Financing your Home Repairs and Renovations using a Loan Against Property
Home repair and renovation costs often run into lakhs of rupees. Building a garage, repairing a leaking roof and adding an outdoor play area can cost you a pretty penny and you may need to look for monetary assistance to meet all the expenses involved. When looking for a large amount of financial aid, one option you have is to take a loan against property. By pledging a residential or commercial property that you own, you can obtain a substantial loan amount at an affordable mortgage loan interest rate, for a lengthy tenor.
Take a look at how a mortgage loan will help you finance your home repairs and renovations.
Foot Large Bills with a High Value Loan
Adding a guest bedroom, a new wing or extending your kitchen or balcony space are examples of home renovation that requires a big budget. Meeting such expenses is easy with a loan against property, as lenders generally offer up to 60% of the market value of the home you are pledging as a loan. The Bajaj Finserv offers you loan amounts running up to Rs.3.5 crore for home renovation loan, for example.
Meet Urgent Needs with Quick Loan Disbursal
At times home repair work cannot be delayed and must be attended to immediately. Extensive roof or foundation damage are examples of this. In such situations, taking a loan against property makes more sense than waiting till you save up, as you can get your hands on the amount in no time at all. Since the loan is secured, lenders have fewer worries about repayment and also have minimum eligibility and documentation requirements. This reduces the loan disbursal time as well. For instance, Bajaj Finserv disburses finances within 72 hours.
Borrow as you Go and Meet Unexpected Expenses with Ease
Very often, during the course of home repairs or renovation work, your estimates may fall short and you may require more money. In such a scenario you have no reason to worry when you take a loan against property, as Bajaj Finserv offers you the Flexi Loan facility. Here you can borrow an amount from your sanction as per your needs, in parts. Interest will be charged on your withdrawals and not on your entire sanction.
For instance, if you are remodelling all the rooms in your house and find out that the plumbing needs work, by using the Flexi Loan you can borrow from your total sanction without any stress. Moreover, interest is payable only on the amount utilised from the total sanction, and you can choose to pay interest-only EMIs through the tenor, repaying the principal at the end of the tenor. This way you can save 45% on EMIs and won’t have to worry about repayment while you manage contractors or carpenters.
Repay the Loan Affordably by Opting for a Lengthy Tenor
As mortgage loans are secured, you benefit from long loan tenors and correspondingly, lower monthly instalments. While it is advisable to choose the shortest tenor possible to minimise overall expenditure, you can spread out your EMIs over a lengthy tenor should you feel any financial burden at the present. Bajaj Finserv offers flexible tenors spanning up to 20 years with its loan against property, ensuring that taking a loan is never a cause for concern.
Now that you know how to finance your home repair or renovation with ease, choose the Bajaj Finserv Loan Against Property to benefit from easy eligibility criteria and low loan against property interest rates.Moreover, both salaried as well as self-employed professionals can use this loan, and to get started, all you have to do is check your pre-approved loan offer. It is the quickest and simplest way to get the amount you need to set your plan in action.
