Essential Home Renovation Loan Considerations

There is a very old saying by an abnormally brainy Minion, ‘Home is the place where I can look ugly and enjoy it’. But if you really want to enjoy yourself at home, then your home should not look ugly!


That’s the reason home renovation is essential!

Sometimes homeowners lack the motivation to do regular renovation and remodeling of their homes. It can be easy to overlook. At times people are too comfortable with their dwelling that they think everything is just fine. Others may ignore, as for them it may be an unnecessary expense. But contrary to most people’s belief the home renovation is a worthy investment.


Thanks to the growing popularity of Home Renovation Loan, all major banks, financial companies, and Peer to peer lending platforms are offering Instant Loan in India to take care of your home renovation needs. Any homeowner, who is undertaking remodeling or repairing can apply for a home improvement loan.


What is a Home Renovation Loan?

It is basically a personal loan extended towards all your home renovation and construction work. You can use the loan amount to build a new room, painting and flooring work, installing the electrical system, flooring works, plumbing or exterior elevation works are all covered under this type of financing. You renovated home can readily withstand any extremities while keeping you safe and sound it.


Here are some key benefits of a Home Renovation Loan:


1. Attractive interest rates: Starting from 12% p.a.


2. Easy and online documentation


3. No Collateral required


4. Hassle-free approvals and disbursals


5. Just pay your EMIs after the renovation is complete


The Loan Eligibility Criterion of a home renovation loan

Every lending institution has a different Loan Eligibility criterion. Therefore, you must have a rough estimate of home renovation work to be done.


Necessary eligibility conditions:


1. You must be 21 years of age


2. You must have a decent credit score


3. You must have a minimum gross income of INR 2 lacs per annum


4. You must provide all the documents such as your identity proof and financial statements


The processing fee for home improvement loan ranges can vary from lender to lender.


In Summary

Home renovation integrates the whole shebang of making your home more comfortable, convenient, secure and habitable place to live. By renovating your home, you can give a new look and feel to your house. Lastly, don’t let money be a constraint in your home renovation project. You can get a home Improvement loan to give your house a new look and feel!

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