New Delhi | Jagran Brand Desk: Renovating a home is a common goal many set out to achieve in the new year. A refreshed new look, minor improvements to key rooms and living spaces, or major overhauls all add value to your home. You can paint your exteriors and interiors, add a new room, do some landscaping, buy new furniture and appliances, and more. Such changes, while appealing, are costly and can very easily exceed your budget. Thankfully, you don’t have to worry about such constraints with a home improvement loan from top lenders like Bajaj Finserv.

With a Bajaj Finserv loan for home renovation, you enjoy a handful of benefits regarding sanction, eligibility, disbursal, and tenor. These add value to your experience and ensure that you don’t run into any hitches along the way. However, before you borrow, you should be aware of things. Read on to know all about these important factors before you borrow via a home improvement loan.

Make sure you compute your overall expenses and apply accordingly

To ensure that you don’t overborrow or fall short of cash, it is important to calculate the amount you will need for home improvement. You can get an estimate from your contractor or do manual calculations based on the improvement you plan to make. Once you have an idea, you can safely apply for the loan, knowing that you won’t borrow too little or too much. With the Bajaj Finserv Home Improvement Loan, you can get a sizable sanction of up to Rs.25 lakh. This helps you meet your requirements with ease, and you can use it to address multiple home renovation goals.

Check the list of documents required and gather them beforehand

To enjoy a hassle-free experience, you should know which documents you need to submit to process your home improvement loan application. While some lenders may have a list of requirements, Bajaj Finserv only requires you to submit basic paperwork. You only need minimal documentation to avail a Bajaj Finserv Personal Loan for Home Improvement. These documents are:

  • KYC
  • Proof of employment
  • Salary slips
  • Bank statement and IT returns

Once you submit the following documents, you can get approval in minutes and receive disbursal within 24 hours. This is why you must keep the paperwork ready ahead of time to access truly instant funding.

Commit a tenor that you can meet conveniently

Repayment is as important as any other aspect of borrowing. You must plan and ensure that your loan never burdens your finances in any way. One way to ensure this is to find suitable terms with a personal loan calculator. With a Bajaj Finserv Home Improvement Loan, you get to choose a repayment window that ranges up to 5 years. This flexibility allows you to compute the EMIs and interest payable for varying tenor options until you find one that you can manage easily. You can also compute payable interest rate amount with Bajaj Finserv interest rate calculator.

Remember that a long tenor loan will have lower EMIs and higher interest outgo when deciding on a tenor. On the other hand, a short-tenor loan will have higher EMIs but lower interest outgo. So, find a balance between these two and only commit to a tenor that aligns with your goals and capabilities.

Verify that you are not paying any hidden charges

While applying for a home improvement loan, be aware of all the charges applicable to the loan. The lender usually mentions these, but it is always best to inquire about the charges. Unexpected hidden charges can prove problematic in the long run. However, you don’t have to worry about hidden charges with Bajaj Finserv. There are absolutely no hidden charges, and Bajaj Finserv maintains 100{49352ce17ba8b8c977b46090d4022735cbbf9c8d2a96e7181f87be9b36a1fd69} transparency in all dealings. As such, you can plan and borrow safely without worrying about unexpected loan expenses.

On considering these factors of a home improvement loan, you are in a better position to borrow wisely. In any case, choosing to avail of the Bajaj Finserv Home Improvement Loan is a smart decision. With this instrument, you can get the funds you need easily and in an expedited manner. You can even avail of the Flexi Loan facility offered for additional flexibility. Here, you can borrow from your sanction, as needed, and pay interest only on the amount you withdraw. This can come in handy when renovating your home, as it is quite common to run into unexpected expenses. To access all these benefits from one of the best personal loans in the market, apply online by filling an easy form.

Also Read:-

5 Things to keep in mind when getting a home renovation loan

Simplify your loan repayment with a Personal Loan EMI Calculator

All you need to know all about Personal Loan calculators

(Note: This article has been written by the Brand Desk)

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