Home Renovation Personal Loan

All About Home Renovation Personal Loan

Home Renovation Personal Loan:

You can get a personal loan to fulfill any of your personal needs, it can be a home renovation. Nobody does home renovation daily. So everybody wants to renovate their home properly once. The process can be quite expensive. Your savings can appear less for this process, so there is no need to worry about it. You can get a personal loan to renovate your dream home.

Features of Home Renovation Personal Loan:

1. Personal loan for home renovation starts at an easy rate of 8.5% per annum.
2. You can get the amount of loan more than Rs. 1 Lakh.
3. The tenure of the loan can be 1 year to 10 years. You can easily return your loan.
4. Besides that one advantage is that there is no pre-payment fee. If you want to close your loan before the tenure you can.
5. One more important advantage is that the documentation for this loan is very less. This loan doesn’t require complex documentation.
6. It is important to note that you will get a tax deduction if you get a personal loan for home renovation. This can save your Rs. 30000 under section 24(B).

Eligibility Criteria for Home Renovation Personal Loan:

1. Your minimum age should be 24 years.
2. Your maximum age should be 65 years.
3. Your minimum salary should be Rs. 25000 per month.
4. If the applicant is salaried she/he should be doing the job for the last six months and she/he should have experience of 2 years minimum.
5. Self-employed people need to show the ITR (income tax report) of the minimum last three years. It should be more than Rs. 3 Lakhs at least.

Click here to more about personal loan eligibility criteria.

Documentation for Home Renovation Personal Loan:

1. The applicant should have to know your customer documents.
2. Applicant’s ID proof. ( it can be Aadhar Card, PAN Card, Passport, or driving license )
3. Applicant’s residence proof.
4. Passport size photos.
5. Income proof.
6. For self-employed applicant’s proof of their business is required including ITR of the last three years.

Special Note: An individual must examine the whole EMI amount payable to the lender with the Personal loan EMI calculator.