Mr Vishnu, 28, a resident of Chennai and a father of two wanted to renovate his house, but he always restrained himself to go ahead. Lots of people want to renovate their house like Mr Vishnu but to do that they need a good amount of money in their hand. One of the best options to finance their immediate needs is personal loan. Personal loans are collateral-free and their main purpose is to serve those people who want a quick solution to their needs. If you are also thinking to renovate your house and facing a cash problem, then take HDFC personal loan to fulfill your dreams. Here is a tried and tested process to apply for a personal loan for home renovation.
Follow these steps and make your dreams come true.
1. Make a list of changes you want to make.
For home renovation, your first step should be to make a list of changes you want to see in your house. Your list of changes may include basic changes with paints, curtains, and furniture or major changes like changing ordinary flooring to a new one.
2. Hire a professional.
Once you have figured out the changes you want to make, now it’s time to look for architects and interior designers. You can go online and search for architects and interior designers. To finalize a perfect person, you can ask for quotes from various architectures. You can also see their work and hire the person.
Here is a quick checklist to find out the best architect or interior designer.
Make a list of popular architects and interior designers of your area.
See their recent work and people’s opinions about that individual.
Ask for their final quote and choose a person who has a good experience and in your budget too.
3. Make a detailed budget.
As you have researched everything, now, it’s time to make a budget to meet your home renovation expenses. To make the budget, you can go online and check the prices of materials to be used in the renovation like the prices of paints, tiles, carpets, curtains, etc. To make it simpler, you can take help from your friends and family members who have done with home renovation recently. Now, when you have an idea about the expense add 20% more in it because you never know what you miss that may come across. Always remember that keep everything under the budget because for all this you are taking a personal loan and you need to pay it back.
4. Keep a check on your loan requirement.
Since you are excited about your home improvement and planning to borrow a loan, it will be an unwise thing to completely rely on the loan. Remember, the more you borrow, the more interest you need to pay. So mitigating the burden of the loan, check your available balances and then apply for a personal loan.
Read all the details regarding the loan application.
Before applying for the personal loan, please inspect all the important aspects of personal like interest rate, repayment tenure, and the documents needed to apply for a personal loan. Here is a checklist to do your primary research about the information needed to apply for a personal loan.
Age criteria- minimum and maximum age to avail the personal loan from HDFC Bank.
Read about interest rates, processing fees, prepayment charges, EMI failure charges, and repayment tenure.
Collect all the documents needed to apply for HDFC personal loan or HDFC Business loan like address proof, id proof, and income proof.
Make a good use of the HDFC EMI calculator to get a clear idea of the amount of monthly installment, total interest you will pay during the repayment tenure.
If you find something confusing, you can contact HDFC Bank customer care number for detailed information.
5. HDFC Bank personal loan online process.
Now you have known everything about the eligibility, tenure, interest rate, and documents, it’s time to apply for HDFC personal loan. To apply for a personal loan, you can go to online platforms like Afinoz.com. In today’s era, online application has become very easy and with just a few clicks you can apply for a personal loan.
6. Get instant money from HDFC Bank in your account.
Nowadays people apply from online platforms to apply for personal loans. The best thing about applying online is that you can track your application online and once your application gets approved, you can get instant money in your account. If you have applied through an online platform, you will receive your amount easily, and now you’re ready to start with your home renovation.
Conclusion
So, start with making a list of changes you want to make in your home and choose a professional to renovate your house. Before hiring a professional, do some research and see their recent work and make sure that nothing goes above the pre-defined budget. Read all the details that you need to fulfill the eligibility criteria to apply for an HDFC Bank personal loan online. If you follow these steps carefully, then your loan will be sanctioned to you easily and you can begin with your home renovation.
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