Planning to renovate your home? Here are your financial options

financialexpress.com:

Housing is one of the basic needs and it is essential to keep your property in the right shape to increase its age. Often when the house becomes old, it needs repairs and sometimes you also need renovation to enhance the true value of your house. This is when the house renovation loan comes to your rescue.

Is your house in need of a makeover? Whether it’s a new flooring, or a complete overhaul, renovating your home can breathe new life. However, a renovation project requires careful planning, especially when it comes to financing. There are various financial options available for homeowners looking to renovate their houses.

House renovation involves making improvements or alterations to an existing residential property. These improvements can range from cosmetic upgrades to structural changes aimed at enhancing functionality, comfort, and aesthetics. Renovations can include remodelling kitchens and bathrooms, adding additional rooms, replacing outdated fixtures, or even extending the living space. Let’s understand the key considerations for borrowers.

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Many banks and financial institutions offer specialised home improvement loans tailored specifically for renovation purposes. These loans typically come with competitive interest rates and flexible repayment terms. Borrowers can use these funds to cover renovation expenses such as materials, labour costs, and contractor fees.

Another option is to apply for a personal loan to finance your house renovation. Personal loans offer quick access to funds without the need for collateral. However, they may come with higher interest rates compared to home improvement loans.

If you own property with