Know How You Can Avail Home Improvement Loans Quickly

 

While a home loan provides financial assistance to construct or purchase a house, it does not cover the expenses that go towards maintaining it. Every house requires periodic maintenance to restore its health and style. The years-long exposure to natural occurrences like rain, storms, wear and tear makes the construction weak. Hence, it becomes imperative for homeowners to refurbish their homes with repairing, new paints, and remodelling from time to time. 

However, improving or renovating a home is a costly affair due to the increasing cost of material and labour. In such situations, home improvement loans prove to be a life-saviour. Using the funds, individuals can perform any renovation work without stressing their budget. 

Nevertheless, individuals need to know about home improvement loans and its application process before settling for this credit option. 

How to apply for a home improvement loan? 

Almost all financial institutions offer home renovation loan, which is a personal loan. Thus, to avail the loan, individuals have to follow a personal loan application process by and large. 

Following are some of the factors that individuals need to know to avail home improvement loans. 

1. Check eligibility 

The criteria for this credit are the same as personal loan eligibility. For instance, borrowers need to have a credit score of 750 and above to get the funds. Since this loan is unsecured, lenders become extra cautious while disbursing the amount. 

2. Fill up the application form 

Most lenders need prospective borrowers to fill up an online application form where they need to mention their personal details to get verified for the funds. 

Thus, this can be considered as the first step to plan your home renovation in 3 quick steps. 

3. Document submission 

Individuals need to submit all relevant papers like personal, professional, and financial documents to prove their credibility. It includes: 

• KYC documents

• Borrower’s passport-sized photographs

• Bank account details of the last 3 months

• Salary Slips of the last 2 months. 

Look for an exclusive loan offer 

Select financial institutions like Bajaj Finserv that offer Personal Loan for home improvement of up to Rs.25 lakh at competitive interest rates. 

The NBFC also extends pre-approved offers that make the entire loan processing hassle-free and quick. Such offers are available on various financial products like personal loans, business loans, credit cards and several others. You can check your pre-approved personal loan offer with your name and contact number. 

4. Loan approval and disbursal 

After the document verification is done, borrowers can ensure the approval for home renovation loans. 

Moreover, a lender determines home improvement loan interest rate based on the eligibility and documentation. 

Besides knowing about the steps to avail home improvement loans, individuals also need to know about the benefits of this credit. 

Benefits of a home improvement loan

Some of the advantages of availing this fund are listed below: 

• Individuals get better flexibility to use the funds. They can utilize the loan to make any changes to their house, from extending a balcony to purchasing furniture. 

• The loan approval and disbursal take minimal time. Thus, borrowers can get the funds immediately. 

• This loan comes with a flexible tenure of up to 60 months. Therefore, borrowers can get enough time to repay their loan flexibly. 

Thus, with home improvement loans, individuals can finance the renovation for their homes without dipping their savings. Along with that, you should also understand the costs to consider while planning a home renovation.