How you keep your home is considered as a reflection of your personality. Hence, remodeling it and giving it a new lease of life is a nice way to make it a comfortable place for your family.
But then, going for a home renovation also requires significant funds, and you can use the house renovation loan to get the job done.
Yes, a Home renovation loan can let you access up to Rs.25 lakh from leading lenders that you can easily repay over a period of 12 and 60 months.
Nowadays, you don’t need to wait for funds to transform your home. If you have a strong CIBIL Score, employment and repayment history, then lenders can sanction a loan quickly. If you want to know more about some reasons to undertake home renovation using the house renovation loan, then here is a post to go through.
1.Easy Qualification Criterion
The home renovation loan eligibility and documents that you need to furnish are simple. To qualify for the loan, you need to be aged 23-55 years and must be a residing citizen of India. Along with this, you also need to be a residing Indian citizen and a salaried individual working for an MNC, public or a private company. When it comes to required documents, you need to furnish KYC documents, employee ID Card, last 2 month’s Salary Slips and Salaried bank account statement for the last 3 months.2.
Higher Loan Amount
Undertaking home furnishing requires a large sum of money and lenders are aware of it. As a result, they let you access an amount as higher as up to Rs.25 lakh to manage all expenses. The final amount that you can get depends on your meeting the lender’s eligibility criteria along with your creditworthiness. While renovating your house you must think about to install a new water purifier and replace the old one so that you can get more purified water which makes everyone healthy.
3.Instant Loan Approval And Faster Disbursal
After you submit your loan application and furnish documents, you can get instant loan approval within minutes. What’s more, once you have the loan approval, it won’t take more than 24 hours to access the desired loan amount into your bank account.
4.Flexi Borrowing Feature
When you apply for the house renovation loan, you can save up to 45% on your EMI payments. Yes, you can utilize a portion of the sanctioned loan limit and pay only the interest as EMI on it. The remaining amount gets adjusted after the end of the loan tenor. This way, you can easily handle how you would like to use your allotted money.
Once you have availed the housing loan facility, you don’t need to stress about repaying it sooner and hurting your monthly outlay. Yes, most of the known lenders let you repay the loan over a flexible tenor of 12 and 60 months. You can opt for a suitable tenor matching your repayment capacity and pay off the loan without issues.
With the facility of housing renovation loans available these days online, you can apply for it on a lender’s website and save your precious time. You can also compare multiple offers on a third-party and apply for the one that best suits the needs.
Bajaj Finserv offers pre-approved deals on many financial products such as home loans, EMI finance, personal loans, loan against property and more. The purpose of such offers is to make your loan processing simpler and less time-consuming.
You can submit your basic details such as your name and contact number to check out your pre-approved loan offers right away.