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A home is a reflection of your personality and style. With time, your home needs constant repairs and upgrade to suit the changing lifestyle. You add new amenities to get the desired looks and make it appear classy and modern. However, renovating a home is costly and can prove to be a significant drag on savings. Home renovation loans can help you to overcome this financial problem.

What is a home renovation loan?

The home renovation includes all significant types of repair and maintenance work, new furniture, carpentry work, electronic security systems, new wallpaper, electrical fittings, the list is endless. These are all-inclusive in the renovation of a home and are heavy on pocket. Thus, a home renovation loan comes to your rescue and allows you to carry out the desired work without worrying about expenses.

Home renovation loans are the unsecured form of credit finance extended to eligible candidates by financial institutions. The funds provided at affordable interest rates are paid back in EMIs in a specified tenure, helping a borrower not to stretch his finances.

Is a home renovation loan available through personal loan apps?

Home renovation loans are provided by all financial institutions such as Banks(both private and public), NBFCs, and fin-tech companies. The traditional financial institutions are slow in processing and sanctioning the loans; moreover, the eligibility criteria are stringent there. However, personal loan apps(fin-techs) are new-revelation.

The personal loan apps are digital platforms that can be loaded on your smartphones for free from Google Play store. These apps digitally scrutinize the applications, verify the eligibility documents(KYC), and extend the loans quickly. Thus personal loan apps have become a modern and popular choice for borrowers today.

What are the features and benefits of home renovation loans?

• A hassle-free application process with minimum documentation is required to avail of the loan.
• The loans are available at competitive interest rates.
• Quick verification and disbursal of funds.
• Affordable EMIs after calculating the best EMI option through the EMI calculator.

What are the eligibility criteria for the home renovation loan?

• The minimum age of the applicant must be above 21 years, and the maximum is 65 years.
• A good credit score (above 750) is preferable by lenders.
• The applicant must be an Indian resident.
• Stable income source for the applicant.

What are the documents required to avail of the home renovation loan?

v Identity proof - Aadhar card, PAN card, Voter ID, Passport, Driving license

v Address proof - Utility bills(telephone, water, electricity bills), Ration card, Aadhar card

v Photos -Two passport size photos

v Income proof - Bank statements for the last three months.

What are the other means to finance home renovation?

Apart from home renovation loans from personal loan apps or other such institutions, different ways are:

• Borrowing from friends and family to undertake the repairs and maintenance of your house
• Line of credit facility from financial institutions
• Home equity loans where the lump-sum amount is sanctioned to eligible customers by banks
• Credit cards to finance the renovation work carried out in your home.

Your home is your sanctuary, which must be comfortable to meet your aspirations. It requires money to make it apt to your liking. The home renovation loans from personal loan apps help you to garner funds that can be utilized on a variety of purposes, thus making home a true dream house of yours.

Mumbaikar, MBA Student, Traveler, Foodie, & all I need is Coffee and Mascara.