Kartnataka
  • August 24, 2023
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Planning to Renovate Your Kitchen: How to Finance Your Dream Kitchen?

Gold Loan

The heart of every household is a well-designed kitchen that makes cooking a breeze. To have a spacious and modern-looking kitchen with adequate light and ventilation is the dream of every homeowner. If you’ve been considering renovating your kitchen for quite some time, now is the perfect time to make it happen finally. However, like other things in the modern world, kitchen remodeling can be exciting as well as a daunting task. From the size and materials to the layout and appliances, the cost of a kitchen renovation depends on all these factors. You can easily anticipate around 2-3 lakhs of expenditure if you want to renovate your kitchen.

Before you think about taking out your savings, know that there are far better ways to pay for your kitchen renovation. One such way is a gold loan. Yes, you read it right! A gold loan for kitchen remodeling is the best option, and why not? Gold jewellery is a valuable asset that generally sits ideally in your home or bank locker without benefiting you from any angle. Whether there is a pressing need for money or to fulfill the kitchen remodel dream, financing your jewellery to get a gold loan is the most viable and best option.

Evaluating the Cost Factors of Kitchen Renovation

Evaluating the cost factors of kitchen renovation is crucial for several reasons few of which are listed below:

Budget Planning

Understanding the total cost allows you to create a realistic budget for your renovation project. Having a clear idea of the expenses involved allows you to allocate funds appropriately and avoid overspending.

Prioritizing Expenses

Assessing costs helps you prioritize your renovation goals. You can quickly determine the most essential elements and allocate your budget accordingly. For example, if you want to limit funds, you may choose to focus on essential upgrades like new appliances or countertops while postponing non-essential changes.

Avoiding Surprises

By assessing the total cost, you can minimize the risk of unexpected expenses cropping up during the renovation process. Proper planning allows you to account for potential contingencies and factor them into your budget, ensuring a smoother and more predictable renovation experience.

Advantages of Taking a Loan against Gold

Efficient Processing Times

One of the major advantages of gold loans is the swift processing times. Including physical gold as collateral enables lending institutions to easily offer loans. This makes it a secure option for the lenders, as they can always sell the gold to recover their funds in case of any issues and ensures expedited processing for borrowers. In fact, most lenders disburse gold loans within a few minutes, providing borrowers with a high level of convenience.

Nominal Documentation

Another significant advantage is the nominal documentation demanded by lenders. A streamlined KYC-based process allows for the submission of only essential documents. To take a loan against gold, you only need to submit proof of identity, address proof, and a loan application. There’s no need to furnish income proof or credit scores as part of the gold loan documentation. This simplifies the process and reduces the hassle for borrowers.

Also Read: Gold Loan Documentation Process in Muthoot Finance

Interest Rates are lower

Compared to unsecured loan options like personal loans, Gold loans offer lower interest rates which can be beneficial in the long run. Even a slight reduction in the interest rate can result in significant savings, especially for larger loan amounts. This is because gold loans are secured, making them a more favourable choice for borrowers. You can benefit from the lower interest rates, making it a more cost-effective borrowing option than other loans if you opt for a gold loan.

Safety of Physical Gold

Once the loan is disbursed, the responsibility for safeguarding your valuable gold rests with the bank or lender, relieving you of any worries. Moreover, the gold is typically stored in the secure vaults of the bank, which offers significantly higher safety than keeping it at home. After fully paying the loan amount, borrowers can rest assured that their gold will be returned by the bank to them safely.

Also Read: Gold Loan at Home – Pledge Your Gold with 100% Safety

When obtaining a gold loan from a reputable lender like Muthoot Finance, the option of free gold insurance often comes as an added advantage. This form of insurance provides borrowers with a layer of financial security by safeguarding the pledged gold assets. In the event of unforeseen circumstances such as theft, damage, or loss, insurance coverage ensures that the borrower’s valuable assets are protected. This not only grants borrowers peace of mind but also underscores the lender’s commitment to the borrower’s welfare. By including free gold insurance in their offerings, esteemed lenders prioritize the holistic well-being of their customers and establish a more secure and trustworthy borrowing experience.

No Good Credit Score Required

Last but not the least significant advantage is the ease of meeting the eligibility criteria for a gold loan from most lenders. When applying for a gold loan, providing income proof or possessing a pristine credit history is unnecessary. As the loan is secured against the borrower’s physical gold, lenders do not require evidence of income or credit scores, as they are confident in repayment due to the presence of collateral.

Now that you have a fair idea that availing a gold loan is the best way to finance a kitchen remodel, so why wait? You can connect with our executive to proceed to apply for a gold loan for kitchen remodelling. With Muthoot Finance Loan at Home, you can avail of doorstep Gold loans in a few steps.

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