Give a Brand new Look to your Home with a Renovation Loan

House renovation is a creative venture which adds beauty and functionality to one’s existing property. Using timeless styles, people customize their homes to a wonderland. A person reflects his accomplishments and status with in-house renovation which generally include:
  • adding an extra room or floor
  • remodeling
  • painting 
  • external and internal repairs
To improve the present condition of your house or to add contemporary designs to the interiors, Home Renovation Loan is a smart choice for availing the required fund.

Many people turn to NBFCs to get a loan for renovation. They also offer pre-approved schemes for customers on personal loans, home loans, business loans and a pool of other financial products along with quick sanctioning and fast disbursal processes.

A home improvement loan comes with a lot of benefits. Some of these are discussed below:

High financing amount

To cover the cost of remodeling and construction work, a house-owner may face the need of substantial funds. Instead of spending the hard earned money, apply for a loan for renovation with trustworthy financial lenders.
NBFCs like Bajaj Finserv provide such loans amounting up to Rs. 25 lakh to the borrowers, subject to fulfillment of the required eligibility criteria.

Convenient tenor

The lending institutions provide the borrowers a flexible tenor according to the borrowers’ repayment capabilities.

So, based on his financial situation, a borrower can choose a tenor of 12 to 60 months.

Instant approval and quick disbursal

One can apply for personal loan, and get instant approval under 5 minutes. 
Moreover, borrowers do not need to wait for a week to get the loan amount in his account. Post verification, the borrower can get the loan disbursed within 24 hours.

Collateral-free loan

Home renovation loan is a collateral-free loan which allows the borrowers to go unsecured. So, being an unsecured personal loan, it ends the stress of putting valuable assets at stake.

Affordable interest rates

Lenders have the opportunity to enjoy affordable personal loan interest rates while opting for the house renovation loan.

Minimal paperwork

A home renovation loan entails minimum documentation with a smooth process of application. One needs to provide the following documents to get the loan sanctioned in real time:
 

KYC documents

 
  • Employer ID card in case of salaried individuals
  • Bank account history of prior 3 months
  • Salary slips of previous 2 months
  • Online account management
A consumer can apply for a home renovation loan online. Additionally, he can also keep a record and track all his expenses, anytime and anywhere with just a few clicks.

Moreover, borrowers can also calculate their EMIs with EMI calculator available online.
 

Transparent policies

Trustworthy lending institutions present transparent loan policies to their customers. This, in turn, helps the borrowers to plan their finance for renovation in a constructive way.

So, it can be said that opting for this financing option can land the borrower in a favorable situation. Another added advantage of house renovation loan is, it is very easy to qualify. One needs to meet the following Personal Loan eligibility criteria:
  • The applicant needs to age between 25 to 58 years.
  • He should be a salaried individual with an MNC or public sector.
  • Lastly, he must have Indian citizenship.
Albeit there are many good reasons to renovate one’s home, but spending every penny on home renovation ensures a return on investment. So, apart from enhancing the aesthetic outlook of the nest, renovation adds resale value to the property.

Therefore, with a house improvement loan, upgrade your nest with contemporary designs and facilities to have a comfortable life.
 

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