Most people invest in a house property once or twice in their lifetime. You spend a lot of time and effort to buy your dream house and spend your life savings on it. But after a few years, the original shine of the house wears off, reflecting its age. At such times, a bit of repair and renovation can change its overall look. However, renovating and refurbishing your house can cost you a fortune. Thankfully, a loan against property can be a great help. You can use a loan against property to finance your house refurbishing and give it a brand new look without exhausting your savings.
Read on to know more.
What is a loan against property?
A loan against property is a secured loan where you can mortgage your industrial, residential or commercial property to avail a loan. Depending on the mortgaged property value, you can get a high-value loan at a lower interest rate. Scroll down to know how you can use the amount to renovate your home.
How can a loan against property help you refurbish your home?
- Change the flooring
While tiles and marble flooring looks presentable, wooden flooring can give your home a royal look. Having wooden flooring in the house is a sign of luxury and royalty. However, it can be an expensive upgrade. Depending on the size of your house and the quality of the wood you choose, the expense of upgrading the flooring can cost a few lakhs. With a loan against property, you can upgrade your flooring to elegant, durable and beautiful wooden flooring and give a fresh look to your house.
- Add a garden
You can also extend your house or can demolish unused parts of it to build a garden or a garage. You can also add bathrooms to your bedrooms. The garden adds greenery and beauty and helps you calm and relax after a hectic and stressful day. Similarly, adding bathrooms will add convenience and comfort for you and your family. You can also invest in designer fittings, the best raw materials and skilled labour for the bathrooms. You might also have to change the layout of the house by demolishing a part of it that can be expensive. A loan against property can take care of all the expenses.
- Make your house secure
It is crucial to make your house secure, safe and comfortable. You can change the locks of the main door and add in extra security locks and padlocks so that you and your family members can live in peace with safety. CCTV cameras can be a good addition to your house too. Similarly, replacing coolers with air conditioners can make your house more comfortable. You can install smart gadgets attached to your smartphones, like smart fans, fridges and AC.
A loan against property can help you bring novelty to your house without depleting your savings. It would be best to identify what you want to change in your house and get an estimated cost of the repairs. Accordingly, you can check your affordability with a loan against property EMI calculator and then apply for the loan.