You are planning to renovate your home but do not want to touch your savings. But you will need funds to pay the carpenter, electrician, painter, and others. You may also want to buy new furniture, electronic appliances, fixtures, and more.
You can use your personal loan to pay for any of the renovation-related expenses mentioned below:
Structural changes
You may choose to carry out a big renovation project, making structural changes to the apartment, making room for extra storage or extending your living room. You’ll need to hire an architect who can design this for you and show a 3D plan of how it’s going to look. Goes without saying that the architect may charge anywhere between a lakh to Rs. 5 lakh.
Furniture and home décor
Your kid has been asking you for a long time to convert her room into a fantasy wonderland with matching curtains, furniture, and special paint. For growing kids, you may also have to put in an extra wardrobe. Again, you are looking at a couple of lakhs of spend here.
Electrical fixtures
As the building gets older, you may need to upgrade your electrical fixtures. This could involve changing the entire fuse box or putting in new cables across the apartment. These days, electrical fixtures are expensive and an upgrade of such a nature may cost you anywhere between Rs. 2 lakh and Rs. 3 lakh. In case you’ve taken a new apartment, you may want to do the entire lighting to create that perfect vibe you had in mind.
Appliances and more
How about upgrading the appliances too? Get a new double-door refrigerator to match your new modular kitchen or a home theatre system for family movie nights. These days, you get 5-star inverter ACs that could substantially reduce your electricity bills and are worth the one-time expense.
These are just some of the things that a home renovation project may entail. We understand that each home is unique and so are the requirements. We have created a special variant called Flexi Loan.
Flexi Loan
Our Flexi Loans work like a limit wherein, you can borrow as many times as you want to and part-prepay as many times as you can.
In addition, in our Flexi Loans, you get to pay only the interest component as your EMI in the initial period of your loan tenure, therefore keeping your EMIs low. If you want to read about our Flexi Loans in detail, click here.
