A Personal Loan for Home Renovation, simply known as Home Renovation Loan, gives the financial assistance you require to keep your prized possession up to date with your lifestyle. You receive the financial assistance required to ensure your expansion, renovation, and repair of a home. It will help you create a beautiful place for yourself, your spouse, your children, and your parents.
Eligibility Criteria for Home Renovation Loan:
The following are the Personal Loan eligibility criteria:
- You should be between 21 to 58 years.
- You should be a salaried employee
- Your credit score should be 630 or higher
- Other considerations include a monthly salary (Rs 20,000 or more), debt-to-income (DTI) ratio, etc., which are examined in establishing eligibility.
Important documents needed when applying for a Home Renovation Loan:
To apply for a personal loan for Home Renovation, you can visit the Clix Capital website and apply online. You should have the following documents ready with you.
- Identity proof
- Address Proof
- Income proof (salary slip or Form 16)
- Passport size photograph
Duration of a home improvement loan:
The loan term can range from 12-48 months, depending on the lending institution from whom you wish to obtain the Home Renovation Loan.Â
Advantages of obtaining a Home Renovation Loan:
Budget-friendly:
Contrary to common assumptions, a Home improvement Loan comes with competitive interest rates, making it affordable for salaried professionals.
Adaptability:
The borrowed funds can be utilized for a variety of home renovation tasks, likeÂ
repairs, extending a portion of the house, flooring replacement, painting, and other such services.
The loan can be utilized for any project involving the structure of your current house.
Advantages of Home Improvement Loans:
- You can apply for a Home Renovation Loan online and get it approved instantly.
- A home Renovation Loan is unsecured, so you do not need to provide collateral.Â
- You can get a loan amount of up to Rs 10 Lakh.
- You require minimum documentation for applying online.
Disadvantages of Home Renovation Loans:
You may have to pay a higher interest rate if your credit score is low and your loan application will get rejected if you do not meet a lending institution’s eligibility criteria.
Traditional financial institutions may require you to pledge collateral.
You may have to submit specific documents related to your home renovation if applying for the loan offline.
Conclusion:
You can now get a Home Renovation Loan instantly when you apply online with online lending institutions like Clix Capital. A home renovation loan, in which the property is used as collateral against the borrowed amount, is an option. However, if you fulfill the eligibility criteria, you can go for an unsecured loan, which does not require security.
Author Bio
Amaira Sharma
Amaira Sharma is a finance expert and former business growth strategist who has more than 8+ years of experience in the industry, now she helps others to get better financial stability and standards. She loves to write useful tips on personal finance and businesses.Â
