Apply Personal Loan For Home Improvement Online
Personal loan can be used for various purpose without any interference from the lender. Read to know more about how can use personal loan for your home renovation.
![Apply Personal Loan For Home Improvement Online Apply Personal Loan For Home Improvement Online](/files/iifl_insights/images/Apply-Personal-Loan-for-Home-Improvement-Online-750x400.png)
Are you looking to transform the interior design of your home? Or renovate your kitchen for a new look? With a personal loan for home renovations, you can do all this and more without worrying about budgets. But how do you apply for a personal loan for home improvement? Read on to learn more.
What Is A Home Improvement Loan?
A personal loan for home renovations is unsecured, meaning you do not need to pledge any collateral for the loan. Furthermore, It is not a mortgage or a home equity loan. Therefore, you do not need to furnish your house deeds to the financial institution.You can typically repay personal loans for a home renovation with easy monthly payments or EMIs. The lender's processing fees and interest rate determine the EMI amount. The tenure ranges from 12 to 60 months.
Eligibility Criteria For Personal Loan For Home Improvement
Each lender has different eligibility criteria for personal loans for home renovation. Listed below are the standard eligibility criteria:• At the time of loan maturity, the applicants should not be older than 70 years old
• Self-employed and salaried individuals are eligible for home renovation loans
• An applicant should have a monthly income of at least Rs 15,000
• If you have a credit score of 750 or higher, you are more likely to qualify for a home renovation loan at a lower interest rate.
Documents Required For Personal Loan For Home Improvement
The typical documents required for a personal loan for home improvement include:• ID Proof: PAN card, Aadhaar card, driving license, voter ID, or passport
• Address Proof: Electricity bill, PAN card, telephone bill, passport, ration card, Aadhaar card, or voter ID
• Salary slips from the last three months/Form 16/ Bank statement from the last six months for salaried applicants
• For self-employed applicants, proof of business existence, last three years' ITRs, and bank account statement
How To Apply For A Personal Loan For Home Improvement?
Personal loans for home improvements are easy. Here are the steps you need to follow:1. Visit the lender’s official website.
2. Select Personal Loan from the list of loans.
3. Click 'Apply Now'.
4. Submit the form with your personal information.
5. Lenders will contact you or send you an SMS after reviewing your details.
6. Depending on the lender, you may have to upload documents or request document pickup.
7. Once the loan is approved, the lender will deposit the loan amount into your bank account.
Why Choose a Personal Loan for Home Renovation?
1. Easy Application:
It is simple and easy to apply for a personal loan. Most lenders approve personal loans in 4 simple steps.2. Quick Disbursement:
Personal loans are ideal for their quick disbursal process. Once the loan is approved, you will receive the money within 30 minutes and 48 hours.3. Minimal Charges:
Loan applications are straightforward. Therefore, you can expect to receive all the funds without incurring processing fees.4. Collateral Free:
No collateral is required to borrow a personal loan. Follow the steps and tips above to get a personal loan for home improvements and transform your home into one of your dreams.Frequently Asked Questions
Q1. What is the benefit of taking a home renovation loan?
Ans. Home renovation is expensive. By taking a personal loan, you can finance the maintenance of your home, which will improve your property value.
Q2. What is a personal loan for home renovation?
Ans. Personal home renovation loans provide instant funds to cover any renovation expenses.
Disclaimer: The information contained in this post is for general information purposes only. IIFL Finance Limited (including its associates and affiliates) ("the Company") assumes no liability or responsibility for any errors or omissions in the contents of this post and under no circumstances shall the Company be liable for any damage, loss, injury or disappointment etc. suffered by any reader. All information in this post is provided "as is", with no guarantee of completeness, accuracy, timeliness or of the results etc. obtained from the use of this information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability and fitness for a particular purpose. Given the changing nature of laws, rules and regulations, there may be delays, omissions or inaccuracies in the information contained in this post. The information on this post is provided with the understanding that the Company is not herein engaged in rendering legal, accounting, tax, or other professional advice and services. As such, it should not be used as a substitute for consultation with professional accounting, tax, legal or other competent advisers. This post may contain views and opinions which are those of the authors and do not necessarily reflect the official policy or position of any other agency or organization. This post may also contain links to external websites that are not provided or maintained by or in any way affiliated with the Company and the Company does not guarantee the accuracy, relevance, timeliness, or completeness of any information on these external websites. Any/ all (Gold/ Personal/ Business) loan product specifications and information that maybe stated in this post are subject to change from time to time, readers are advised to reach out to the Company for current specifications of the said (Gold/ Personal/ Business) loan.