Home Renovation

Our home is a place where we spend so much of our time. We all dream of a house which is luxurious and comfortable, so we are forever trying to improve and expand to meet our ever-changing needs. Home improvements/ renovations can be enjoyable, but in an era when our actions are having a detrimental effect on the planet, it is essential that we adopt eco-friendly home improvements. Such improvements are not only beneficial for the environment, but they also benefit homeowners. This can include cutting cost on energy, adding natural greenery or using eco-friendly materials for the house. However, to do so we require huge financial investment. If you do not have the required funds at present, you can take a personal loan for home renovation. Several banks and NBFCs offer personal loans at affordable interest rates for home renovation.

Here are some tips which you can help you have a green home:

Location: If you are looking to buy or construct a house, make sure that the location is prime. The house should be located in the West so that it doesn’t get exposed to the sun and helps the house to keep cool. This can lead to less use of air-conditioners and cooler and can cut down electricity bills.

Energy efficient equipment: You can make your house environment-friendly by using energy efficient equipments. You should replace your existing appliances with energy efficient ones. You can take personal loans in such situations as it may require a huge investment.

Use sustainable materials: Ensure that you use eco-friendly products in your house. You can use eco-friendly products for kitchen cabinets and counters, roofing material, floor material etc to make your house go green.

Go for smaller: A large house may cost you a lot, so it’s better to prefer a smaller home. It further helps you to keep your house neat and clean, and you can manage it in a better way.

Use solar panels: Solar energy is a renewable source and hence, you can use it to generate electricity using a solar panel. This will, in turn, cut the cost of your electricity bills and help you save more.

Reuse and recycle: You should adopt the habit of using used products. Try to stay away from purchasing things that are harmful to the environment and surroundings. You can also start recycling metals such as aluminium, glass, tiles etc.

Eligibility criteria to avail a personal loan for house renovation

Prior to applying for a personal loan for home renovation, it is absolutely necessary to know the eligibility criteria:

Age: Personal loans for home repair/improvement are available for both salaried as well as self-employed individuals within the age group of 21-60 years.

Job Stability: A salaried person needs to have a minimum of 2 years experience and should have spent at least 1 year in the current profession. A self-employed person is considered eligible for a personal loan only if he/she has a minimum of 5 years of total experience and at least 2 years of experience in the current business.

Credit score: A good credit score is important to avail a personal loan. Generally, a credit score of 650+ is considered suitable for a personal loan. Delays and defaults in paying loan EMIs and Credit Card bills lower your credit score. So, it’s important to improve your credit score before applying for a loan.

You can apply for a personal loan by visiting the lender’s website or through an online aggregator. With the help of an aggregator, it is easy to compare interest rates and various offers, and apply for the one meeting all your requirements. So, it’s time to go green and renovate your home using a personal loan.

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Bhavna Singhal
Bhavna Singhal is a personal finance professional with over 5 years of experience in financial research. She believes financial literacy is important and is passionate about sharing her knowledge on the subject.