Personal Loans are a boon because they let us find happiness through our achievements. The past few years have experienced tremendous growth in them. A Home Loan is very common for buying real estate, but the same homes need renovation occasionally. Thus, identifying this need, lenders have developed a special Personal Loan for Home Renovation.

A Personal Loan for Home Renovation helps us with repair costs, buying new materials, labour charges, etc. By taking this type of Loan and renovating our house periodically, we can ensure an attractive valuation for our property in the market. It ensures a high quality of living, neat surroundings, and a happy life. The following are some ways to fund your dream home upgrade:

  1. Apply for a Personal Loan

Before applying for a Loan, you must identify what you want to renovate. It could be a wall painting, replacing worn-out bathroom and kitchen fittings, brand-new furniture, maintaining pipes and tanks, etc. You may also decide to construct a room or another floor. Assign an amount required to complete all the work. That is the Home Renovation Loan amount you need. The EMI calculator can provide clarity on the monthly outflow.

  1. Check the Personal Loan eligibility criteria

Suppose you are a resident citizen of India between 21 and 60 years. In that case, you can use a Personal Loan for home improvement for up to Rs. 30 lakhs, subject to your credit score and previous relationship with the lender. Your monthly income should be at least Rs. 20,000 in non-metro areas and Rs. 25,000 otherwise. For self-employed individuals, the lender considers a minimum annual profit after tax.

  1. Know the interest rates

Lenders offer Personal Loans for Home Renovation at interest rates as low as 13% annually. The Loan amount can be up to Rs. 30 lakhs. The interest rate charged depends on your financial profile, including your credit score, employment nature, and relationship with the lender.

The chosen Loan amount and tenure also affect the interest rates offered. You need to pay a processing fee of up to 5% of the total Loan amount + GST. The Loan tenure is up to 60 months, and there is a prepayment charge if you pay part of the Loan amount before the tenure.

  1. Easy application process

You can visit the lender’s website to apply for a Home Renovation Loan. Click Apply Now and enter the OTP sent to your registered mobile number. You must complete the application form with personal, income, employment, and bank details. Later, select the Loan amount and tenure.

Thereafter, a representative will contact you for the Personal Loan documents. Once verified, the Loan amount is credited to your Bank Account within 24 hours.

Conclusion

You can get your Home Improvement Loan without providing collateral to the lender and cover most of your costs.