A home renovation loan is the best way to upgrade your current home to a more contemporary structure that bestows a sense of comfort and peace for yourself and your family members. You can bring restructural changes, make repairs, and renovate your home’s interior without putting any burden on your finances. Home improvement loans enable you to make changes to your house without worrying about renovation expenses.
So, if you own a house that you want to renovate but do not want to use your savings, you can apply for a home renovation loan to finance the total cost involved.
Here Are The Best Uses of A Home Renovation Loan:
1. Remodelling of Kitchen
Your kitchen is one of the crucial spaces in your home. You can choose to add new floor tiles, sink, countertops, and cabinets with the loan amount that you can get on a home renovation loan. The best part about a home renovation loan is that it serves multiple purposes, which means that you can use the sanctioned loan amount for all kinds of changes in your kitchen without any restriction from your lender.
So, if you want to remodel your kitchen, but you are tight on budget, you can go for home improvement loans to cater to your needs without containing your monthly budget. You can avail of an affordable loan option based on your affordability.
2. Bathroom Renovation
Whether you want to add a new bathtub, shower head, commode cabinet, or even adding a new bathroom, a home renovation loan can cater to all your bathroom needs without causing any financial stress. However, before applying for a home improvement loan, you will need to chart out a proper list of everything you need in your bath and then make an estimate of the costs involved.
Knowing how much your bathroom renovation can cost you will help you avoid overborrowing. Keep your loan amount as low as possible to avail of a lower interest rate.
3. Recreating a Room
When you add a new room to your home, you will have to alter the current structure of your home, such as your bathroom, balcony, etc. This way, you create space and auspiciousness for your house. Recreating a room can cost you a lot. Thanks to home improvement loans, you can get a loan amount based on your requirement and cover the cost of big renovation expenses.
4. Basic Upgrades
Even basic upgrades such as repainting your house, replacing the washbasin or bathtub can add value to your home. Home improvement loans are the best way to finance even basic upgrades to your home. However, to get your required loan amount and a lower interest rate, you will need to convince your lender that you have the repayment capacity.
5. Revamping Interiors
Revamping your home interiors can be costly, and financing it from your savings may compromise your contingency plan. It would be wise to get a home renovation loan to revamp your home into a comfy retreat without putting any burden on your finances. The benefit of a home improvement loan is that you can customize your loan based on your requirements.
Ways to Revamp Your House Interior:
- Getting a befitting bedding mattress
- Put up some paintings on the walls
- Install a wall-shelve
- Set the tone with Turkish carpets
- Jazz up your wall with modern wallpapers
6. Door Replacement
If your house’s doors and windows are too old to prevent summer heat and cold winter breeze from seeping in, then you need to replace them. A home renovation loan can help you secure fundings to purchase new doors and windows. However, you must ensure to get a loan amount that you can repay within stipulated EMIs
7. Replacement of Cracked Tiles And Floors
Floor tiles are among the expensive home decor accessories. They come in different qualities, shapes, sizes, and colors. You will have to give away a chunk of your savings to replace the cracked tiles of your kitchen or bathroom. While replacing the cracked tiles, you will have to incur labor costs and the cost of new tiles.
Home improvement loans are the best way to finance the cost of renovation and repairs. You can secure a loan amount that you need with affordable interest rates, depending on your repayment capacity and current financial obligations.
Whether you need to bring structural changes or revamp your home interiors, the renovation cost can cause financial stress. However, with a home renovation loan, you can renovate your home and yet manage your finances without putting any burden on your pocket. You can get one such Home Renovation Loan with less paperwork & quick disbursal through Muthoot Housing Finance Limited, one of our group companies at Muthoot Blue, or call us at 1800 102 1616.