The renovation of your home may not always be a pre-planned expense. While you may spend months or even years thinking about it and saving for it, sometimes a leaking roof or unexpected damage may require you to spend significantly at short notice.
Home improvement projects may not necessarily fall under the purview of most home loans. Still, many lenders offer custom loans aimed towards home renovation expenses, usually in the form of a top-up on an existing loan.
Here’s a guide to how you can plan your finances for planned and unplanned home improvement expenses and make the most of the available resources.
Additional Read: Personal Loan For Kitchen Remodelling
What are the finance options that you can consider for home renovation?
If you’re already repaying a home loan, consider a top-up loan.
If you’re in the process of making payments towards a home loan, you should consider requesting a top-up loan from your lender. Typically, these loans are high-value, have an affordable interest rate, and enjoy the same long tenor as your home loan. So, in effect, your monthly outflow increases only marginally when you take on a top-up loan.
When you take a home loan from Bajaj Finserv, you can use a top-up loan with equal ease. You can also carry out a home loan balance transfer from your existing lender to Bajaj Finserv to take advantage of this facility.
Choose a personalised loan for your home renovation plan
Many lenders offer home renovation loans that are specially designed for home improvement projects. This is a good alternative to a top-up loan. For example, Bajaj Finserv offers a personal loan tailored for home renovation related expenses. Besides, you can make use of the Flexi loan facility to borrow funds as you go, in instalments, and repay the amount as per your convenience.
Budgeting for your home renovation loan
Like all loans, seeking finance to renovate your home requires you to be financially secure to a certain degree. Before you apply for a top-up or home renovation loan, you should ensure that you have the financial means to repay the loan. Use an EMI calculator to get a sense of the loan amount you can comfortably repay and check your eligibility before applying.
So, by making use of a top-up loan on your existing home loan, you can easily finance your next home renovation project without compromising on your plans or taking on any financial stress.
Bajaj Finserv brings you pre-approved offers for personal loans, home loans, business loans and a host of other financial products. Not only does this simplify the process of availing of finance, but it also helps you save on time. All you have to do is share a few basic details and check out your pre-approved offer.
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