Just like we take care of our bodies, we have to care for our homes. Many times, people feel the need for renovating their houses for better results. However, home renovation requires some funds, and we may not have it always. Instead of postponing the home renovation, we can opt for a personal loan in India. One can apply for an instant loan online in India and start the home renovation process. Online home renovation loan in India is best for people looking for urgent funds. Read on to know the process to acquire an online personal loan for home renovation in India.
Understanding Home Renovation Loans
A home renovation loan is a personal loan offered to the needy. Since a home renovation loan is a personal loan, no security or collateral is required. However, there are some eligibility requirements for home renovation loan applicants. Similar to other personal loans, one has to repay the home renovation loan amount in a fixed tenure. However, one can convert their home renovation loan into payable EMIs at fixed intervals. In addition, people who have taken a home renovation loan also have to pay the lender’s interest charges at fixed intervals.
Lenders look at several things before offering a home renovation loan. Since the lender isn’t taking any collateral for a home renovation loan, it needs assurance from the debtor. Therefore, lenders have to check the risk factor associated with the applicant before offering a home renovation loan. To analyse the credit risk, lenders check the repayment capacity, employment stability, and past credit history of the applicant. Home renovation loans are also offered by physical banks in India. However, people prefer online personal loans in India for added convenience.
The Process to Get a Home Renovation Loan Online in India
The process of acquiring a home renovation loan in India depends on the lender. The general process to acquire a home renovation loan online in India is as follows:
- Choose a reliable digital platform that offers home renovation loans to people. Then, find the personal loan home renovation application and fill out all the details.
- Once the home renovation loan application is approved, you need to complete the KYC verification. For KYC verification, the lender can ask ID and address proof from the debtor/applicant.
- The home renovation loan limit will be approved by the lender. Applicants will have to choose their loan amount and the repayment structure online. With a reliable digital lending platform, applicants are free to choose the time required to repay the loan. The EMI amount and interest rate will be adjusted according to the personal loan repayment tenure.
- Once all the above processes are complete, the home renovation loan amount is disbursed in the applicant’s bank account. The applicant is free to use the home renovation loan amount wherever it seems fit.
Meet the Eligibility Requirement for a Home Renovation Loan
As said above, lenders need to secure themselves before offering a home renovation loan. To minimise the credit risk, lenders have several eligibility requirements for a home renovation loan. The eligibility criteria for a home renovation loan will change from one lender to another in India. The general eligibility rule for an online home renovation loan in India are as follows:
- Most lenders have an age cap for offering home renovation loans online. Usually, lenders offer home renovation loans to applicants between 21 and 55 years of age.
- To minimise the credit risks, most lenders offer home renovation loans to salaried applicants. Usually, the minimum monthly salary required for getting a home renovation loan online is INR 18,000.
- Applicants need to be a citizen of India to get a home renovation loan online via a digital lending platform.
Get the Required Documents and Apply for a Home Renovation Loan
For getting a home renovation loan online, you need to submit several documents. Lenders can ask for documents like the PAN card, salary slips, Aadhar Card, and bank account statements for offering a home renovation loan. You don’t have to stand in queues at a physical bank to submit these documents. With a digital lending platform, you can submit your documents online and get a home renovation loan. Apply for a personal loan home renovation now
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