Best ways to get additional funds for home renovation expenses in India

5 min read
home renovation expenses

Home renovation/Repair Loans via Banks:

Obtaining Home Renovation/Repair Loans in order to fund your renovation expenses sounds attractive at first glance as it is a loan precisely geared towards serving that need.

However, There are caveats to be considered before pursuing one.

As such, banks are more likely to offer home renovation Loans to customers that have already existing home loans with them, meaning that new borrowers are automatically at a disadvantage.

Moreover, there are limitations to the type of expenses that home renovation loans cover. Generally, they do not cover furniture or woodworking costs. And in case the quoted renovation costs are disproportionately high compared to the cost of the property itself, banks generally do not sanction it either.

So even though it is a loan  Online geared towards Home loan repair or renovation, you are essentially hamstrung with your expenditure in a number of ways.

Payday loans online via banks

Digital lending platforms like MoneyTap:

Not only does a platform like MoneyTap allow you instant access to cash on the click of a button, but it also offers flexibility in funding your various home renovation expenses unlike the rigid structure of a home renovation loan.

You can apply through MoneyTap’s Instant loan app and the amount would be disbursed directly into your account, sparing you incessant visits to the bank in the procurement of the loan. You can also use the MoneyTap card like a regular credit card, meaning that there is no restriction on what you’re spending your money on.

Additionally, any card spends of over Rs 3000 is convertible from interest-free repayment during the Billing cycle to EMIs, as per your convenience.

There are no hidden fees either, meaning that all the details of your credit line will be known to you before you agree to it.

A lot of unforeseen expenses go into leveling up one’s home. Hence MoneyTap home renovation Loan is, the flexible, offering customers the ease of access and lack of restrictions that digital lending platforms like MoneyTap offer, are of paramount importance.

Peer-to-peer lending:

Peer-to-peer or Social lending allows you to borrow money directly from a lender, with a P2P platform facilitating the transaction. However, despite offering ease in availability of funds, the interest rates in these scenarios are generally geared towards the lenders (up to 30%).

Moreover, the borrower has to weigh out all the bids for his or her Loans proposal from potential lenders, before making a choice – making this option a little more complicated than first meets the eye.

And finally, though P2P platforms generally emphasize the use of soft recovery practices, the relative lack of government oversight means that this may turn out as a risky option for borrowers if things go south.

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