How Is MoneyTap’s Credit Line the Best Alternative to Traditional Home Renovation Loans?
The idea of home improvement is one that always appeals to us, especially around this time of the year when the festive season is just around the corner. If you’re worried about the cost of home renovation, you don’t need to go all out.
There are plenty of small improvements you can make within a budget, creating a big impact without the heavy-duty price tag. These include:
- A fresh coat of paint for interior and exterior walls
- New upholstery for sofas, chairs and other furniture
- Gallery walls or scattered artwork around the house
- Upgraded lighting, fixtures and window treatments
- …and more
If you need to conduct major repairs or remodeling, you can always use a home renovation loan and pay it off later. Of course, not all loans are the same. Let’s compare the options to see how they work!
Types of Home Improvement Loans and How They Work
Traditionally, you could only use one of these loan types for home repairs and renovation:
- Home Equity Loans – This loan can be taken by a property owner to fund up to 80% of the estimated cost of home improvements or extensions. They’re usually easier to get if you already have a home loan through the same lender, but your property would be put up as collateral against the loan.
- Personal Loans – These loans are expensive, but they can be used for a variety of financial needs, including home renovation or repairs. You usually do not need to put up any collateral or pay a deposit for a personal loan, which is why the interest rate is higher than most other credit options.
If you’re looking for an affordable and flexible option for home improvement, try MoneyTap’s personal line of credit instead. You can take instant loans against your credit line any time after approval, only paying interest on what you use rather than the entire approved limit.
Why Use A Personal Line of Credit through MoneyTap for Home Improvement?
Here’s why you should opt for MoneyTap’s credit line instead of using traditional home improvement loans:
- Quick & Easy Approval – The entire approval and disbursal process for a MoneyTap credit line is paperless, hassle-free and takes place in real time.
- Instant Cash Loans – Transfer money to your bank account 24×7 through the MoneyTap app, and make withdrawals in batches to pay for cash-only repairs.
- No Usage, No Interest – Unlike traditional loan options, MoneyTap only charges interest on the amount you have actually used from your approved credit limit.
- Use What You Need – MoneyTap offers you flexible borrowing options, ranging from ₹3,000, ₹5,000, ₹10,000 and ₹25,000 up to your entire approved limit.
Repay It Your Way – While repayment terms for a traditional loan are set by the lender, MoneyTap allows you to choose your own EMIs and repayment tenure.