Picture this. You are sitting in your living room, and you find creative home improvement ideas in a magazine. As you scroll down towards the price, you realize with a disappointed sigh that you can only afford to ignore it and move on.
If this sounds familiar, it might be time you applied for a Home Remodeling Loan. Whether it is buying a small accessory or painting the living room to match interior décor with your new furniture, you won’t go have to break the bank.
Home Renovation Interest Rates and Charges
These vary from lender to lender, for instance, charges attractive interest rates. A processing fee of 0.8 percent is applicable for salaried employees. The terms regarding repayment of loans vary from one bank to another.
Who can Apply for this Loan?
If you are planning to renovate your home, this is the time to apply for a loan from your bank. Take a look around your sanctuary. If you think the paint is peeling off from the exterior walls, why not give it a new look?
Buying the necessary equipment might prove to be expensive or beyond your budget. This is when you can turn to a bank or NBFC’s (Non-Banking Financial Company) assistance.
Let’s take an example for home renovation ideas, and see how such loans can help you out here.
There are several bedroom remodeling ideas which you can afford at a reasonable amount. You can create a hidden room, add elegance by changing your old curtains and match them with the colour of your furniture, install wooden stairs in place of carpet stairs and the list goes on. For the bathroom, you can choose to repaint the cabinets, make the tile look new, and add extra fixtures.
These ideas are creative, but the flip side is that they are expensive too. Consider the current price of the materials and labour charges, and the thought of the final bill is not a pretty picture. This is when you can apply for Home Remodeling Loans from your preferred lender.
Is there any way I can Compare Interest Rates of Various Banks?
Different banks offer varying rates of interest, and you can avail personal loan interest rate calculator and decide what works best for you. Few financial institutions charge 9.5 percent to 10.5 percent as interest charges. In a statement issued by the Reserve Bank of India, prepayment charges have been lifted according to the RBI’s new guidelines.
While a Home renovation Loan can be a good way to help you put your home remodeling ideas into action, it is also advised that you plan beforehand. Make a list of all the expenses, and borrow a suitable amount. You can repay this quite easily at a later time.
How you Apply for the Loan
First, check if you are eligible; visit your lender’s website, and go through their terms.
At the time you go through with the loan application, remember to carry salary slips, bank statements and residential proof like your Aadhar card. Your bank or NBFC representative will take you to through the process, and sanction your Home Remodeling Loan in a short period of time.