Personal Loan for Home Renovation

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.

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 Bajaj 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.

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: