4 Important Factors to Consider Before Opting for a Home Improvement Loan
New Delhi | Jagran Brand Office: Renovating a home is a common goal that many set for themselves in the new year. A refreshed new look, minor upgrades to key rooms and living areas, or major overhauls add value to your home. You can paint your exteriors and interiors, add a new room, do some landscaping, buy new furniture and appliances, and more. Such changes, while attractive, are expensive and can very easily exceed your budget. Luckily, you don’t have to worry about such constraints with a home improvement loan from top lenders like Bajaj Finserv.
With a Bajaj Finserv home renovation loan, you get a handful of benefits regarding sanction, eligibility, payout, and tenor. These add value to your experience and ensure that you won’t encounter any problems along the way. However, before borrowing, you should be aware of things. Read on to learn all about these important factors before borrowing through a home improvement loan.
Be sure to calculate your overall expenses and apply accordingly
To make sure you don’t borrow too much or run out of money, it’s important to calculate how much you’ll need to improve your home. You can get an estimate from your contractor or do some manual calculations based on the improvement you plan to make. Once you have an idea, you can safely apply for the loan knowing that you won’t be borrowing too little or too much. With Bajaj Finserv home improvement loan, you can get a hefty penalty of up to Rs.25 lakh. It helps you easily meet your needs and you can use it to meet multiple home improvement purposes.
Check the list of required documents and gather them beforehand
To enjoy a hassle-free experience, you need to know what documents you need to submit to process your home improvement loan application. While some lenders may have a list of requirements, Bajaj Finserv only asks you to submit basic documents. You only need minimal documentation to qualify for a Bajaj Finserv personal loan for home improvement. These documents are:
- Proof of employment
- Salary statements
- Bank statement and computer statements
Once you submit the following documents, you can get approved in minutes and receive a payout within 24 hours. This is why you need to have the documents ready in advance to access truly instant funding.
Hire a tenor you can meet easily
Repayment is as important as any other aspect of borrowing. You need to plan ahead and make sure that your loan does not burden your finances in any way. One way to ensure this is to find suitable terms with a personal loan calculator. With a Bajaj Finserv home improvement loan, you can choose a repayment window of up to 5 years. This flexibility allows you to calculate EMIs and interest payable for different term options until you find one you can easily manage. You can also calculate the interest rate amount payable with Bajaj Finserv interest rate calculator.
Remember that a long-term loan will have lower EMIs and higher interest expense when choosing a term. On the other hand, a short-term loan will have higher EMIs but lower interest expense. So find a balance between these two and only commit to content that matches your goals and abilities.
Check that you are not paying any hidden fees
When applying for a home improvement loan, be aware of any fees that apply to the loan. The lender usually mentions them, but it is always better to inquire about the fees. Unexpected hidden charges can be problematic in the long run. However, you don’t have to worry about hidden charges with Bajaj Finserv. There are absolutely no hidden fees and Bajaj Finserv maintains 100% transparency in all transactions. So you can plan and borrow securely without worrying about unexpected loan expenses.
By considering these factors of a home improvement loan, you are in a better position to borrow wisely. Either way, choosing to avail the Bajaj Finserv home improvement loan is a smart decision. With this instrument, you can get the funds you need easily and quickly. You can even benefit from the Flexi loan facility offered for more flexibility. Here you can borrow from your sanction as needed and pay interest only on the amount you withdraw. This can come in handy when renovating your home, as it’s quite common to run into unexpected expenses. To access all these advantages of one of the best personal loans on the market, apply online by filling out a simple form.
Read also :-
5 things to keep in mind when getting a home improvement loan
Simplify your loan repayment with a personal loan EMI calculator
Everything you need to know about personal loan calculators
(Note: this article was written by the Brand Desk)