Contractorbhai : What is the current trend of Home Improvement Loan? Are they preferred by home owners? What has changed over past 6-7 years?
Loan Expert : The trend for Home Improvement Loans (or Personal Loan) is definitely increasing. Today many home owners favor Personal Loans first.
During previous generation, our parents use to work for single company for whole life. Their salary graph was pretty much constant.
Now times have changed. You are sure that your salary will be better 3 years or 5 years from now. Your income will grow. If thats not the case, either you are in wrong career or you are not doing good job [laughs]
So if your income graph is rising, finance company are ready to give you loans. And as a Home Owner you should take decision to use these funds. I am talking about case where home owners who really have to get home repaired or renovated. Or the useful Interior work that you have to do inside new house. If you are delaying it because you plan to save and then start home renovation project then you have option to fund it through loans. We see so many homes where family compromise for years, kids grow up & then you renovate home. It is very personal decision. I will sound biased since I am loan professional. All I am saying is you do have option. You do have choice now.
Other massive change which has happened with Home Improvement Loan industry is – Digital presence. Digital presence has increased. Some of the leading finance companies now give you loan very quickly. Most of the formalities are done remotely over internet. In lot of cases you apply, submit documents, you get approved, funds are made available. All happens without visiting any branch office. Most companies give door step service. If you are eligible, it is very easy to get funds for Home Renovation.