Your home is the single most important asset that you have. In fact, for most people it is the very foundation stone of your life. It is of prime importance that you take great care of your home. Like everything else in the world, your home will wear with the passage of time and doing the proper repair and home improvement work on regular basis is the only way to keep it in best possible shape. The main point about home improvement and repair is the high cost involved. Not many people have that kind of money lying around at all times and this best approach to solve this is to get an instant loan for home improvement. Getting a home improvement loan brings a number of advantages
6 Benefits of using a home loan improvement loan to renovate your home
- Instant approval and disbursal
First and most important advantage of a home improvement loan is that you can get the repairs done when you need them. If you are in urgent need of repair work, you do not need to collect money for covering the cost. A loan app can ensure that you get the money in a matter of minutes and thus you are ready to get started the moment you feel the need. Almost every other way to get money for the repair work is going to take time, be it mobilising your savings or liquidating your investments. Nothing can be as fast as getting an instant loan.
- Competitive interest rates
Low interest rate is a key benefit of such a loan. With a home improvement loan, you will always get the best possible interest rate. Choosing an app based loan means you are borrowing from a lender who has minimal operating costs. They do not have to maintain armies of employees who are slogging manual work in different offices each of which costs a lot in terms of maintenance and rental costs. On the other hand a loan app is much cheaper to operate and since the operational cost of such lenders is much lower than conventional lenders, they can offer much lower interest rates as well.
- Easy processing and simpler eligibility
Third factor is that home improvement loan from an app is much simpler to procure. Almost all conventional lenders will demand loads of documentation and require you to fill up files upon files of forms. Then all of these have to manually checked addresses and other locations may even need to be physically verified. All this involves time, effort and also creates a lot of risk of mistakes at any point. On the other hand, a loan app does all this digitally. You will have to upload a copy of your identity proof, your PAN card, your income source and your account details for loan. No need to do any hard copies of any kind.
- No advance loan processing fees
Fourth benefit of an instant loan for home improvement is that there is no need to pay any advance loan processing fees. Many conventional lenders would require you to submit some fees and charges from your pocket in advance. The key concern with the practice is of course that if your loan is rejected or denied, you will be left with nothing because that fee you paid for loan processing, that was not refundable. A loan take from an app does not come with any such stipulations. You do not have to pay any advance fee. All charges are deducted only if your loan is sanctioned and they are taken from the amount that was sanctioned. There is no money to be paid beforehand so there is no risk related to loan denial.
- No need for collateral
Fifth benefit for app loan for home improvement is that you do not have to mortgage your property. When a person buys a home for the first time using a home loan, the lender will actually keep the papers of the home with them as mortgage security. This is called a secured loan. On the other hand, a home improvement purpose loan from an app is not a secured loan and it does not require any kind of security like papers of your home to be kept with the lender. This makes the overall loan process much simpler, faster and way more cost efficient for anyone who only wants a limited amount of money.
- The choice of flexible tenure
Sixth benefit of using a loan app for a home improvement loan is that you can get shorts duration loans as well. Many times, people do not want to borrow for loan durations like five years or more. Conventional lenders will try to push long duration loans because these loans make them the most money. On the other hand, app based loan will be able to make a good deal even on short duration loans because they consider these to be lower risk cases. If you want to get some money, get your house fixed, quickly pay off what you owe and get on with life, these are the best option for you.
Conclusion
It is very important that you be extra careful while taking a home improvement loan. Do not borrow too much and do not borrow for too long. Pay your monthly instalments in time and you can rely on the app to get finds when you need them urgently next time.
Comments are closed.