How to buy furniture on EMI
Proper Maintenance of your house is as important as owning one. And sometimes renovation and redecoration have to be included in the maintenance plan even if you don’t have some cash ready to spend on it. In that case, you can opt for a home improvement loan. Knowing how to finance your home renovation can ease your loan acquiring experience and get you that furnishing you have your eyes on.
Finding a right lender for the loan is also very vital to enjoy some perks like ease in repayment and added incentives. Companies like Bajaj Finserv offer interest-free EMI Finance and part prepayment facility on Lifestyle Financing.
Here’s everything you need to know about lifestyle loans, from lifestyle finance interest rates to EMI furniture services.
What is a Home Improvement Loan?
Home improvement or home renovation is the process of remodelling and making additions to one’s home. This can include anything from purchasing furniture for the living room to getting a modular kitchen. The loan taken to finance such purchases is referred to as home improvement loan.
How to Finance for Furnitures
Ample preparation is essential when applying for a home renovation loan. So, here are some easy steps to follow while financing your home improvement.
- Estimate the Total Expense of Your Home Improvement Project
Estimating the cost of the project is crucial in determining the amount to be requested as the home improvement loan. Apply for an amount 10% higher than the estimated amount as unexpected expenses may arise later. Also ascertain whether you are capable of paying parts of the repair in cash. If yes, then you can apply for a loan of lower value, which will reduce both your EMIs and overall interest amount. Additionally, approach various contractors to determine the best price for your renovation project.
- Prepare All the Necessary Documents
You will need to produce several important documents while applying for EMI Finance like proof of employment, proof of supplementary income, if any, and tax-related documents. Check all your documents for any slip-ups to avoid future complications.
- Apply to Different Lenders
Approaching several lenders may help you obtain the most favourably structured EMI plan. Trusted lenders like Bajaj Finserv offer incentives like minimal documentation and quick approval on Lifestyle EMI Finance to help you with your home renovation.
Additionally, make sure you have a detailed description of your home repair project available for the lender to review. Having a thorough insight on the subject will secure your chances of acquiring the loan. You can also apply online for the EMI facility to enjoy quick and easy services. Lenders like Bajaj Finserv offer instant approval facility on online applications. You can apply online here.