Here’s Why Should You Choose A Personal Loan For A Home Improvement Project

When a family has been living in a particular house for some 7-10 years, it is natural that their home will undergo some stress. There can be cracks in the wall, leaks in the bathroom, and many creaks from the furniture. Moreover in these years, as the family grows, their needs also change. Moreover, with new decor options that are also environment-friendly, there are many ways in which you can undertake a home improvement project.

For such a project, certainly, a personal loan offered by various Non-Banking Financial Companies (NBFCs) can be a good option. These can have an approval process for as less as 5 minutes, with the funds transferred within 72 hours of approval. Moreover, some NBFCs offer personal loans for home improvement for the amount of up to INR 25 lakhs.

Thus, when the finances for your project are in place, it can become easier to move ahead with your plan. Here are some things you can look to do for your home with the help of a personal loan.

Here’s Why Should You Choose A Personal Loan For A Home Improvement Project

Prepare a Living Space to Give on Rent

As a family grows, it is quite likely that children may have moved out for education, marriage or other such reasons. In such a case, the excess space can be utilized to help build your income. However, this too will require an investment on your part. You will need to ensure that the living space is equipped with all the necessary arrangements for a person to live comfortably. It will also help you in quoting a suitable rent.

Some of the things you may need to do can include: creating a separate entrance for a room, build a new floor on the terrace, or use the space in the garden or garage to create a new room.

Go Green

The Indian summers are getting hotter, and the electricity bills are going higher. In such a scenario, it can be advisable to consider going for some unconventional energy sources. For e.g. you can install solar panels on the roof and use the energy generated by the AC, geyser and some other appliances. This helps in reducing your electricity bill while also being good for the environment.

Moreover, you can also undertake other environment-friendly changes such as rain water harvesting, using recyclable material wherever possible while making changes in the house, and even add to the greenery that surrounds you. In the case of the latter, you can consider going for a landscape garden or even making simple green changes to a terrace. These small things can go a long way in making your home more peaceful.

Using Other Spaces

Any home can have various unutilized spaces. Be it the attic or spaces under the staircase; this area can be better utilized. For e.g. the attic can be converted into a home theatre or room for a guest. The space under the staircase can even be made into a small library or even a mini bar.

These are several options that are available in the hands of an individual looking forward to renovating his home. However, as the process of renovation involves high cost, you can certainly approach the NBFCs to fulfill the financial needs. Also, remember when you renovate the house, you rejuvenate the feelings associated with the house.

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