Features of a Home Improvement Loan
Here are the top features of the best home renovation loans.
Easy Eligibility
Add a Co-applicant
Available for All Homeowners
Attractive Interest Rate
Flexible Tenure
Fast Disbursal
Eligibility Criteria for a Personal Loan for Home Renovation
The different eligibility criteria that you need to fulfill to get a house renovation loan are as follows:
Age:
Borrowers should be at least 21 years to apply for a loan for renovation. At the end of the loan term, the applicant’s age cannot be more than 58 years.
Employment Type:
Both salaried and self-employed individuals can apply for a home loan for the renovation of a house.
Credit cibil Score:
A good credit cibil score of 750 or more is necessary to be eligible for a home loan for home renovation. However, Piramal Finance offers renovation loans to borrowers with low credit scores.
Income:
Your home renovation loan eligibility will also depend on your total income. The amount you earn annually will influence the amount that you will be able to borrow.
Documents Required for a Personal Loan for Home Renovation
Anyone obtaining a personal loan for home renovation or improvement must submit an application that has been properly filled out and signed, as well as two passport-size photos of themselves and the co-applicant. Additionally, you must submit the following paperwork:
KYC Documents (Anyone Proof of Identity)
1. Aadhar Card
2. Voter ID
3. Valid Driving License
4. PAN Card
5. Valid Passport
Proof of Residence (anyone)
1. Copy of water bill/ electricity bill/ telephone bill
2. Aadhar card
3. Valid passport
4. Voter ID card
5. Driving license
Proof of Income for Salaried Individuals
1. Salary slips or salary certificates for the past 1 month
2. Bank statements revealing salary credits for the last 3 months
3. Income Tax Returns and Form 16
Other Documents
1. Own contribution proof
2. Bank statements showing ongoing loan repayments for the last 6 months (if any)
3. Memorandum and articles of association of the company (for self-employed)
4. Appointment letter or employment contract if the applicant hasn’t completed one year of employment under their present employer.
5. Bank account statements for all the bank accounts in the name of the applicant.
Different Types of Personal Loans
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એફએક્યુ
You can use the funds from a home renovation loan to repair or extend your home. You can also use the funds to improve the appearance of your home by painting it, changing the flooring, and more.
You can prepay a personal loan for home renovations. At Piramal Finance, a prepayment facility is available so that we can either reduce your interest rate or loan tenure. When you acquire some extra funds, it’s always useful to prepay your personal loan. But remember to check the prepayment or foreclosure charges before availing of the facility.
You can always use an online EMI calculator to determine the EMI of a personal loan for home renovation. You will have to enter some basic details like the loan amount, interest rate, and tenure to determine your EMIs.
You will have to submit income proof documents while applying for a personal loan for home renovation.
At Piramal Finance, you can apply for unsecured personal loans for house renovation. Therefore, you don’t have to provide any collateral to acquire the funds.
At Piramal Finance, you can enjoy the loan balance transfer facility. The facility allows you to transfer your loan from your existing loan provider to Piramal Finance.
You can enjoy a tax exemption of up to Rs 30,000 per annum on a house renovation loan.
You can use the funds from a personal loan for a huge variety of purposes. Repairing your home with the funds from a personal loan is possible.
You can add your spouse as a co-applicant on your personal loan application.
Piramal Finance allows borrowers with poor credit scores to borrow funds.
