Your home’s comfort, usefulness, and value can all be improved by renovation. A home renovation loan can assist in making your goals come true, whether they involve improving the overall structure, adding a bedroom, or remodeling your kitchen. The fundamentals of home renovation loans, including their types, advantages, and application process, will be covered in this guide.
Eligibility Criteria for Home Renovation Loan
- Job stability
- Income source
- Existing savings
- A good credit score
- Number of dependents
- Monthly/annual income
- Age: minimum 21 years
- Educational Qualification
Document Required
- Valid identity proof
- Valid income proof
- Income tax returns
- Salary slips for the last 3 months
- Proof of educational qualifications
- Bank statements for the last 3 months
3 Unique Variants of Our Loan
- Flexi Hybrid Loan: This is an additional personal loan option that functions similarly to the Flexi Term Loan. The only distinction is that your EMI will only include the applicable interest during the loan’s initial term. The principal and interest components will make up the EMI for the remainder of the term.
- Term loan: This loan is similar to any other typical personal loan. The amount of money you borrow is broken down into equal monthly installments, which include principal and any applicable interest. Repayment of your term loan before the end of the loan period is subject to a fee.
- Flexi Term Loan: Let’s say you take out a loan for Rs. 2 lakh over 24 months. You pay the standard equated monthly installments (EMIs) for the first six months. You would have paid back roughly Rs. 50,000 by now. You suddenly find yourself in need of Rs. 50,000. To withdraw Rs. 50,000 from your Flexi Term Loan account, simply navigate to My Account. After three months, you received your Rs. 1,000,000 bonus and would like to repay a portion of your Flexi Term Loan. Once more, you only need to pay back a portion of your Flexi Term Loan by going to My Account. Your interest is automatically adjusted during this time, and you are only ever charged interest on the amount that is still owed. Both principal and adjusted interest are included in your EMI.
There aren’t any fees, penalties, or charges associated with repaying your Flexi Term Loan or taking money out of your account, unlike other personal loans. This version is perfect for the modern lifestyle, where budgeting can become unpredictable. If you want the best personal loans in India with flexible terms, you can choose this option.
Features and Benefits
- Loan of up to Rs. 40 lakh: Take advantage of fast personal loans from Rs. 20,000 to Rs. 40 lakh to handle your small or large expenses.
- Convenient tenures: With repayment options ranging from 12 to 96 months, you can easily manage your loan.
- 3 unique variants: Choose between the Flexi Hybrid Loan, Flexi Term Loan, or Term Loan that best fits your needs.
- Approval in just 5 minutes: Get a personal loan with quick approval by filling out the entire application online from the comfort of your home or anyplace else.
- No part-prepayment charge on Flexi Term Loan (Flexi Dropline) & Flexi Hybrid Loan: Pay back a portion of your loan early and without incurring additional fees. You are free to make partial payments as often as you like. Study up on Flexi Term Loans.
Step-by-Step Guide to Applying for a Personal Loan
- Visit any broker website and click the apply button.
- Enter the OTP that was sent to your phone along with your 10-digit mobile number.
- Provide the application form with your full name, PAN, birthdate, and PIN code, among other basic loan information.
- To access the loan selection page, click “PROCEED.”
- Enter the required loan amount. Choose from our three personal loan options: Term, Flexi Term, and Flexi Hybrid.
- Click “PROCEED” after selecting a repayment period, which can range from 12 to 96 months.
- After finishing your KYC, submit your application.
Conclusion
Homeowners can improve their property with a home renovation loan, which comes with options like Flexi Hybrid, Flexi Term, and Term Loans. You can make an informed choice if you are aware of the loan options, eligibility requirements, and necessary documentation. These loans offer quick approval, flexibility, and affordable repayment plans.