Home Improvement

How To Get a Personal Loan For Home Renovation?

personal loan for home improvement

Nowadays, there are so many ways to style and customised to suit the different personalities, styles, and tastes of the members inhabiting a house. The worry that most homeowners have is how can they possibly create a dream space within limited budgets. The biggest question is – “How do you pay for the renovation without limiting your day-to-day expenditures?”

The simple answer is with a personal loan for home improvement. Many lenders offer the loan which takes away the worry about monthly expenses covering the cost of interior designers, contractors’ cost, and more. Here we have listed the frequently asked questions with regards to a personal loan for home renovation.

FAQ Related To Personal Loan For Home Renovation:

What Is A Personal Loan For A Home Renovation?

As is explained above, a personal loan is a loan taken from a lending institute to cover the costs related to home renovations and repairs.

Who Can Get A Personal Loan?

Personal loan eligibility varies from lender to lender. But, generally, it covers age, income, and credit score.

Is There Documentation Required? 

Yes, like all loans, personal loans for home renovation require the borrower to submit the required documents to the lender. These include age proof, income proof, address proof, KYC documents, relevant tax forms, documents for credit score and more. Please note, that the final list will vary across lenders and borrowers and homeowners should visit their lenders’ website to get the correct list.

What Is The Process Of Applying For The Loan?

Borrowers can apply online, visit the nearest branch or request a sales executive visit to their home or office. Digital processes are simplified and take only a few minutes to fill and submit the loan application form online.

What Are The Features Of A Personal Loan Available For Home Renovation In India? 

Though features may vary across lenders, the general ones are:

  1. Get loan amounts of up to Rs 25 lakhs* for tenures ranging from 12 to 60 months.
  2. Interest rates for personal loans start as low as 12.99%* per annum. The final interest rate charged varies on several factors, including loan amount, tenure, credit score, and more.
  3. Personal loans are approved instantly.
  4. The loan amount can be disbursed to the borrower’s account (once approved) within 72 hours of loan approval.
  5. There is a processing fee that borrowers should include in the cost of the loan.

What Is The Process Of Calculating The Emi? 

Use the personal loan interest calculator available online to know the monthly instalment. Most lenders have a free tool on their websites wherein the loan amount, interest payable and tenure to get an estimation of the equated monthly instalments.

what Are The Benefits Of Taking The Loan? 

There are some major advantages of taking the loan:

  1. If a home is in dire need of repairs, there is no need to postpone it to another date. The loan can meet repair costs making the home safe to live in.
  2. If a homeowner wants to beautify their space without touching their savings or compromising on their lifestyle, a loan with longer tenure and a smaller EMI will help them out.
  3. Children can use the loan to pay for renovations of their parent’s home with no effect on how they live their lives.
  4. Homeowners can opt for better and more beautiful accessories if they have access to a loan.

Getting a personal loan to meet your expenditures related to home renovation is a great idea, if you have the income to repay the EMIs without delay. However, take time out to research the lender and their terms and conditions before opting for the loan.

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