Why should you take home loan for renovating the house?

 

Owning a house comes with certain responsibilities. Your home is more than brick and mortar; it’s a living breathing creature that needs to be taken care and renovated from time to time. Just think about it: a home gives you a roof over your head, it’s your status symbol in the society and it’s the best place in the word to kick back, relax and leave the woes of the world behind. Therefore, making sure you’re your home keeps looking fresh and healthy isn’t just an aesthetic choice; it is also a decision towards ensuring your safety and the safety of your loved ones.

How can you renovate your home?

Home maintenance can be of different types: it could be cheap and cost-effective like painting the house, or it could be a bigger project that involves heavy hauling and some moving around. But one thing is for sure that decorating and renovating your home not only makes it look more beautiful, but it also makes it an inviting, comfortable place. But does that mean that you must spend money from your own pocket for it? Not all of us have that kind of savings. This is where you can go for a home loan in Delhi or any other major metro city.

What is a home renovation loan?

Home renovation loan is pretty similar to a home loan inDelhi where you apply in a lending institution and then get the amount sanctioned to your account. And just like a regular home loan, you can take a home renovation loan against property in Delhi, which would actually be a low interest home loan. There are a plethora of benefits of taking a renovation loan. Some of which include:

·         By renovating your house, you can improve its resale value.

·         You can make your home look more comfortable and stylish.

·         You can preserve the value of your property

·         You can make customizations in your home as per your ideas. After all, it’s your home, it ought to look the way you want it to.

Why should you take a home renovation loan?

Since your loan is usually secure against the ownership, it is actually a low interest home loan. So you can borrow the amount you need without having to worry about paying massive interest on the principal.

With a renovation loan, you can also opt for tax deduction under section 24 of the Income Tax Act. The maximum deduction you can ask for is Rs 30,000 per annum, which is applicable on the interest component that you pay for your home renovation loan.

Except for using the money borrowed for your personal use, you can use the money for any activity that is related to home renovation – whether it is some necessary construction project that you want to undertake or whether it is just a project to make your house more aesthetic and luxurious.

 

The tenure can range from 5 to 15 years, which means that your loan is spread over a long duration and thus, you don’t have to worry about paying huge EMIs.