Sometimes home renovation becomes a necessity. You could be interested in installing contemporary renovations, or maybe your family is growing. You may want to remodel your home for major repairs or structural changes.
If you are looking for the right finances to fund your home renovations, consider a home renovation loan from an array of lending institutions and select the one that suits you the most.
But will you get an approved personal loan for home renovation? Do you need sufficient collateral to get that loan?
Read on to find out.
Things You Need to Know About Home Renovation Loans
You do not have to wait for the liquidation of the funds; your dream can be realised with the help of a Home Renovation Loan:
- The interest rate on the home renovation loan will inevitably vary depending on your profile, considering various parameters such as creditworthiness, repayment history, loan amount, and type of property.
- Owners can opt for a longer term of up to 48 months to enjoy affordable EMI.
- To apply for a House Renovation Loan, you must meet the eligibility criteria and provide the necessary documents for a hassle-free application.
- A personal loan for Home Renovation is available to all homeowners. Salaried people such as government and corporate employees can apply for these loans.
- You get flexible repayment terms for a loan amount of up to Rs. 10 lakhs allowing you to easily repay the loan and pay monthly instalments without worrying about finances.
- You can also enjoy the benefit of fast loan disbursal with minimal documentation from technologically savvy websites of new-age NBFCs like Clix Capital.
- You can use the personal loan calculator and set your financial priorities accordingly.
- Regardless of the extent of your renovation or expansion requirements, House Renovation Loans are tailored to your needs.
Eligibility Criteria for A Home Improvement Loan
- Your age should be between 21 and 58.
- You can be an employee working in the current company for six months with at least 12 months of professional experience.
- Your minimum income should be Rs 20,000 per month.
The Benefits Of Using A Home Renovation Loan
A Home Renovation Loan has several benefits, which are:
Simple Application Procedure and Quick Disbursal
You can apply online and have your application approved within hours and disbursal within minutes. You can use this option to purchase furniture and fit-out fixtures and fittings in your new home.
No Collateral
A home renovation loan can provide cash much faster because it is collateral-free.
You don’t have to wait for your collateral documents to be verified. As a result, you will receive your payments faster.
House Renovation Loans are Flexible
A personal loan for Home Renovation offers more flexibility in usage and allows you to use the amount for any purpose.
Choose a Term that Suits You
Depending on your financial situation, choose a loan term that best suits your needs, from 12 to 48 months.
You can take advantage of cheaper EMIs by choosing a longer loan term or pay higher EMIs and pay off your loan faster.
Less Amount of Paperwork
To complete the application process, you will need certain documents stamp duty kerala, including identification, employment ID, and income proof (pay slip from the last month of Form 16 of the current year).
Your home renovation loan will be disbursed to your account after the lending institution verifies your eligibility and documentation.
Initiate a Balance Transfer System
If you want to transfer all your money to a lending institution with an amazing deal, it’s incredibly easy. You can transfer the balance amount to another loan provider who offers a more acceptable deal.
Conclusion
Home renovation and remodelling are something many homeowners have to think about at least once in their lifetime! In India, several people prefer remodeling their homes in 7-8 years. Getting a personal loan for Home Renovation from Clix Capital can be your best decision! Just know the process, and you can get the required funds to renovate your home.
About the Author
Amaira Sharma is finance expert and former business growth strategist who has more than 8+ years experience in the industry, now she helps others to get better financial stability and standards. She loves to write useful tips on personal finance and businesses.
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