02 October 2011
How Renovation Home Loans Can help for Repayment of EMI
Once your home loan begins every month you are supposed to pay your EMI amounts without fail. Though all the planning and financial stability there may come times when sometimes you may have to skip an EMI or some EMIs or due to unexpected reasons fail to pay your EMI on time. Renovating your home will again be a major chunk to increase your expenses and believe me renovation usually goes off budget. Be it unexpected crises or sickness or long term chronic illness of parents or unexpected hospitalization which requires a large sum of money.
Consider various option to keep your home loan going on. Some people try to close off the loan and sell the property but if your case is of temporary crises then you can tide over this time with small other loans. Consider taking a small personal loan, gold loan which can be taken against your jewellery or paper gold , assets can be mortgaged to get another loan so consider all the options available within your financial limits. Renovation loans are also an easy way to get a smaller loan and use this for personal use. If you have a property of flat that can be mortgaged for a loan you can also apply for renovation loan and get it approved easily. The housing loan taken from your known bank or where you already have savings and permanent account of yourself and family members would consider guiding you in times of your crises.
Renovation loans do not require many documents and also does not take so much time as the amount is smaller compared to home loans. Always take only that which is necessary as loan because remember that you have to pay back this amount with interest. Renovating your home must be done keeping in mind your needs and requirements and life style and do not go in for what is going in fashion but hire a professional interior decorator who will consider your personal needs and budget before renovating your home. Better to give contract to a person who keeps the budget in consideration and also gives a contemporary look to your home.
Renovation loans can be used for various purposes and can be got easily but the interest rate with which these are got is high and there are no loans that can come as low in interest rate as home loans, and that too the reason for this is simple, the home loans amount is very large and for this the housing finance company will get a good amount as interest.