Home remodeling can be used to improve the comfort, value, and look of your home. However, upgrades, repairs, and renovations can frequently come at a hefty price. A personal loan for house renovation might be a useful financial tool in these situations. The fundamentals of Personal Loan for Home Improvement, their advantages, and how to make an informed choice when contemplating one will all be covered in this article.
How to Use a Personal Loan for Home Improvement?
You can utilize a home renovation loan to make the changes you want to make to your house or to raise the property’s worth and draw in purchasers. Home improvement loans can be customized to match your timeframe and budget, whether you’re planning minor improvements or significant overhauls.
Types of Personal Loan for Home Improvement
- Personal Loans: Personal loans are perfect for funding excellent home improvement projects since they provide rapid finances, flexibility, and speedy approval. Think about things like interest rates, terms of repayment, fees, and your financial status when you apply for a personal loan for home remodeling.
- Home Equity Loans: Home equity loans provide increased borrowing limits and reduced interest rates by enabling you to borrow against the equity in your house. To make an informed choice, don’t forget to speak with many lenders to evaluate your needs and compare alternative loan choices.
Features
- Flexible EMI repayment and loan tenure options: You can pay back a personal loan for home repair in equal monthly installments (EMIs) throughout one to five years.
- Quick, easy approval process: For HDFC Bank customers who have already been pre-approved, the process of obtaining a home renovation loan is nearly instantaneous and may be completed in less than four hours.
- Helps improve home value for future sale: Renovation and refurbishing are now easier thanks to home improvement loans. property renovation projects only serve to increase the value of your property if you decide to sell it in the future, as real estate values continue to skyrocket.
- Minimal paperwork, maximum ease: To get authorized for a loan, you simply need the most minimal paperwork, and if you are already a pre-qualified HDFC Bank customer, you might not even need those.
- Improve aesthetic appeal: After a long day at work, most people want to return home to a beautiful, well-maintained home. Additionally, people are probably going to spend more time at home now that remote work is so popular.
Eligibility Criteria
- Nationality: Indian
- CIBIL score: 685 or higher
- Age: 21 years to 80 years*
- Employed with: Public, private, or MNC
- Customer profile: Self-employed or Salaried
Documents required
- Utility bill
- Piped gas bill
- Pension order
- Employee ID card
- Population Register
- Property / Municipal tax receipt
- PAN card or NREGA job card
- Salary slips of the last 3 months
- Statements of bank accounts for the last three months
- Aadhaar, driving license, passport, and Letter of National
Interest Rates & Charges
| Rate of Interest | 10.85% to 24.00% (Fixed Rate) |
| Processing Fees | Upto ₹ 6,500/- + GST |
| Tenure | 03 Months to 72 Months |
| Documents Required | No Documents for Pre-approved Personal Loan |
| Three months’ worth of bank statements, two recent salary slips, and KYC are required for non-pre-approved applicants. |
How to apply for a Personal Loan for Home Improvement?
- To access our online application for a personal loan, click the “APPLY” button at the top of this page.
- Enter your 10-digit mobile number and the OTP that was sent to your phone.
- Provide the application form with your full name, PAN, birthdate, and PIN, among other fundamental loan information.
- To access the loan selection page, click “PROCEED.”
- Enter the required loan amount. Term, Flexi Term, and Flexi Hybrid are the three personal loan options available to you.
- Click “PROCEED” after selecting a repayment period, which can range from 12 to 96 months.
- After finishing your KYC, submit your application.
Conclusion
A personal loan for home repair provides an adaptable and effective means of financing improvements to your house that will raise its worth and comfort level. It’s a great alternative for people looking to increase the visual appeal and market worth of their property because of its speedy approval procedures, low paperwork requirements, and variety of loan possibilities.