"Personal loans for home improvement are a smart self-investment plan for the tenants, the youth, and all those who wish to reserve their funds for the future."
Published: 20 December 2023
Updated: 2 May 2024
Has it ever crossed your mind to invest in home improvement, the way you invest in yourself for a better future? If not, then let’s build on this thought together be it renovating your personal space or certain areas of your life. We all wish to know what are the best options and services available.
So, renovating a home comes with a lot of planning, assessing, and financing. Some of the most important factors are affordability, making a budget, and finding the right kind of financing options. If you do not wish to use your savings or fall short of funds and require money at the earliest, applying for a personal loan for home improvement is the best option.
It’s a smart self-investment because personal loans are collateral-free loans. This means you don’t have to use your house or car as a security deposit to borrow funds. Hence, avoiding the risk of losing any valuable asset in case you encounter financial difficulties and struggle to repay.
a. Tenants:
It is also the best option for those who do not possess a property under their name but wish to renovate their rental homes. Personal loans would support their dreams.
b. Youth:
Youngsters above 21 years of age are eligible to apply. But, they might not have any significant assets of their own to put up as collateral to get loans like home equity loans. These loans use one’s property as a security deposit to provide a loan. The risk involved with these collateral loans is that the failure of your repayment would lead to the loss of your assets.
Another benefit of taking a personal loan for home improvement is that it offers flexibility on how to use the funds. It gives you the freedom to allocate and use your funds based on your personalized needs.
a.Tenants:
Be it for renovating bathrooms of your rental home, upgrading your kitchen, or making general improvements, personal loans allow you to budget your funds as per your own needs, which are not regulated by the bank. If you want to build a study room or be that extra store room for the house, visualize it and you’ll have the monetary opportunity to fund it.
b.Youth:
With the changing times, youth wish for architectural designs that are an excess of aesthetics or sometimes minimalistic. Whichever option they desire to create in their home can be fulfilled with personal loans.
a.Tenants:
One can also get their loans tailored based on their needs and can contribute to their household in a better manner providing a sense of empowerment. However, to be eligible for a home improvement loan, one must be employed for at least 2-5 years or must have been running a business for 2-5 years.
b.Youth:
Personal loans for home improvement also help young adults to make financially independent decisions, as the whole process of getting the loan is easy and can be easily navigated. They do not need any parental help or supervision if they wish to understand the structures or functioning of loans.
The best part about personal loans is that they come with fixed interest rates and fixed monthly payments.
a.Tenant:
This helps to budget your loan repayment along with planning your household and travel expenses. Hence, helping you to enjoy and have a better life with one less thing to worry about. Collateral loans carry risks of variable interest rates, which fluctuate. Challenging to track finances and ensure loan interests are timely paid along with other financial obligations one may have.
b.Youth:
For youngsters, who are exploring their options and are in the process of building their lives, budgeting finances plays a huge important role. So, with a fixed interest rate, they can plan their expenses and invest better for their future.
The good news is that home improvement loans are accessible for those who can maintain good credit scores of more than 700 to qualify for a personal loan at a low interest rate. Providing benefits for easier loan approval, lesser security deposits, and tax benefits. In India, under Section 80C of the Income Tax (IT) Act, those who take personal loans are eligible for a tax deduction of up to Rs 1.5 lakh in a financial year.
a.Tenant:
So, by opting for a personal loan to renovate or improve one’s home, you can benefit from the tax savings, which helps you save money and invest in other areas.
b.Youth:
The youths who wish to take personal loans have their own benefits, as even with their basic starting salaries they will be able to maintain their credit scores and would be eligible to apply for personal loans. While on the other hand if they are going for collateral loans they have high credit card scores. Which can be difficult to maintain and the youth may fail or struggle with it.
The process to acquire personal loans online with instant approval has now become simple with minimum documentation required. One can apply online and follow 5-easy steps to get the process started, where the agent will guide them through the procedures via call. The payment terms are also flexible, and you can choose the tenure as per your suitability. The processing time for the whole process has been shortened. Once the documentation is complete within hours, instant approval is shared via email. One can track the status of their personal loan through the portal.
In the journey of building a better future, My Mudra acts as your bridge to financial success. Just as your small, daily self-investments pave the way, our platform extends this opportunity to tenants, youth, and anyone aiming to secure funds for the future. With our instant personal loan option, apply for instant personal loans online effortlessly, kickstarting your self-investment journey with My Mudra and paving your way to a brighter tomorrow.
Get Personal Loan for Medical Emergency
Read more
Small Business Loans for Women
Read more
