Chennai is one of the known metro cities; the city is full of multinational companies and industries. Housing in Chennai is very rapidly growing. Once you purchase the house, the builder will give you a base where you can design the interior as you wish. People spend a lot of money on upgrading the house using the equipment.
People love to live in the modern living space, even in individual villas or residential property, house owners prefer to change the interior of the house to a more modern approach, but that does not come cheap.
Many modular kitchens and smart home appliances come with a cost and you might not be willing to remove such a big amount to improve your living space at home or around your homes. In such a situation, the better option is to get a loan. A personal loan can help you in this condition.
The lightning of the house can be another added expenditure. The designer lighting at home can make feel as per your mood, you can have different lights in the hall and more soothing and calm lighting in your bedroom. The technology that goes into the making of these lights does not come cheap. If your house lighting has been fixed decades ago then you need a new power set up to support the new lighting system. Having all the up-to-date amenities in and around your house can make you feel like royalty.
Sometimes getting a personal loan is not a bad idea for home improvement. There are banks that provide home improvement loans for people who are looking for a home upgrade. This type of loan is largely affected by the borrowing cost and the interest rates that changes due to market change.
One of the advantages of taking a home improvement loan is that it comes with some tax benefits. Many people know how much amount they need for the improvement, and want to buy home appliances also with the loan amount, but you cannot use this money to buy appliances.
The personal loan is normally of two types; one is the secured loan in which the borrower has to put collateral against his loan. In a secured loan you have to collateral either a house; fixed deposit or gold, etc. The banks usually offer loans very quickly in such a scenario.
The lender has a right to seizing your collateral if you are unable to pay off the loan outstanding, even if the remaining outstanding is less than the collateral, and then only the outstanding is taken by the bank, and the remaining is paid back to the beneficiary. In terms of house and gold, it is first converted into cash and then settled. The benefit of getting a secured loan is the interest rate is lower as compared with the unsecured loan.
In an unsecured loan, there is no collateral involved; the risk to the lender is high. The rate of interest is very high in this situation. The lender has nothing to recover the amount if in case you unable to pay, hence they keep a high rate of interest. The interest rate on a personal loan in Chennai depends on your credit scores.
Normally the documents are the same as when you apply for any personal loan. The list below will only give you an idea of what all documents you need to keep in mind in order to get a loan:
- Complete application Form with on passport size photograph
- Proof of Identity (PI)(any of the following)
- Proof of Present Residential Address
- Proof of age
- Financial/Income documents required for resident Indian
The bank that keeps your fixed deposit will definitely be able to assist you with this without any trouble.