It is vital to ensure the functionality, comfort, and aesthetic quotient of a property in which one resides. However, previously-developed houses often require regular upkeep to be up-to-date on those fronts. Since an undertaking of this sort requires a sizeable outlay, homeowners may consider obtaining a home renovation loan to minimise their financial strain.
A loan like this is repayable in EMIs. Hence, you won’t have to bear the entire cost of the project at once. There are several other benefits of this financial product. It’s wise to know about home repair loans in detail before approaching any financial institution for the same.
Loan for home renovation – Features
1. Simple eligibility criteria
The eligibility criteria for a personal loan differ based on the financial institution or NBFC from which you apply. However, certain standard criteria for a home renovation loan are –
· Need to be between 23 and 55 years of age
· A salaried individual should be associated with an MNC, public or private limited company
· Should be an Indian resident
· CIBIL score should be 750 or above
Individuals also need to meet the city-wise income criterion set by a specific lending institution to be eligible for a personal loan.
2. Minimal documentation
You need to present the following documents to apply for a personal loan for home renovation –
· Identity, employment or business, residence and income proof
· Photographs
· Financial statement of the last six months
· Duly filled application form
· A cheque for the processing fee
· The original title deed of your home
· An estimate by decorator or architect for the renovation
· No-encumbrance certificate
Ensure you keep the following documents handy during the loan application process for a quick approval.
3. Competitive interest rates
One of the key advantages of this financial product is competitive home improvement loan interest rates. Nonetheless, individuals should bear in mind the factors affecting personal loan interest rates before applying. Primarily, they should maintain a healthy credit score and meet the lender’s minimum city-wise monthly income criterion.
- Flexibility of usage
Personal home renovation loans come with no-end use restrictions. Therefore, you can use the funding for any requirement. It makes the whole process of financing a home remodelling a lot more flexible. For instance, you can utilise the fund for construction or buying new appliances and liquidate savings to address other costs. However, you should ensure to fit the eligibility criteria for the applied-for loan amount.
How to use a personal loan for home renovation?
A personal home renovation loan can be utilised for several reasons. Some of these are mentioned here –
- Add electrical fittings or contemporary lights to increase its aesthetic appeal.
- Make your house energy efficient.
- Remodel kitchen or add extra cabinets.
- Add a storeroom, deck or pool to your house.
- Redecorate your home’s dining area.
- Install a new water storage tank.
- Fix your home’s roof.
To make these changes or others, apply for a personal loan. Individuals can avail a loan amount of up to Rs.25 lakh from NBFCs like Bajaj Finserv. It requires zero collateral and ensures flexible repayment options to its applicants.
Also, to ensure seamless loan application and approval, avail pre-approved offers on this product. It is also available on other financing options like business loans, credit cards, etc. Check your pre-approved offer by providing your name and contact details.
A proper home renovation plan requires a considerable amount of fund. You may want to evaluate your requirements first, take stock of the expenses you need to incur, and accordingly proceed with obtaining a home renovation loan.
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