Business Standard

How a loan against property helps you fulfil your home renovation needs


Renovating your home periodically helps you make it more comfortable, but more importantly, it allows you to maintain its market value.
That said, renovations are notoriously expensive and you are sure to think twice before executing your plans. However, you can opt for a secured loan such as a Loan against Property (LAP) for home renovation. The Bajaj Housing Finance Limited Loan against Property is one such option to consider, as it offers up to Rs 3.5 crore as a sanction at a competitive interest rate. Further, you can repay your loan over the tenure of up to 20 years and make repayment easy.
Give your home the much-needed facelift affordably with a Mortgage Loan for Home Improvement. Now that you understand how to finance your remodel with a Bajaj Housing Finance Limited (BHFL) Loan against Property, here's a look at what you can do with the sanction.
Opt for wooden flooring
Replacing tiles with wood is a luxurious upgrade for your home, but it's one that costs a pretty penny. Regular retiling itself costs a few lakhs, and this sum is much higher in the case of wood. There are many aspects of wooden flooring that affect the cost. For instance, the higher the quality of the wood, the more expensive reflooring will be. The most popular options are oak and walnut, both of which are expensive and may even need to be imported. Additionally, the finish that you choose can further increase the cost. While an oil finish is natural-looking and easier to maintain, a polyurethane or UV-cured polyurethane finish is more expensive because of the durability it offers.
Wood flooring costs upwards of Rs 500 per square foot and this amount is no small sum considering the labour charges involved. However, with a large sanction with a Bajaj Housing Finance Limited Loan against Property, you can carry out this change in your home without breaking into a sweat.
Upgrade to a modular kitchen with smart fittings
A modular kitchen is an efficient way of getting the most out of your kitchen space. With the advancements in this sector, today, you can incorporate fittings that make the time you spend in your kitchen delightful. Moreover, with the help of a Loan against Property (LAP) from Bajaj Housing Finance Limited you can invest in appliances and gadgets that simplify everyday tasks and improve your quality of life. Regardless of their steep cost, you can fit your kitchen with automated dishwashers, smart refrigerators, a carbon monoxide monitor and much more.
Build attached bathrooms in all bedrooms
Attached bathrooms go a long way in offering you and your family an extra layer of comfort and convenience, making it an area you must invest in. However, adding an en-suite bathroom to all bedrooms may require changing the layout of your home. Moreover, purchasing luxury fittings for several bathrooms will also cost a significant amount. Fortunately, you can use a Loan against Property from Bajaj Housing Finance Limited for home renovation to buy the best marble, hire skilled labour and even an interior decorator, if need be. This ample sanction helps you meet every need comfortably.
Add more comfort to your home
Be it centralised air conditioning and heating, CCTV security systems or smart home security devices, you can install all these gadgets and appliances to make your home more relaxing and secure. With the help of smart technology, you can also link all the light fixtures in your home to single wall-mounted device or your smart phone and accordingly control the intensity and colour of the lights. A similar system will help you regulate the temperature in your home, and ensure its safety while you are away.
As you may notice, remodelling or renovating your home is a very expensive undertaking and so it is smart to borrow funds to meet every need comfortably, without depleting your savings.
When you opt for the BHFL Loan against Property on a floating interest rate, you can part-prepay or foreclose your loan at no additional cost. Making part-prepayments greatly reduces your interest outgo and helps you save you a significant sum too.
Additionally, you can also use the Dropline Flexi Loan facility to borrow funds as you go and pay interest only on the amount utilised. This is especially handy during renovations as unforeseen expenses such as purchasing extra materials or additional labour requirements are likely to crop up.
Here the Dropline Flexi Loan facility ensures that you have the necessary funding to address them. To enjoy all these benefits at once and transform your home into a luxurious oasis, apply online via a hassle-free procedure. Simply check your pre-approved offer and get instant approval through a tailored deal.
This story is provided by BusinessWire India. ANI will not be responsible in any way for the content of this article.

Disclaimer: No Business Standard Journalist was involved in creation of this content

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First Published: Jul 29 2019 | 11:13 AM IST

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