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 Bajaj Finserv 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 the loan

Here are some important features of the Bajaj Finance personal loan.

1. Flexible tenure

The instant personal loan has a tenure 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 up to INR 25 lakh 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 24 hours.

4. Minimal eligibility criteria

There is minimal 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. They offer 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.

You get flexible loan repayment tenure of up to 12 to 60 months, customers can enjoy the freedom of choosing their own tenure. With personalized pre-approved offers, instant approvals, and quick disbursal of loan, Finserv MARKETS, offers the most 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 Criteria for Home Improvement Loan

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.

Eligibility Criteria

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 the applicant should be aged between 23 and 55 years

  • 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

  • The applicants KYC documents

  • You need to possess an Employee ID card

  • Salary slip of the last 2 months

  • You need to submit the salaried bank account statement of the last 3 months

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.

Interest Rates & Other Charges for Home Renovation Loan

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 ranges up to 12.99%p.a to 15.50%p.a. The processing fee for a personal loan payable to Bajaj Finserv is Up to Rs. 2,000. The current offer for processing fee starts from 1.50%, up to 3%.

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.

  • Employer Category - Bajaj Finserv Personal Loan has an internal list of companies falling into categories that are ranked from high to low company categories based on the company’s size, reputation and existing relationship with the bank.

  • 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.

Documents Required for Home Improvement Loan

To avail a personal loan for home development, you have to fulfill a certain set of requirements to be eligible like a good CIBIL score and credit history, no instance of default, and the number of unpaid loans should be as less as you can possibly manage. Only then the bank or financial institution consider you to be worthy of being granted a personal loan. Hence, while applying for a personal loan for home improvement you have to submit certain documents and paperwork that will attest to your overall creditworthiness as an individual.

  • The applicant’s proof of identity, like Passport, PAN card, Aadhar card, Voter’s ID card, and driving license.

  • Personal loan documents that are considered residential proof like- the Electricity bill, Gas bill, Passport, or Leave and License Agreement.

  • The applicant's bank statement for the last 3 months with income details. These documents will be used to calculate your CIBIL Score, your number of unpaid loans, credit history, and your overall creditworthiness will be assessed.

  • Submission of salary slips for the last 3 months.

  • Passport size photographs.

While many other institutions have constant demands of submitting a lot of unnecessary documents that are quite irrelevant most of the time. Bajaj Finserv Personal Loan intends to seek minimum information to understand your financial credibility as a salaried or self-employed individual and release your personal loan as soon as possible.

How to apply for personal Loan for home Renovation

The procedure of a personal loan application is quite simple you can avail up to Rs. 25 lakh 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. With Bajaj Finserv Personal Loan you can borrow funds as per your requirement and pre-pay it when you can from the sanctioned loan amount.

Personal Loan Application Procedure

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 Bajaj Finserv Personal Loan online 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.

Step 3: You can submit the required documents with our representative, who will get in touch with you.

Step 4: Once the loan gets approved you will then be able to receive the money in your bank account 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.

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.