for household use through a personal loan are not applicable for deductions under the Income Tax Act 1961 except those done for the purpose of home renovation. Thus, along with upgrading your home to match your evolving style of living, you also get to claim deductions for repayments made towards a loan used for home renovation. These deductions are available for the interest paid towards the advance, and can be claimed annually. The annual deductions available can amount to Rs.30,000, with a total deduction cap of up to Rs.2 Lakh for the total interest paid. Deducting this interest amount from your annual income can result in significant tax saving, thus reducing the total cost of your loan.
- Repayment flexibility
Another advantage of these instant money loans is that they come with flexible repayment tenures. It means that the borrower can choose repayment terms as per their affordability and pay in EMIs that are easy to accommodate in their monthly income.
Whether availing an instant money loan for home renovation or a dedicated home renovation loan, you must make sure to prepare for conventional financing. Some of the things you can do to ensure easy approval of the loan include fulfilling the minimum eligibility requirements, keeping the necessary documents ready for paperwork, and checking if you hold a suitable credit score or not for availing an unsecured advance like these personal loans. With all these things in place, you can conveniently proceed to apply for your loan with a loan app that further simplifies financing for quick approval and disbursal.