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Is Financing For Home Furnishing a Good Idea?
4 Jun 2019

Were you thinking of undertaking some repair works in your home or some interior decoration, and beyond but could not do due to a shortage of funds? You don’t need to worry at all as you can easily apply for a home furnishing loan to do that.

A home furnishing loan or a personal loan for home improvement is a facility to carry on with repairs, remodelling, interior decoration, and kitchen enhancement and beyond.

Based on your home renovation loan eligibility, you can grab an amount as higher as up to Rs.25 lakh at a lower rate if you have a robust CIBIL Score and repayment history.

If you wish to dig deeper into the benefits of the home furnishing loan, then go through this post.

Home Renovation Loan Eligibility Criteria

Before you get to know the benefits of personal loan for home improvement, you need to fulfil a lender’s criteria such as:

  • You should be a residing citizen of India
  • You need to be aged between 23-55 years
  • You should be working for an MNC, public or private limited company in India 

Benefits of Availing The Home Furnishing Loan

1. The loan gives you a higher amount

The costs of undertaking home improvement could be higher. As a result, you can borrow as higher as up to Rs.25 lakh as the home renovation loan to fulfil your needs.

2. The loan is easy to qualify for

You are already aware of the home renovation loan eligibility criteria which are easier to fulfil. Hence, you only need to meet the lender’s eligibility conditions to get the funds needed for home furnishing.

3. You don’t need to worry about pledging any collateral

A personal loan for home improvement doesn’t want you to put any collateral or security to acquire the loan. Hence, if you have the required creditworthiness and can meet the lender’s eligibility conditions, nothing can stop you from having the loan approval.

4. Enjoy the flexibility via the flexi loan feature  

You don’t need to worry about paying the EMI on the entire credit limit irrespective of whether you use it or not. Leading lenders can help you make the most of the flexi loan feature. You only need to pay the interest on the utilized credit limit and nothing extra. The rest of the amount can be adjusted after the end of the tenor. This way, you can also save up to 45% on EMI payments. In turn, it can help you manage other expenses in your life easily.

5. You can repay the loan over a convenient tenor

When it comes to home furnishing loan repayments, you can easily stretch the loan amount over a tenor ranging 12-60 months to pay smaller EMIs.

6. The personal loan for home improvement can get you funds quickly

Once you get the loan approval, then you can get the desired loan amount disbursed into your bank accounts within 24 hours. As a result, you can start utilizing the loan amount for your needs instantly.

7. You can access the loan account details 24/7

Prominent names in the lending industry let you access their digital customer portals so that you can track your loan details right from 24/7 and anywhere. Ask your lender if they offer such a facility or not at the time of applying for the home furnishing loan.

Is financing for home furnishing a good idea?

Yes, if you have a steady source of income along with a robust CIBIL Score, then it is a good idea to opt for a home renovation loan and save your savings and assets. By having a strong Credit Score, you can enjoy a home renovation loan at a low-interest rate. Overall, managing the loan and its repayment can also be easier. You can apply for the personal loan for home improvement online if you are ready to go ahead.

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