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Revamp, Refresh, and Revitalize Your Home with Our Home Improvement Loan.

Benefits Of House Renovation loan

Benefits Of Personal Loan For House Renovation

Quick loan approvals

When you fulfil all the eligibility criteria and submit the necessary paperwork, there are chances that the lender may sanction your loan application faster as compared to other loans. This feature enables you to receive the loan amount instantly.

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.

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:

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90%+ Disbursal Rate

We work to match you with lenders that align with your needs, increasing your chances of loan approval.

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100% Paperless

Apply for Link loan sitting in the comfort of your home, as we are 100% digital.

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Prequalified Offers

Check offer rates without having to worry about the impact on your credit score.

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Tailor Your Loan

Customise your loan amount from INR 1000 to INR 1,00,000 within the tenure of 3 months to 2 years.

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Instant Approval

Online approval within 48 hours with less documentation to those needing the loan urgently.

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No Geographical Limitations*

The platform is also accessible in many remote and underserved areas with an internet connection.

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No Hidden Charges

Our process is transparent and fair, as there are no hidden charges that may surprise you.

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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 INSTITUTIONINTEREST RATE
HDFC Bank10.50% per annum
Axis Bank10.49% per annum
IndusInd Bank10.49% per annum
Bajaj Finserv11.00% per annum
Tata Capital10.99% per annum
YES Bank10.99% per annum
Fullerton India11.99% 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

Can I use a personal loan for my house renovation?

Yes, you can use the borrowed sum of money for any purpose, including your home renovation-related expenses. The bank or NBFC will not imply any restriction or obligation on the usage of the borrowed money.

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.

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.

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Mumbai Location:
912 Sureshwari Techno It Park Premises Village Eksar, Link Road Borivli (w) Mumbai, 400092

Bhopal Location:
B No. 8 Nirupam, Ph-ii, Nirupam Estate, Ahmedpur Kalan, Huzur, Bhopal, Madhya Pradesh, India, 462026

Contact Email:
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