Apply Personal Loan For Home Renovation Now

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Home Renovation Loan 2021
Redecorating a home can be a challenging as well
as an exciting activity. Especially when it comes
to money management. Larger projects, such as
renovation, remodeling, and complete furnishing,
necessitate more money. But now all of these can
be achieved with a low-interest rate personal
loan for home renovation. Know More 
Home Renovation Loan
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Description

• Timely repair and maintenance of homes is a must
  to keep them in a good state. Every home demands
  painting, remodeling, change of electric
  fitting, and restoration. It protects the home
  from wear and tears that are caused due to rain,
  heat, cold, and other natural forces at play.  
• Home improvement might be a costly affair and can
  take a run on the savings. But home renovation
  loans are here to assist the user in times of
  need. It helps maintain the elegance and
  robustness of the property intact.
  With a Personal Loan for home renovation, one can
  help maintain the looks of the house without
  getting it heavy on pocket. 

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Top Banks/NBFCs/P2P lenders offering Home
Renovation Loan

• Home Renovation Loans are unsecured loans that a
  borrower avails of for repairs and restoration of
  the house. There are various lenders offering
  home renovation loans at affordable interest
  rates to individuals.

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Name of the Bank/NBFC Loan Amount Loan Tenure Interest Rate
BOB Rs 1 Crore for semi-urban areas Rs 5 Crore in other Metro Cities Rs 10 Crore for Mumbai Including the Moratorium Period, the maximum tenure is 30 years.  Base Rate 9
DHFL Up to Rs 30 lakhs 10 years 9.75 onwards
Kotak Mahindra 75 lakhs and above 15 years 10.99 onwards
ICICI Up to 20 lakhs -- 11.25
HDFC 75 lakhs and above 15 years 8.25 onwards
Canara Up to Rs 2 lakh 5 years 11.10
Bajaj Finserv Up to Rs 25 lakh 5 years 12.99
Tata Capital Up to Rs 25 lakh 6 years 9.60 onwards
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Home Renovation Loan Features and Benefits

• The flexibility of loan options allows us to make
  choices of availing it. Let us look at the
  features and benefits of the home renovation
  loan.
• Borrower does not have to do a lot of hassle in
  availing the home renovation loan
• The loan is offered to both existing and new
  customers of the bank
• There are options of availing loans at fixed and
  floating interest rates that are meant for taking
  easy loans.
• The lender may issue the entire amount of the
  loan or up to 90 of the loan amount to cover up
  the cost.
• A borrower need not be an existing customer of
  the bank to avail of the loan. Existing customers
  may enjoy added benefits. New customers get up to
  80-90 of the loan amount while existing
  customers may get the complete loan amount. 

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Home Renovation Loan Eligibility Criteria

• Different banks have different eligibility
  criteria to offer the loan
• Individuals applying for the loan should be
  minimum of 21 years of age. Maximum age is
  limited to retirement age.
• Borrowers can apply for the loan as an individual
  or jointly with other owners of the house being
  the co-applicants.
• Borrowers who are salaried or self-employed can
  apply for the loan.
• The loan can be applied individually or jointly
  with co-applicants
• Organizations also are eligible to apply for the
  loan
• Organizations applying for the loan should be
  profitable in the last few years
• The owners of the property will have to be
  co-applicants of the loan

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Home Renovation Loan Documents Required

• Passport-sized photograph
• Application form
• KYC of Identity Proof and Address Proof
• Latest Salary Statements and form 16
• Bank Statements covering last 6 months details
• Audited balance sheets and profit and loss
  statements
• Quotation from the architect on estimated costs
  of renovation and repair

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