Home Renovation Loan

Whether you’re in for a gut renovation or just trying to redecorate your living space all your dreams can be fulfilled of 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 financing the cost associated with the process. You can apply for an online personal loan and get quick access to funds. The best thing about 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 loan is competitive and will not be a burden on you.

Features of Personal Loan for Home Renovation

Here are some important features of a Personal Loan.

1. Flexible Tenure

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.

2. High Loan Amount

You can enjoy a personal loan of as high as INR 25 Lakhs for the purpose of home renovation.

3. Quick Approval and Disbursal

Once you apply for 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.

4. Minimal Eligibility Criteria

There are certain eligibility criteria required to apply for an instant 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. You can avail a variety of digital lending products which have become a preferred destination for all kind of customers. Their hassle-free online application process with minimal documentation of loan makes it an ideal choice for getting a loan. With the right financial solution, you can now fulfill all of 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.

Eligibility For Personal Loan for Home Renovation

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 material 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 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.

Also read about quick personal loan

Read more about documents for personal loan

How to Apply for Personal Loan for Home Renovation

The procedure of a personal loan application is quite simple you can avail a loan as high as Rs. 25 Lakhs generally within 24 hours of approval. 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, financial, and employment details.

Step 2:

Select the loan amount and tenor of the loan, to get instant online approval by choosing your preferred lending partner.

Step 3:

You can submit the required documents (scanned copies).

Step 4:

Once the loan gets approved you will then be able to receive the money in your bank account usually within 24 hours.

Your CIBIL score displays your creditworthiness and capability of timely loan repayment. Having a good CIBIL Score can get your quick loan approval at a lower interest rate.

Know all about different types of personal loan.

Also read about personal loan for low cibil score

Home Improvement Loans Interest Rates & Charges

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 up to 12.99%p.a to 15.50%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.

Read more about how to track personal loan application status

Home Renovation Loan FAQ's

  • ✔️Is there a tax benefit on home renovation loan?

    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.

  • ✔️How does home renovation loan work?

    With a home renovation loan, you can use the funds to expand your house, redesign the interiors or refurbish it in general.

  • ✔️How much can I borrow for home improvement loan?

    You can borrow as high as Rs. 25 Lakhs as home renovation loan.

  • ✔️What is the minimum and maximum age limit for home renovation loan?

    It is generally between 21-65 years.

  • ✔️How can I get money to fix up my house?

    You can apply for a Home Renovation loan to fix up your house.

Personal Loan for Home Renovation Reviews

Personal Loan for Home Renovation Reviews

4.1out of 5

5 reviews

Simple Application Process

I wanted to renovate my home so I applied for a personal loan for home renovation at Finserv MARKETS. The eligibility criteria for home renovation loan was simple and I was able to apply for the loan with ease. The loan approval and disbursal was pretty quick too.

Instant Loan Disbursal

With the help of Bajaj Finserv personal loan for home renovation I was able to cover all the expenses of renovating my home. I would definitely recommend anyone looking for a reliable source to apply for a home renovation loan at Finserv MARKETS.

Quick Loan Approval

I was looking for an online personal loan service provider to provide funds for my home expansion. A friend suggested me to apply for a home renovation loan at Finserv MARKETS and it was the best decision so far. My loan got approved with ease and I received the loan amount in no time.

Attractive Interest Rates

I required funds for the renovation of my home. So, I applied for an online personal loan at Finserv MARKETS. They offer attractive home renovation loan interest rates with basic eligibility criteria and a quick application procedure.

Quick Access to Funds

A friend recommended getting a Bajaj finserv personal loan at Finserv MARKETS. They helped me get finances for home renovation with ease. I am very much satisfied with the services provided for home renovation loan. The loan amount got approved in no time and I got quick access to funds.