Are you willing to give a new lease of life to your home but facing a shortage of money? If yes, then you don’t have to worry about liquidating your assets and savings.
It is because it is possible to apply for the home renovation loan with a known lender and cover your needs accordingly.
If you are eligible, you may get a large amount and can cover the expenses of home renovation without issues.
Read on and know more about the home renovation loan in this post!
What is the home renovation loan?
The home renovation loan is an extension of the personal loan designed to help you meet the expenses of home renovation. This way, from bathroom fittings to electrical modifications to repairs and more, everything can be taken care of. Based on your creditworthiness, you can get up to Rs.25 lakh over a flexible tenor.
What benefits the home renovation loan offer?
- A significant loan amount
The best thing when you apply for personal loan for a home renovation is that you can get a large amount. The amount could be as high as up to Rs.25 lakh depending on your lender and eligibility. You are free to use the loan money for anything as per your needs. You can also enjoy a lower personal loan interest rate if your CIBIL score is higher.
- Quick approvals
If you can meet the lender’s eligibility and submit the required documents, you can get instant loan approvals. Most leading lenders in India don’t take much time to process the loan application.
- Money in your bank account within 24 hours
After you have got the loan approval, modern-day creditors don’t take much time to disburse the loan amount. You may get the approved loan money into your bank account within 24 hours.
- Easy eligibility norms and documents
The eligibility conditions and documents needed are not complex. If you are aged under 23-55, a resident Indian citizen and employed with an MNC, Public or Private Company, you can get loan approval. You also need to submit your KYC documents, Employee ID card, last 2 months’ salary slips and previous 3 months’ salaried bank account statements. These are standard personal loan eligibility and documents, and they may vary from loan providers to loan providers.
- Flexible repayment tenor
After availing of the loan, you don’t need to worry and make large EMI payments. It is because you can spread the loan amount over a tenor of up to 60 months. This way, you can plan your finances well in advance and avoid all outlays issues.
Applying for a home improvement loan is also easier. You can land on the lender’s website and fill the online form with your basic details and the required amount.
The representative of the lender will contact you to collect documents from your doorsteps. You can get the sanctioned loan amount into your bank account within 24 hours if everything is sound.
If you want to undertake some repairs and modifications in your home, you can rely on the home renovation loan and apply for it online.
This way, you can stay safe in your home during COVID-19 and still get funds for your needs without hassles.
Bajaj Finserv presents you with pre-approved offers on personal loans, home loans and more. It is to simplify the processing of the loan.
You can check out your pre-approved loan offers today after sharing your basic details like your name and mobile number.
