Home is where we are at peace and experience the maximum tranquility. We come back after a long day at work and as soon as we enter our homes we are greeted with the comfort that we are accustomed to and greeted by the people closest to us.
Despite our homes being an integral part of our lives, our memories including our childhood, we tend to ignore its needs including those of upgradation which are needed from time to time. At the most we may just apply a coat of paint, however, that is not enough. Additional construction may be needed either to deal with the paucity of space owing to the increase in the number of members or just give it a modern look.
Even if we desire to give our residences a makeover, the issue arises when we have to consider the costs that will be incurred. It is for the same reason that many homeowners are not ready to renovate their homes even if they want to.
To do away with such issues lenders including NBFCs (Non-Banking Financial Institutions) have nowadays started offering what is known as loan against property for home renovation. Some of the benefits of this loan include -


High Loan Amount
Renovating a house can cost significantly especially if you are living in a metropolitan city such as Delhi or Mumbai. Using a loan against property, you can access loans of up to Rs. 3.5 crores which can be repaid back in comfortable tenors of up to 20 years. The eligibility criteria is very simple and the documentation required is minimal. As a result, the loan gets disbursed very quickly.

Flexi-Loan Facility
This option is provided by reputed lenders and allows you to utilize a part of the entire loan amount and pay interest only on the amount that is utilized. This ensures a lot of savings in the long run.