Gone are the days when we renovated our home for the occasion of marriage or any special occasion. Homeowners, like you and me, want to add freshness to the external and internal structures of their homes. It doesn’t matter if your home is old or new, large or small. Home renovation or home improvement can make heads turn and give your ego a slight boost.
Home Renovation Loan
Ever heard of a home renovation loan? Or a home improvement loan? Or a home remodeling loan? These are all sub categories of personal loan that can be availed from Loan Singh’s digital lending platform. Transforming your home into the one you always dreamt of is not easy. You need added funds to do this.
You may be salaried and even earning well, but there will always be a need for credit or refinancing. This is because remodeling or renovating your home or bungalow requires spending. You might be financially stable, but can you really afford to turn your house into your dream home?
Home improvement loan or home renovation loan, availed under the ‘Others’ option on Loan Singh’s digital lending platform, allows salaried individuals to apply for an online personal loan with only Aadhaar, PAN and Bank statement.
A digital lending platform needs no paperwork and is devoid of unending delays. A personal loan can also be availed for a number of other reasons such as the purchase of household appliances, electronic gadgets, purchase of gold, holiday travel, fitness loan, job relocation, medical expenses, smartphone loan, marriage, etc.
For those of you who are new, a personal loan is an unsecured loan that can be easily availed to spend on home renovation. All the documents you need to avail an online home renovation loan are your Aadhaar, PAN and bank statement PDF. If you provide all the documents correctly and also rank high on your credit score, you will get instant pre-approval. The amount is then disbursed to your account within 48 hours.
The loan amount for a personal loan at Loan Singh ranges from Rs.50,000-Rs.5,00,000. The repayment is done via EMIs, with interest rates on a reducing balance method. The personal loan tenure can be from 3 to 36 months. The loan amount and tenure will determine the EMI repayment amount. A monthly EMI repayment promise (NACH mandate) is enough to get the EMIs auto-debited from your account.
Your credit score indicates how prompt you have been with your past credit obligations. Availing a personal loan via Loan Singh is advantageous because of the complete online process and minimal involvement of paperwork. So, no time is wasted in cross verifying any paperwork. The idea is to not strain you with credit but to make sure that your salary and savings permit you to avail credit.
The personal loan criteria to be eligible for Loan Singh are:
Having the right age
Be at least 21 years of age, and of Indian nationality.
You have to be salaried
Be a working professional with a minimum monthly salary of Rs.15000
Good credit history
You should have a good credit history, a good credit utilization ratio and a balanced credit mix. In case of no credit history, you must at least be salaried for the last 6 months.
Provide your financials
Provide your latest 6 months bank statement in PDF along with PAN and Aadhaar. Remember to provide the bank statement in PDF format only.
7 Tips for Home Renovation
Renovating your home is not just a symbol of status but also of necessity. With a growing family and changing needs, your house needs to improve as well. A house is only the brick & mortar structure and it becomes a home when it can accommodate and provide for the needs of each family member. Arranging for funds will be the biggest challenge that you will face during home improvement and you should not let the lack of capital deter your zeal. These 7 home renovation tips will help you focus on the renovation part, with the finance aspect taken care by Loan Singh.
Prepare a mental picture of what color theme you would like to add, the placement of objects, would you need any reconstruction done to create space for new furniture, placement of new ornaments, etc. This mental picture will enable you to prepare a cost structure along with your interior designer. There has to be a plan otherwise your expenses will explode. List your priority areas for improvement. Maybe, start-off with the living room, and then proceed to the bedroom, then to the kitchen, etc.
Choose a simplistic theme and don’t always rely on the input of the designer.
Trying a DIY approach for things like raw materials, plasters, paints, etc. could be challenging unless you have the correct skillsets or prior experience. Read reviews, consider multiple options to find the correct contractor or developer who fits in your budget and promises efficient delivery. Although professionals will do what they do best, ensure you share firm requirement and budgets and keep a regular check on both.
Space the rooms properly. Try keeping comfortable spacing for closets and lofts in rooms to store old stuff. Design proper hallways that connect one part of the house to another. Keep enough space for a study and a recreation room (for movie nights with family). Keep in mind that remodeling is all about spacing. You need the extra space for a family gathering or uninvited guests J
Try using big mirrors, aquariums, bronze sculptures, antique artifacts, and green plant vases to add beauty and splendor to your home.
Chandeliers give your home a royal look. The lights used in them should be warm. A cool tip is to have a regulator for changing the brightness of the chandelier. See-through curtains allow natural light to keep the house illuminated while shapely curtain holders give it an urban look. The curtains should preferably be of cotton.
The last yet crucial element in remodeling is the Paint. The new color should be fresh and vibrant without being gaudy. The tones should complement the ceiling and the walls. Flooring made of wood which is painted in dark color tones make the interiors in your home stand out.
Improve the finish of shelves, cutlery drawers, tools cabinet, etc. Make sure the remodeling of the house does not cause disarray towards water supply and sewage connections. You must keep everything simple without compromising on the proper structure of the primary construction. The bathroom also needs your kind attention. There is a saying that “A beautiful home begins with a beautiful bathroom”. Use enameled basins, toilets and flush. Keep the flooring polished and use glass for cubicles.