With PNB Housing, one can obtain a home improvement loan without hassles. Read on to know why you must choose a PNB Housing renovation loan. A home isn’t only a roof and some walls. People decorate the interiors and exteriors of their homes for a vibrant look and feel. A residence reflects the resident’s personality. Everyone loves to improve or renovate their house at frequent intervals. However, some people may not renovate their houses due to a lack of funds. In such a case, a person can opt for a house renovation or improvement loan in India.
What are home improvement loans in India?
Often, people want to renovate their homes and improve their standard of living. A home renovation loan can help individuals to improve, refurbish, or redecorate an existing home. A home loan for renovation allows individuals to customize their homes according to their preferences. A home improvement loan works exactly like any other loan. Individuals return the home improvement loan amount to PNB Housing via pocket-friendly EMIs.
Home improvement loans differ from home loans in India. A home loan allows an individual to buy or construct a new house. On the other hand, a home improvement loan is for redecorating an existing home. Apart from the principal amount of the home improvement loan, individuals also have to pay interest charges over the loan tenure. Let us see why one should opt for a PNB Housing Renovation loan.
Reasons to choose PNB Housing Renovation loans
There are numerous ways in which individuals can benefit from home renovation loans. Some reasons to choose the PNB Housing renovation loan are as follows:
Affordable interest charges
Usually, home improvement loans are unsecured. Individuals don’t have to use their homes as collateral to secure home improvement loans. However, loan applicants need a good credit score to get approved for a renovation loan. Even if home improvement loans are unsecured, the interest rates are affordable. Interest rates for home renovation loans in the market are less than other loans.
PNB Housing interest rates for home improvement loans start from 7.35%. Home loan interest rates in India can change from one applicant to another. An applicant having a good credit history and score can get a lower interest rate for a home renovation loan. With minimal interest charges, one can avail of a home improvement loan and refurbish their home.
Tax benefits for home improvement loans
Like a home loan, a home improvement loan also offers tax benefits to individuals. While filing the income tax return, an individual can claim a tax benefit with a home improvement loan. As per Section 24 of the Income Tax Act, a home renovation loan can offer individual benefits up to INR 30,000. The tax benefit is provided on the interest charges paid to the bank for a home renovation loan. While filing the income tax return, a deduction of up to INR 30,000 can be made in the interest charges paid within a financial year.
With an INR 30,000 deduction in the total interest charges, one can avail of a tax benefit of around INR 10,300. The deduction in ITR is made within the overall limit of 2 lakhs available for home-related loans. Loan applicants should know that the deduction isn’t from the interest charges paid to the bank. The deduction is made in ITR from the total interest charges paid to the bank. The 2-lakh limit for deduction in ITR includes the home loan and home renovation loan. While researching home loan interest rates in India, individuals can also read about the tax benefits.
Easy documentation process & quick processing
PNB Housing Renovation loan requires minimal documentation. It is easy to acquire a home improvement loan in India compared to other loans. With a few documents and a good credit score, an applicant can receive the home improvement loan amount within a day. Income proof documents, title deeds, ID documents, passport-size photographs, and a few other documents are needed to get a home loan for renovation. It is better to check the documents required for acquiring a home improvement loan. Once you have all the documents, PNB Housing will approve the home renovation loan in no time.
Diverse use cases
Loan applicants can use the home renovation loan amount for several reasons. You aren’t restricted to one or two things by taking a home renovation loan. Individuals can use the home improvement loan for several things, such as:
- Electrical/wiring work
- False ceiling
- Interior redecoration
- Complete house renovation
Apart from these reasons, people can use a home improvement loan for many other reasons. With lower interest rates and quick processing, home improvement loans are best for individuals. Apply for a PNB Housing Renovation Loan right away!