How to choose the Best Home Renovation Loan?

Setting up your new home or redecorating an old one can be as daunting a task as it is exciting. Especially when it comes to managing finances. Bigger tasks such as renovation, remodelling, complete furnishing, require higher funds. Also, you can use it to enhance your home in many ways such as tiling and flooring, internal & external plaster and painting, etc. However, this should not cause any hindrance when setting up your dream house.

However, before taking a decision, make sure you consider some essential factors:

• Need - First and foremost is deciding what you will use the loan amount for. List down all the activities and purchases you wish you carry out for your house. This will help you set a fixed budget.

• Eligibility - Once you have decided on a budget, you should check the loan amount you are eligible for. Depending on your credit score, you can also get suitable interest rates.

• Interest rates - Apart from your credit score, the loan amount as well as loan tenure also makes a difference to your interest rate. You can also opt for a fixed or floating interest rate, depending on your capability of repayment.

• Fee – Along with the interest rates, also compare the fee being charged. Different repayment plans have different fee. A high fee can significantly increase the repayment amount.

• Repayment option - Choose a repayment option and amount most suitable to your needs and abilities. You would want to go for an option that doesn’t create a hole in your pocket in the longer run.

A Personal Loan is an often-considered option for home renovation.

Check your eligibility and apply now for an instant loan with HDFC Bank Personal Loan!

Take a decision for your dream home now and Jio Shaan Se!

Looking to apply for a Personal Loan for your Home Renovation? Click here  to get started.

* Terms & conditions apply. Personal Loan disbursal at sole discretion of HDFC Bank Ltd.