What is a Personal Loan for Home Renovation?

Personal loan is an easily available loan product in India. This unsecured type of loan is offered by various banks and NBFCs at attractive interest rates. The personal loan borrower does not require disclosing the reason to the lender as to why he/she is taking the loan.

Many people in India take a personal loan for home renovation. Home renovation is where one redecorates his/her home. Be it a room or the whole house, renovation gives a fresh look to your property. But renovating a home is not easy. It requires a lot of planning, patience and money. If the renovation goes wrong, you can’t change it immediately as it takes a lot of money. A personal loan helps you to pay for all the expensive bills of your home renovation.

You can add new furniture, paint the house, buy high-end electronic equipments or bring in new decorative pieces for your house in the renovation process. The material and labor costs in home renovation are often high. You can pay for them by taking a quick personal loan for home renovation. The personal loan for home renovation starts from merely Rs. 1 lakh. The loan is approved by a bank or NBFC as per the loan applicant’s financial history, credit score and ability to pay it back. The personal loan for home renovation is approved in 3* working days after submitting all the right documents and 1* working day for disbursal.

What are the eligibility criteria to avail a Personal Loan for Home Renovation?

This is the eligibility criteria required by the banks/NBFC to approve a personal loan for Home Renovation:

Particulars Salaried Borrowers Self-Employed Borrowers
Age 21 years to 60 years 23 years to 60 years Income
Income Rs. 15,000* (Rs. 20,000 in metros) Turnover of minimum Rs. 24,00,000* (differs for professional and non-professional)
Minimum Loan Amount Approved Rs. 75,000* Rs. 75,000 to Rs. 3,00,000*
Maximum Loan Amount Approved Rs. 15,00,000* Rs. 15,00,000 to 20,00,000*
Loan Tenure 12-72 months 12-48 months

*The eligibility criteria differ from lender to lender. The above details are generic, not specific.

What are the documents required to avail Personal Loan for Home Renovation?

Particulars Salaried Borrowers Self-Employed Borrowers
Identity Proof Passport, Driving License, Voters ID or PAN Card Passport, Driving License, Voters ID or PAN Card
Address Proof Passport or utility bills Passport or utility bills
Bank Statement Rs. 75,000* Rs. 75,000 to Rs. 3,00,000*
Maximum Loan Amount Approved Latest 3 months of Salary Account Last 6 months
Additional Documents Salary slips for last 3 months Proof of highest professional degree
2 year employment continuity document Latest Income Tax Return Balance sheet
Profit and Loss for last 3 years certified by CA

*The list of documents differs from lender to lender. The above given list is generic, not specific.

How can you repay the Personal Loan for Home Renovation?

You can easily pay back your personal loan for home renovation by opting for EMI (equated monthly installment). Banks and NBFCs charge a minimum fees if you miss an EMI or opt for pre-payment of the personal loan for home renovation



How to Apply For a Personal Loan for Home Renovation?


Applying for a personal loan for Home Renovation on Ruloans involves few easy steps:


STEP 1

Go to the Personal Loan for Home Renovation page on our website and click on Apply Here button

STEP 2

Fill out the initial personal and financial information. Once completed, our loan calculator checks your eligibility with its highly efficient algorithm.

STEP 3

Our loan calculator presents you a list required document, processing fees, interest rates etc.

STRP 4

Our loan calculator presents you a list required document, processing fees, interest rates etc.

STEP 5

Your application will be sent electronically to the bank you selected. You will be informed about the status of your application via SMS, email or you can track it via website too.

FAQ's

A. You pay the loan via EMI i.e. equated monthly installments.
A. It is not mandatory to apply for a bank account before taking a loan from it. But if you have an account with the bank, you become eligible for a relationship discount. Some banks also provide you additional services along with relationship discount.
A: Yes, you can track your application via SMS and email. We also provide the facility to track your application on our website via login menu.
A. For your loan-related queries, you can call our representative on 1800 2667576 or mail us at support@ruloans.com

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