Creative ways to use a line of credit for home renovation projects

Creative ways to use a line of credit for home renovation projects

06 February 2024 | By INDIE

What is home? Is home where you feel the most comfortable, is it where family is, is it where you grew up? The answer to this question may differ for everyone. But the one place home most definitely is, is the place where you spend a lot of your time. That’s why home renovation projects every few years are a must to ensure that the space you spend day after day in is conducive to your lifestyle and compatible with your needs and preferences.

Whether you want to set up a home office or undertake smart home integration, with the onset of the new year, now is a great time to take up your desired home renovation project. As for funding it, there are several ways you could do so, from utilising your savings to taking a home renovation loan. A better option, however, is to make use of a line of credit loan. Here’s why.

Why should you use a line of credit loan for home renovation?

A line of credit loan is a flexible and cost-effective financing option that you can fall back on when you need funds for any personal purposes – from home repairs and buying furniture to taking care of emergency expenses. It makes for a great option for funding your home renovation projects because:

· You can borrow funds multiple times from the line of credit loan up to the limit for which you are approved. For instance, say you are approved for a line of credit of ₹3 lakh. You can choose to withdraw ₹ 50,000 first, then another ₹ 1.5 lakh later, and another ₹1 lakh after a few months. This means, you can take your time to plan and execute your home renovation and can easily draw upon the required funds over time without any rush or restriction.

· The interest charged is only on the amount you have withdrawn and not on the entire approved amount. So, if you have only withdrawn ₹50,000, you only have to pay interest on it and not overall ₹3 lakh line of credit. This makes a line of credit loan a lot more affordable than a home renovation loan where you are given the whole lump sum amount in one go on which you have to pay interest right from the beginning.

Through IndusInd Bank’s new-age INDIE app, you can enjoy an instant line of credit of up to ₹5 lakh in just a few minutes! You neither need collateral nor any paperwork – activating a line of credit with INDIE is simple, quick, and hassle-free. INDIE makes utilising a line of credit loan for your home renovation projects and other purposes convenient and seamless.

Creative ways to use a line of credit for home renovation projects

Here are some creative ways you can make the most of a line of credit loan for home renovation projects that enhance the utility, comfort, aesthetics, and value of your home:

· Kitchen remodelling with custom cabinetry and high-end appliances

· Spa-inspired bathroom with luxurious fixtures, heated floors, and marble

· Dedicated home theatre with high quality audio-visual equipment and comfortable seating

· Home office with ergonomic furniture and accessories

· Custom walk-in closet with built-in storage, lighting, and fixtures

· Home gym with customised workout equipment and mirrors

Benefits of undertaking home renovation projects

The return on investment of undertaking substantial home renovation projects goes beyond the aesthetics. Significant home renovation projects like kitchen remodelling, energy-efficient improvements, and smart home upgrades can also enhance property value. This can be beneficial if ever you choose to sell your home as it can fetch a higher price. This may turn out to be true even if you want to put up your place as a rental property in the long run.

So, download the INDIE app and activate your credit line to get started on the home renovation project of your choice today!

Disclaimer: The information provided in this article is generic and for informational purposes only. It is not a substitute for specific advice in your circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for making any financial decisions based on the contents and information.