Experience The Joy Of Home Transformation.
Revamp, Refresh, and Revitalize Your Home with Our Home Improvement Loan.
Benefits Of Personal Loan For House Renovation
No need for any collateral
Unlike any other credit option, you do not have to mortgage or pledge any asset to get a loan for home improvement. The lender will sanction your request based on your eligibility and credit score.
Flexible repayment terms
One of the most beneficial aspects of a loan for home improvement is that you can choose a repayment plan as per your financial capacity. Borrowers can select repayment tenure between three months to two years as per their financial strength.
Eligibility Criteria For A Personal Loan For Home Renovation
In order to get a personal loan, borrowers will have to fulfil a set of eligibility requirements. Although, these parameters vary from one lender to another, here is a basic list of eligibility criteria set by most lending partners in India:
Nationality: Indian
Employment: Both salaried and self-employed individuals
Credit Score: Minimum 685
Monthly Income: More than Rs.25,000 per month
Documents Required For A Personal Loan For Home Renovation
Here are the documents you will need to submit while applying for a personal loan for home renovation:
Identity proof- Voter ID Card, Passport, Driving License, Aadhaar Card, PAN Card, etc.
Residential proof- Voter ID Card, Utility bills(Electricity and Water Bill), etc.
Income proof- Audited financial records(for self-employed individuals), Salary slip(for salaried individuals), Bank account statement
Step-By-Step Process To Apply For Personal Lone For Home Renovation Loan
You can follow these simple steps if you are looking forward to applying for a personal loan from Credmudra:
Why Choose Credmudra?
There are a number of reasons why hundreds of people choose us during a financial crisis. Following are some of the reasons that make us one of the leading ‘loan match-making’ portals in the market:
90%+ Disbursal Rate
We work to match you with lenders that align with your needs, increasing your chances of loan approval.
100% Paperless
Apply for Link loan sitting in the comfort of your home, as we are 100% digital.
Prequalified Offers
Check offer rates without having to worry about the impact on your credit score.
Tailor Your Loan
Customise your loan amount from INR 1000 to INR 1,00,000 within the tenure of 3 months to 2 years.
Instant Approval
Online approval within 48 hours with less documentation to those needing the loan urgently.
No Geographical Limitations*
The platform is also accessible in many remote and underserved areas with an internet connection.
No Hidden Charges
Our process is transparent and fair, as there are no hidden charges that may surprise you.
Safe And Secure
We follow all the necessary security protocols, and data privacy standards to make sure that your information is safe and secure.
Financial Institutions Offering Personal Loans For Home Renovation
For further convenience, we listed down some of the leading financial institutions offering personal loans for home renovation, along with the associated interest rates:
| FINANCIAL INSTITUTION | INTEREST RATE |
|---|---|
| HDFC Bank | 10.50% per annum |
| Axis Bank | 10.49% per annum |
| IndusInd Bank | 10.49% per annum |
| Bajaj Finserv | 11.00% per annum |
| Tata Capital | 10.99% per annum |
| YES Bank | 10.99% per annum |
| Fullerton India | 11.99% per annum |
Note: These interest rates are subject to change without any prior notice. Hence, you should get in touch with the lender in order to know the applicable interest rates.
Faqs On Personal Loans For Home Renovation
Is a personal loan for home improvement tax deductible?
Yes, under Section 24(B) of the Income Tax Act of 1961, you can claim a tax deduction of up to ₹ 30,000 per annum on the interest you pay for a personal loan for home renovation.
Are part payments allowed in a personal loan?
Some of the leading financial institutions offer part payment facilities. However, in order to know your lender-specific guidelines, consider reading the loan agreement or getting in touch with the lender directly.
