Set Your Office In Your Home By Availing Home Renovation Loan - Loan Trivia

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Monday, 8 March 2021

Set Your Office In Your Home By Availing Home Renovation Loan

 


The past year has ushered in a significant change in how work is done in corporate sectors, especially the IT industry. As per a report, nearly 3.9 million individuals in India’s IT sector have shifted to work from home since March 2020. 

Despite the initial difficulty, employees and employers across India have adjusted to the new normal over the previous year’s course. Adjustments in this regard have involved many individuals creating a dedicated workspace in their homes. 

As such, home improvement loans come in handy to cover ensuing costs like buying office furniture to that end.

  • Personal loan origination have increased from 27% to 41% among individuals between 18 – 30 years in the past 2 years.

  • The share of small-ticket loans among borrowers below 35 years of age has increased by 12% in these 2 years. 

Nevertheless, it is imperative to chalk out how much you need to spend for a home office, how a loan can help, and eligibility criteria for the same. 

Ways to set up an office in your home

One of the many challenges individuals have faced in migrating to a WFH culture is a dip in productivity. Thus, before applying for a loan, individuals must sort out a home decor idea that’s optimised to spur their productivity. Here are some tips for that – 

  1. Choose your personalised style

Working in surroundings that align with an individual’s preferred aesthetics significantly improves how he/she operates. Therefore, borrowers should decide whether they would like their workspace to be simple or spruced up with specific items. A study suggested when individuals worked in an environment styled per them, their productivity shot up by 32%. If the cost of items seems to strain savings, one can avail of a personal loan. 

  1. Select a suitable paint colour

Although rarely acknowledged, a workspace’s colour of paint strongly influences productivity. Choosing bright colours are conducive to that end. Researchers also suggest keeping green as a part of the surroundings as it’s associated with decisiveness and growth, key tenets of productiveness. You can give your home a makeover with a home renovation loan and alleviate the strain on your monthly budget. 

  1. Ensure proper lighting

Individuals must choose a room for their work that receives ample natural light. Working in bright spaces significantly stimulates productivity. If one is setting up a home office in an unused room that does not receive sufficient sunlight, he/she must install work-friendly lights to that end. Such home upgrades are not as expensive as they seem but hold immense value in creating a personalised and suitable workspace.

Once an individual has locked in on the various expenses needed for the ideal workspace, the next step is to secure a source of finance that lets one cover those costs without unnecessary burdens. Borrowers can compare personal loan interest rates before applying for a credit facility. One can also ensure a hassle-free borrowing experience by negotiating favourable repayment terms. 

Several financial institutions like Bajaj Finserv provide pre-approved offers to simplify the application process and minimise documentation. These offers apply to various products, like personal loans, business loans, etc. You can check your pre-approved offer by merely providing your name and phone number. 

Nevertheless, before applying for a collateral-free home improvement loan, one can also check a few factors, like eligibility criteria and documentation requisites, to ensure a smooth application process.

Besides interest rates, there may be a host of other charges that a financial institution is likely to levy on a personal loan. Check the personal loan for home improvement charges and fees before applying. 

Also, individuals must check out the different ways to get a personal loan for home renovation before proceeding. In general, there are two methods – online and offline. However, the specifications of an application may vary across financial institutions. Easy online application processes are a primary reason studies suggest the Indian personal loan segment will grow at a 10% rate between FY20 – FY25. Nevertheless, borrowers must take care of those factors mentioned above to set up their workspace without any hassle.

Must Read: Know How You Can Avail Home Improvement Loan For Home Office


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