FindItMore | Maintenance is a crucial part of every house – be it mending the floors, adding a false ceiling or completely revamping the existing interiors. If you own a house, a few expenditures, here and there, are bound to happen in keeping your home in its proper shape.
However, after a considerable period, every construction requires complete renovation – not only to extend its longevity but also to escalate its aesthetic value. So, if you as a homeowner are developing similar desires, but are reluctant owing to the lack of funds, then worry not!
With a Home Renovation Loan from reliable banks as well as NBFCs, revamping your house is easier than ever.
Having said that, let’s discover why it makes sense to opt for a home improvement loan.
- Multiple lending choices
Today, owing to the presence of numerous banking and non-banking financing institutions, availing a loan is more convenient. Just compare the offers and facilities provided by each and go for the most preferable and profitable option.
Note: EMI amounts will vary depending on the loan amount and their repayment tenor.
- Substantial loan to value –
Home renovations demand a substantial supply of funds. In this respect, reliable and proficient lending institutions such as Bajaj Finserv provide renovation loans up to Rs. 25 Lakh. Be it constructing a new porch or annexing a new room; you will never be short of funds henceforth.
- Minimal documentation –
Owing to the presence of pre-approved offers, most lending organizations sanction a loan with minimal documentation which may include:
- Employee ID Card
- KYC documents
- Last 3 months bank A/C statement
- Previous 2 months’ salary slips
It should be noted that above all discussed documents are indicative. During the loan process it may be that you are required additional documents for your loan approval.
- Instant loan approval
Most reliable lending organizations provide Personal Loan approval within 24 hours. So, receive your home renovation funds at the earliest, provided you match the required eligibility.
- Competitive rates of interest –
Most reliable banking and non-banking financial institutions provide these loans at attractive interest rates. It predominantly depends on two conditions.
- Income stability
Being a salaried employee from a reliable organization speaks for your income stability, therefore pacifies the lenders about your creditworthiness. As such, they may agree to negotiate upon the rate of interest.
- Market conditions
A bearish market condition or inflation will witness a significant rise in the Personal Loan interest rates; a bullish situation, however, witnesses a substantial fall of the same.
So, choose to renovate your house when the market is bullish.
- Pre-approved offers –
NBFCs like Bajaj Finserv provide pre-approved offers on their Personal Loan for home renovation. Being pre-approved, these not only simplify the process of availing financing, but also reduce the time considerably.
All you need to do is just enter a few essential details and check your pre-approved offer.
- Flexible repayment facility –
When applying for a Personal Loan from selected financial institutions, individuals get to repay their Home Renovation Loan as per their convenience.
Choose to pay only the interest as EMI and pay the principal at the end of your loan tenor. Moreover, pay interest only on the amount utilized.
Credit score and CIBIL
Being unsecured, these renovation loans demand an applicant to possess an amiable credit history and a corresponding credit score. In India, credit score is given by CIBIL and needs to be above the 750 mark for ensuring the hassle-free sanctioning of a loan.
Thus, it is advised to:
- Pay all existing financial and credit card dues on time.
- Avoid from defaulting
- Take smaller loan amounts to uplift the credit score.
- Avoid from utilizing the full credit limit.
Eligibility criteria of a home renovation loan
Individuals renovation loans in 4 steps need to be between 25 – 58 years of age. In addition to being an Indian citizen, an individual must be a salaried employee with an MNC, Public or Private Sector Company.
However, if you are still skeptical, then use an EMI calculator and check your payable EMI amounts to make an approximation of your monthly disposable budget.
So, why the wait? Grab your home renovation loan from a reliable financial institution of your choice and give your residence its deserved look and feel.