You can procure a personal loan for attending to a wide range of personal and leisure-centric requirements. However, pairing the same with home renovation makes the most sense as you might not be able to make refurbishments with a home or mortgage loan, as it puts the property at risk. In comparison, a personal loan is easy to procure and doesn’t require a lot of processing, if availed from credible NBFCs.

Here are some of the reasons why a personal home renovation loan is the most appropriate financial tool for your relevant requirements:

• Collateral-Free

Personal loans are collateral-free as you do not need to put anything on the mortgage. Once you choose the loan amount and calculate the repayment liability, you only need to pay off the EMIs and keep reducing the financial burden. 

• Simple Application

Unlike a home loan or any other financial instrument requiring mortgages, a personal loan for the home renovation isn’t hard to procure. You only need to keep the necessary documents handy and ensure that the credit score is on the higher side. Besides, if you have a good loan repayment history, you might even be eligible for a pre-approved personal loan. 

• Easy Procurement

Needless to say, a personal loan is probably the easiest financial support to procure, provided the NBFC also projects a considerable online presence. Therefore, if you are planning to renovate a home, it is advisable to estimate the costs beforehand, set aside the personal loan documents, and apply for the concerned amount as per the eligibility. 

Regardless of the application approach you take, it is necessary to keep an eye on the credit score to ascertain the amount you are eligible for. 

Must Read: A Checklist to Check before Paint your walls in this festive season