Whether you’re in for a gut renovation or just trying to redecorate your living space all your dreams can be fulfilled by making your place into a lovely home. The only thing that comes in your way when you think of renovating your home is the funds associated with it. Renovating your home is a costly affair and it is not something you would do repeatedly. But with help of a personal loan you can avail the funds for home improvement, home expansion, or interior designing. A personal loan will help finance the cost associated with the process. You can apply for an online personal loan and get quick access to funds. The best thing about a personal loan is that you can use it for any purpose. You can apply for a personal loan before you start the renovation of your home or you could choose to apply for one while you are in the midst of renovation. The interest rate on personal loans is competitive and will not be a burden on you.
Here are some important features of a Personal Loan.
The instant personal loan has a tenure usually ranging between one year to five years and you can repay the loan as per your convenience.
You can enjoy a personal loan of as high as INR 25 Lakhs for the purpose of home renovation.
Once you apply for a personal loan, your documents will be verified and you will get an approval within a few minutes. Once the loan is approved, the amount will be disbursed to your account in no time.
There are certain eligibility criteria required to apply for a personal loan. If you are a salaried employee, who is meeting the salary requirements as per your city of residence, you may apply for a loan.
You can apply for a loan at Finserv MARKETS. The hassle-free online application process with minimal documentation requirements makes it an ideal choice for getting a loan. With the right financial solution, you can now fulfil all your dreams with ease.
Customers can enjoy the freedom of choosing their own tenure. On Finserv MARKETS, you can get instant approvals, personalized pre-approved offers at attractive interest rates. Finserv MARKETS is a one-stop destination for all the financial needs of an individual and provides a unique digital experience to the customer.
You can also avail a top-up loan only at Finserv MARKETS.
When applying for a personal loan for home renovation one always looks for the interest rates & charges on the loan. The interest rate on personal loans generally ranges from 10% p.a to 15% p.a. The processing fee for a personal loan payable is 2-3% of the loan amount.
The following factors determine the personal loan rate of interest you can expect at Finserv MARKETS:
Loan Amount – The amount borrowed by a borrower from the bank is the loan amount. Generally, banks offer lower interest rates for a higher loan amount.
Salary – Your monthly income plays a key role in determining your capacity to repay the loan. Individuals with a higher salary bracket are offered loans at lower interest rates.
Relationship with the Bank - Bank offers special interest rates, offers, and charges to the existing account holders of the bank.
Loan Tenure - Personal loans are of shorter tenure ranging from 12 months to 60 months as they are taken to meet their immediate requirements.
Repayment Capacity - Before giving a loan to the borrower, the lenders run a check on your credit history to confirm your capability repayment of loan repayment.
Personal loans for home improvement are taken by individuals who are looking to renovate their home. You can refurbish your home in many ways such as tiling and flooring, internal and external plaster and painting, etc. Home renovation can be a costly affair due to the rising cost of the materials required for renovation and labor. Hence, at times it becomes important to opt for a personal loan for home development for home refurbishment.
There are certain eligibility criteria that need to be fulfilled to apply for a loan. Let’s have a look at the personal loan eligibility criteria for home improvement:
To apply for a personal loan for home renovation
You must be at least 21 years of age.
If you are an Indian resident, you are eligible to apply for a personal loan.
You should be an employee at an MNC, private or a public limited company.
To know the loan amount you can avail from a personal loan for home improvement, you can take the help of a personal loan eligibility calculator. It will show you the final amount that you can apply for, this way, you can apply for the eligible amount and avoid rejection of your personal loan application.
The procedure of a personal loan application is quite simple; you can avail a loan as high as Rs. 25 Lakhs. A personal loan for home renovation can cover all range of home development expenses from getting new tiles, painting walls of your home, fixing the ceiling and many more. You can borrow funds as per your requirement and pre-pay it when you can from the sanctioned loan amount.
The most important step in the personal loan application process is to figure out your exact loan requirement and the loan amount you require for it. This will enable you to borrow the exact amount required.
To apply for a Personal Loan online on Finserv MARKETS, you can follow the step-by-step application process:
Step 1: Start by filling in your personal and employment details.
Step 2: Select the loan amount and tenure of the loan, to get instant online approval by choosing your preferred lending partner.
Step 3: Once the loan gets approved you will then be able to receive the money in your bank account without any delay.
Before going ahead and applying for a Home Renovation Loan, it is important for the aspiring borrower to ensure that they are in possession of a certain set of documents. Those documents are as follows:
Proof of Identity
PAN/Aadhaar Card, Passport, Voter ID and driving license
Proof of Residence
Voter ID, Aadhaar Card, Passport, Driving License, Electricity bill and/or telephone bill
Proof of Income
Bank statement(s) or salary slips going back 3 months
2 passport-size photographs
Yes, you claim a deduction of Rs. 30,000 p.a., under section 24 of Income Tax Act on the interest component of home renovation loan.
With a home renovation loan, you can use the funds to expand your house, redesign the interiors or refurbish it in general.
You can borrow as high as Rs. 25 Lakhs as home renovation loan.
It is generally between 21-65 years.
You can apply for a Home Renovation loan to fix up your house.
A home renovation loan, as the name itself suggests, is a cash advance that is availed by a borrower from a lending institution for the purpose of getting their home renovated or enhanced in any other way.
A home renovation loan attracts a tax benefit on the interest component of the total amount owed. It essentially means that a borrower can avail a deduction of up to ₹30,000 per annum for the interest that will be paid along with the principal loan amount.
A home renovation loan can be used for either re-doing the interiors of the house, fixing broken sections of the humble abode or even expanding the balconies among other uses.
As long as an individual meets the laid out eligibility criteria, he or she can avail a home renovation loan. However, in order to do so, the aspiring borrower must satisfy certain conditions pertaining to their age, monthly income and credit score, among others
A home renovation loan is typically supposed to be repaid over the course of 36 to 60 months. However, the same can be extended, but it will depend on factors such as the relationship between the borrower and the lender, their credit score and the credit behaviour that has been exhibited in the past.