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Ways to Make Use of Personal Loan for Home Renovation and Improvement
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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
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08 AUGUST, 2019
Typically, the primary needs of building our dream house is fulfilled by a home loan. But what about our little desires for home décor and renovation? We often do not include the budget of home renovation in home loans. Personal loans extend the help we need for our home décor and are easy to pay off even when we have a running home loan.
How to use personal loans for home renovation?
When you are going for a personal loan for home improvement work, you need to fix on a budget. And to reach on a budget you need an interior plan. A personal loan is best suited when you have clear goal in respect to the home décor or improvement plan. But whatever home renovation you choose when a personal loan is involved, you need to go for cost effective yet stylish home renovation. Some common money saving home décor rules include- green décor with a stress on power saving electricity and using more sunlight during the day time, going for 5-star rated home appliances, space-saving and multi-purpose furniture, sustainable and sturdy tanks and plumbing system, kitchen and home remodelling with higher stress on low maintenance and less repairing aspects.
Why go for personal loan for home improvements?
Home construction should ideally be followed by home décor and the more time lapses, the home improvements costs will further shoot up. Every house, however cost effective way you build it, will definitely require maintenance. If you keep the maintenance factor in your mind in the home renovation planning, you can indeed save money later. Personal loans in this respect give the perfect shape to your home renovation and improvement plan. Never forget that your home is, at the end of the day, a real estate property and a proper upkeep time to time will handsomely reflect on the value of your property. In times of need, this property is going to give you great benefits and can be a great asset for any business loan or home loan later in your life. The biggest advantage of personal loans in this respect is that it takes very short time to get the loan. Besides, these days, due to increased competition in the lending business, the interest rates have dropped comparatively and there are low EMI options with longer tenures of repayment.
Do not forget your financial capacity to repay when applying for personal loans. If you have a home loan going simultaneously then you need to really budget the amount of the personal loan you take. This is because despite lower interest rates the principal amount of the debt remains the same which you have to repay with time. Get your hands on great financial advice in this respect and plan the amount well so that it does not interfere with your monthly expenditures.
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