A home is no more considered just a roof over your head but is also the pride of its dwellers. A home reflects the aesthetics and taste of the homeowners. It provides a sense of security and safety to the family. The journey to having a beautiful home does not end with simply buying a house. It goes beyond it. Your home would require maintenance and renovation from time to time. However, you may not have the required funds readily available every time you need to upgrade your house.
You do not need to wait to save money to renovate your home. And can opt for a home renovation loan for the repairs your home requires. This is a personal loan for home renovation that you can use for home improvements and upgrades.
Why A Home Renovation Loan is Necessary?
A personal loan for home renovation helps you bring necessary and aesthetic changes and carry out maintenance work in your house to make it a modern and comfortable place for your family. Home renovation loans are different from home loans. A home loan allows the borrower to buy a residential property while a home renovation loan allows him to renovate it.
These offer several advantages to customers. You can use a personal loan checker on the website of the lender of your choice and calculate the monthly installments. You will have to pay your desired loan amount.
Five Reasons why the Majority of the population opts for home renovation loans
- Lower interest rates: The interest rate decides the cost of the loan for a customer. And home renovation loans come with a reasonable interest rate. With lenders like Fullerton India, you can get this for as low as 11.99% per annum. It makes home renovation loans affordable for everyone.
- Instant online approval: Traditionally, loan approval was a time-taking procedure. Loan applicants had to stand in long queues and visit the lender’s office multiple times to get their loan application approved. Fullerton India understands how it can be exhausting and frustrating for customers to wait for days to get their loan applications approved. Thus, they offer the facility of instant loan approval when the customer checks his eligibility and uploads his documents online.
- Quick disbursals: Money is of value when you get it at the right time. Your home may be in urgent need of repair. You may not have time to wait for days or weeks to get your desired loan amount. A home renovation loan from Fullerton India takes care of this. Once your loan application gets approved, you can get the money in your bank account after just 72 hours.
- Sufficient loan amount: Your house is your most prized possession and you would not want to leave any stone unturned when decorating and renovating it. Fullerton India offers home renovation personal loans up to Rs. 25 lakhs which is a sufficient amount to luxuriously refurbish your dream home. Moreover, there is no rush to return the loan amount. There is a long tenure of five years to repay the loan at easy repayment terms.
- Collateral-free loan: A personal loan for a home renovation is a collateral-free loan.You do not have to deposit any asset with the lender to get a loan. Thus, you are free from the worry of keeping your precious home as a security with the lender.
Eligibility Criteria for a Personal Loan for Home Renovation
It is crucial to know the eligibility criteria of a loan before applying for it. It saves your loan application from getting rejected by lenders who put a dent in your credit history. Personal loan eligibility criteria for home renovation are easy-to-meet and hassle-free.
- A home improvement loan is available to Indian resident citizens between the age of 21 and 60.
- The monthly earnings of a Delhi or Mumbai resident should be at least Rs.25,000 per month. And for any other city, it should be at least Rs.20,000 per month.
- A decent credit score is a must to get this type of loan. Usually, lenders expect a CIBIL score of 750 or above to offer a low-interest loan to the loan applicant.
A home renovation loan can take care of your home repair and renovation costs. You can use the personal loan checker on the website of different lenders. Find out the best home renovating loan option for you.