Have you just purchased a new home that you want to make an ideal one by transforming it? Do you live in a home that is the dire needs of repairs? Are you also looking to renovate your home to suit your preferences? If yes, then you can surely do all! But, if you are not going ahead with your plans due to the lack of funds, then you can easily apply for a home renovation loan.
If you wish to know more about the home renovation loan and its features, then here is a quick article to help you out. Read on!
What is a Home Renovation Loan?
A home renovation loan is offered by banks and non-banking finance companies (NBFCs) for the purpose of renovating and repairing an already owned home.
It is an extension of a personal loan, which is designed to suit the needs of home renovation. It is an unsecured loan type, which means that you don’t need to keep any collateral and security to avail of the loan. Most of the lenders can sanction up to Rs.25 lakh to fund your needs depending upon your eligibility.
If you have managed a higher CIBIL Score along with a solid repayment and employment history, then you can get the loan approval quick and at a lower rate.
For what purposes you can use the home renovation loan?
An instant personal loan for home renovation can be availed to undertake many tasks such as:
- Carry out major repairs
- Fitting fans
- Buying furniture
- Redoing the bathroom
- Giving a new look to your kitchen
- Remodelling a portion of your home
- Undertaking other interior and exterior works to enhance the look of your home
What are the benefits of applying for a home renovation loan?
Refurbishing your home can be a costly affair that may choke your savings. Hence, it is better to apply for a home renovation loan and pay in EMIs over a suitable tenor. Applying for the home renovation loan has many perks, such as:
- Quick approval
You don’t need to wait for days and weeks to get the loan approval. Once you submit the loan application and your documents are verified, you can enjoy an instant loan approval.
- Money in your bank within 24 hours
Once you have got the loan confirmation from your lender, then you can access the desired loan amount in your bank account within 24 hours. This way, you can start using the funds instantly to transform your home into a new one.
- The flexibility of the Flexi loan feature
You can withdraw an amount from your total loan limit and pay only the interest on it as the EMI and nothing else. The rest amount gets adjusted after the loan tenure ends. This way, you can enjoy saving up to 45% on loan EMIs.
- Suitable tenor
Once you have availed the home renovation loan, you don’t need to worry about repaying it soon. You can spread it over a tenor ranging 1 year and 5 years as per your repayment capacity and manage it without issues.
- Easy to meet eligibility criteria and minimal documentation
The eligibility conditions and documents required for the instant personal loan for home renovation are easy to meet:
- You need to be aged between 23-55 years
- You must be a resident citizen of India
- You should be employed with an MNC, public or a private limited company
- KYC documents
- Employee ID Card
- Previous 2 month’s Salary Slips
- Last 3 month’s Salaried bank account statement
You can apply for the home renovation loan online on a lender’s website and get started to give a new lease of life to your home.