Personal Loan for Home Renovation
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A home renovation loan is available to individuals willing to refurbish or improve their homes. Individuals can also apply for a personal loan for house renovation because the funds from a personal loan can be flexibly used for any purpose. The funds from home renovation financing can be used for a variety of purposes, including painting, remodeling, flooring, repairs, extension, and more.
Features of a Home Improvement Loan
Here are the top features of the best home renovation loans.
Easy Eligibility
Applying for a new home renovation loan is quite easy. You only need to fill up a simple application form and provide some basic documents. Even if you were unable to submit formal income proof documents, Piramal Finance will assess your income to determine the amount you can borrow.
Add a Co-applicant
You can add a co-applicant to increase your eligibility for a renovation loan. Your spouse can be your co-applicant. Clubbing your and your spouse’s income will ensure that you become eligible for a higher loan amount.
Available for All Homeowners
A house improvement loan is available for salaried as well as self-employed individuals. Salaried employees working in the government, as well as the corporate sector, can apply for a personal loan for house renovation.
Attractive Interest Rate
A house renovation loan interest rate is quite affordable. It ensures that you can easily pay your EMIs without creating a huge strain on your pocket. However, Piramal Finance offers an interest rate starting at 12.99%* pa.
Flexible Tenure
Apart from attractive home renovation loan rates, you will also get a flexible tenure for repayment. You can get up to 60 months to repay a personal loan taken for the purpose of home renovation.
Fast Disbursal
When you apply for a house improvement loan, you don’t have to wait too long to receive the funds. Usually, you will get the funds within 48 hours of your loan application getting approved.
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
- 1. Aadhar Card
- 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
- 1. Copy of water bill/ electricity bill/ telephone bill
- 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
- 1. Salary slips or salary certificates for the past 1 month
- 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.
- 1. Own contribution proof
Apply for a Personal Loan for Home Renovation from Piramal Finance
Renovating your home can be a huge expense, and you might be in need of emergency funds. You can always apply for a personal loan from Piramal Finance and use the funds for renovating your home. With minimal documentation, attractive interest rates, and flexible tenure, Piramal Finance is the best loan provider for you. Apply today!
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