What is the Need for Home Improvement Loan

Everyone wants a home that others admire and appreciate. India is a country of festivals and events. Whether it's Diwali, Ganesh Chaturthi, Lohri, Onam, or events like marriage, newborn baby, retirement, etc. the first thing that comes to mind is to decorate our home and make it beautiful and appealing.

Now logistically to make your dream come true, you need a handful of money as we all know that renovating a home is an expensive affair that includes a lot of financial expenditure which you need to plan for in advance.

This is where Shubham Home Improvement Loan can come to your rescue. You can apply for the Home Improvement Loan and easily give your home a facelift.

The question that pops in everyone's mind is the interest rate on home improvement loans?

Many companies claim to give you the best home improvement loan rates, but as a smart consumer, it only makes sense first to check the details of every company before you make a final call. There is a home equity loan calculator on the websites of these housing finance companies, which will help you in gauging what will be the interest rate based on the principle on which you are taking the loan.

Why should you opt for a Home Improvement Loan to upgrade your home? 

Home Improvement loans are similar to a house loan to improve /renovate your home, which you already own. A home renovation loan allows you to upgrade and do the required repairs in your home.

There are some of the essential factors you should know why opting for a Home Improvement Loan is better:

1. Low-Interest Loan

2. tax benefits

3. Flexibility of use

4. Long Tenure

Can you get a home improvement loan even if you earn in cash?

Yes, unlike a decade ago today, many good housing finance companies like Shubham Housing Development Finance that give home loans to people who earn in cash. Now, anyone can avail of a loan for home improvement loans from such companies with minimum paperwork. The interest rate for informal income varies between 17% to 18%, and Administrative and Operational Costs of up to 3% will be charged to applicants.

Documents required to apply for Home Improvement Loan include

• Application form with all required details filled in.

• Identity proof such as Pan Card, Voters ID Card, Passport.

• Address proof such as electricity bill, ration card.

• Income proof documents, if available.

• Bank passbook or Bank Statements.

• Copies of the property papers and the construction estimate.

If you are planning to do a home makeover, let Shubham Housing finance assist you in getting the best deals. If you have any queries, let us know in the comments.

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