Apply Personal Loan For Home Improvement Online

Are you looking to transform the interior design of your home? Or renovate your kitchen for a new look? With a personal loan for home renovations, you can do all this and more without worrying about budgets. But how do you apply for a personal loan for home improvement? Read on to learn more.

What Is A Home Improvement Loan?

A personal loan for home renovations is unsecured, meaning you do not need to pledge any collateral for the loan. Furthermore, It is not a mortgage or a home equity loan. Therefore, you do not need to furnish your house deeds to the financial institution.

You can typically repay personal loans for a home renovation with easy monthly payments or EMIs. The lender's processing fees and interest rate determine the EMI amount. The tenure ranges from 12 to 60 months.

Eligibility Criteria For Personal Loan For Home Improvement

Each lender has different eligibility criteria for personal loans for home renovation. Listed below are the standard eligibility criteria:

• At the time of loan maturity, the applicants should not be older than 70 years old
• Self-employed and salaried individuals are eligible for home renovation loans
• An applicant should have a monthly income of at least Rs 15,000
• If you have a credit score of 750 or higher, you are more likely to qualify for a home renovation loan at a lower interest rate.

Documents Required For Personal Loan For Home Improvement

The typical documents required for a personal loan for home improvement include:

• ID Proof: PAN card, Aadhaar card, driving license, voter ID, or passport
• Address Proof: Electricity bill, PAN card, telephone bill, passport, ration card, Aadhaar card, or voter ID
• Salary slips from the last three months/Form 16/ Bank statement from the last six months for salaried applicants
• For self-employed applicants, proof of business existence, last three years' ITRs, and bank account statement

How To Apply For A Personal Loan For Home Improvement?

Personal loans for home improvements are easy. Here are the steps you need to follow:

1. Visit the lender’s official website.
2. Select Personal Loan from the list of loans.
3. Click 'Apply Now'.
4. Submit the form with your personal information.
5. Lenders will contact you or send you an SMS after reviewing your details.
6. Depending on the lender, you may have to upload documents or request document pickup.
7. Once the loan is approved, the lender will deposit the loan amount into your bank account.

Please note: These steps may vary from one lender to another.

Why Choose a Personal Loan for Home Renovation?

1. Easy Application:

It is simple and easy to apply for a personal loan. Most lenders approve personal loans in 4 simple steps.

2. Quick Disbursement:

Personal loans are ideal for their quick disbursal process. Once the loan is approved, you will receive the money within 30 minutes and 48 hours.

3. Minimal Charges:

Loan applications are straightforward. Therefore, you can expect to receive all the funds without incurring processing fees.

4. Collateral Free:

No collateral is required to borrow a personal loan. Follow the steps and tips above to get a personal loan for home improvements and transform your home into one of your dreams.

Frequently Asked Questions

Q1. What is the benefit of taking a home renovation loan?
Ans. Home renovation is expensive. By taking a personal loan, you can finance the maintenance of your home, which will improve your property value.

Q2. What is a personal loan for home renovation?
Ans. Personal home renovation loans provide instant funds to cover any renovation expenses.