Personal Loan for Home Renovation and Repair

A personal loan for home renovation is an unsecured loan taken to pay for repairs, remodelling, interiors or extensions to a house. The lender assesses the application on income, credit score and repayment history rather than on the property, so the house is not pledged as collateral. The amount is disbursed as a lump sum and repaid in fixed EMIs over a chosen tenure. 

Personal loan products listed on Bajaj Markets are available at interest rates starting from 10% p.a., with loan amounts of up to ₹55 Lakhs. The repayment tenures range up to 108 months, subject to the respective lender’s eligibility criteria and terms and conditions.

A personal loan for home improvement helps you upgrade or repair your property without delaying essential work due to high upfront costs. Instead of using your savings, you can spread expenses over manageable EMIs and plan improvements with better financial control.

These loans are flexible and usually come without strict end-use restrictions. This means you can use the funds based on your priorities, whether for structural repairs or aesthetic upgrades. Many borrowers also consider such financing options as part of broader home improvement loans, depending on their specific requirements.

Here are some common ways you can use a loan for renovation:

• Structural Upgrades: Improve safety by reinforcing foundations, fixing dampness, or redesigning layouts. These changes can also enhance your property's long-term value

• Appliance Upgrades: Replace outdated appliances with energy-efficient models. This can help reduce utility costs and improve daily convenience

• New Furniture: Invest in durable and functional furniture that improves comfort and complements your home's design

• Home Remodelling: Redesign kitchens, bathrooms, or workspaces to suit your lifestyle. You can cover costs for materials, fittings, and professional services

• Repair Work: Address issues such as cracked tiles, damaged fittings, or broken windows on time to maintain safety and avoid higher repair costs later

Beyond flexibility of use, a personal loan for home renovation may bring the following advantages:

High Loan Amount

On Bajaj Markets, personal loans of up to ₹55 Lakhs may be available for home renovation expenses. Compare the interest rate, charges, and repayment offers from 20+ lending partners.

Flexible Tenure

With a tenure that usually can go up to 108 months, you can repay the personal loan for home renovation as per your convenience. You can use an EMI calculator to determine your monthly payable amount based on tenure, interest rate and loan amount.

Quick Approval and Disbursal

Once you apply for the house repair loan, the lender will verify your documents, and you will get an approval within a few hours. After the approval, get the loan amount in your account in no time.

No Collateral

You can qualify without pledging any asset. Meet the eligibility criteria, submit the required documents, and receive funds directly in your account if your application is approved by the lender.

Eligibility requirements may vary across lenders. Common factors that may be considered include:

• You must be an Indian citizen
  

• You can either be a salaried or self-employed individual
  

• You need to be at least 18 years of age at the time of applying
  

• You need to have a CIBIL score of 650 or more
  

• You need to have a minimum work experience of at least 6 months
  

• You need to be earning a minimum of ₹9,000 per month
   

Disclaimer: Eligibility criteria, including age, income, credit score and work experience requirements, may vary across lenders.

Applying for a personal loan online involves a few steps. You can follow the process below to submit your application for a personal loan for home renovation:

1. Click on the 'Apply Now' option on this page

2. Enter your basic personal and professional information.

3. Provide your PAN, mobile number, email ID and date of birth.

4. Enter your employment details, including company name, salary and mode of salary payment.

5. Review the available offer details and select an applicable loan tenure.

6. Complete the KYC and e-mandate process on the lender’s website for further verification and approval.

Post this, a representative will contact you regarding the next steps.