Here 6 Steps Guide To Avail Home Renovation Loans - Loan Trivia


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Tuesday 8 November 2022

Here 6 Steps Guide To Avail Home Renovation Loans

Applying for a renovation loan can be completed within 72 hours, if not sooner. You just need to take a few basic documents to the nearest bank branch. Alternatively, you can contact their customer service team overseeing Home Renovation Loans to get started. If you visit the branch, complete the loan application form and submit the required documents. 

After completing the application, you need to pay the non-refundable fee, including GST and login fees. Experts will review the application, and then the application will be processed after the fee has been paid. A typical percentage of Home Renovation Loans amount is 0.75%. After you have been approved for a loan, your construction or renovation project will be disbursed. Here are some good reasons to consider a home loan: 

  1. Building a new home on a recently acquired plot of land 
  2. Buying or selling a flat
  3. A ready-built house can be purchased

An online personal loan or an app offering personal loans offered by RBI-verified lenders are the best ways to get a home renovation loan. An excellent advantage is that you need not pledge any assets as collateral for a loan. Loan amounts of up to INR 25 lakhs may be available from certain lenders, with repayment terms up to 60 months. Based on your income, credit score, current financial obligations, etc., you may be able to get the funds you need for personal loan rates of interest as low as 11.99% per annum. In order to apply for a personal loan, you will need:

Meet the eligibility criteria: 

Your lender will have eligibility criteria that you must meet. The lender may require you to show proof of a minimum monthly income and be at least 21 years old. Additionally, lenders usually require applicants to have a CIBIL score of at least 750 to qualify for a personal loan. 

Prepare the required documents: 

To apply for a personal loan, ensure you submit the required documents after meeting the requirements. You will need KYC and income documents, such as a salary slip, bank statement, ITR, or Form 16.

There are eligibility criteria:

  1. Between the ages of 23 and 55.
  2. A score of 750 on CIBIL.
  3. Worked for a public/private company or a multinational corporation.

You must also submit the following documents -

  1. Two months' worth of salary slips.
  2. A statement of your bank account.
  3. KYC documents.

Dispersal is fast, but there are conditions.

You may have difficulty making payments if you apply after you begin work. However, applying too early won't hurt you. Repayment of home improvement loans usually happens quickly. Repayment usually takes about 3-5 days in most cases. Make sure the bank you choose has a team of legal and technical experts to guide you or use a Personal loan EMI calculator online to know the amount. 

You should be able to get all your questions answered immediately on the lowest rate personal loan. If not, the process will be sped up even further. In addition, most lenders require contractors to complete the renovation process within a year of obtaining the loan. So, if you take out a loan too early, you don't have as much time left to complete the work.

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