Home Renovation Loan: Check out interest rate, eligibility criteria, tax benefits

financialexpress.com:

A home renovation loan is a type of loan that is used to finance the renovation or remodeling of a home. This type of loan is specifically designed to help homeowners cover the costs associated with making upgrades or improvements to their home.

Home renovation loans are a popular financial product in India, as many homeowners seek to make improvements and upgrades to their homes. Most banks, non-banking financial companies (NBFCs) and housing financial companies (HFCs) provide home renovation loans either through their regular home loan product or as a separate offering within the broader category of home loans.

The loan may be used to pay for a variety of home improvements, such as kitchen or bathroom remodels, adding a new room or addition, updating plumbing or electrical systems, or improving the home’s energy efficiency.

Also Read: Two home loans? Combine them into one and save money – Here’s how Renovating your home can bring many advantages, including:1. Increased comfort: Renovating your home can make it more comfortable by improving the insulation, upgrading the heating and cooling systems, and installing better lighting and ventilation.2. Enhanced functionality: Renovating can improve the layout and functionality of your home, making it easier to use and more practical for your needs.3. Increased home value: Renovating your home can increase its value, making it more attractive to potential buyers if you decide to sell in the future.4. Improved energy efficiency: Renovating can also improve the energy efficiency of your home, which can reduce your energy bills and lower your carbon footprint.5. Updated style: Renovating can give your home a fresh, updated look and feel, which can be a source of pride and