Home renovation is an exciting task for everyone. Be it enhancing your interior or adding a new bathroom to your house, it is all about upgrading your place. However, the high cost may sometimes demotivate you. This is where personal loan home renovation comes to your rescue. You can get your house easily renovated without any hassle or doubt by choosing a personal loan for home renovation. This completely cuts down the excessive financial burden off your shoulder.
But, before applying for the personal loan for home renovation, ensure you meet the eligibility criteria. Some of the aspects that decide the applicant’s eligibility for a home loan for renovation are
Employment stability: A major aspect of a home loan is employment stability. If you work on a salary, you should be employed with the same employer for two years. And if you are an entrepreneur, you should have been running the business for five years.
Age: To be eligible to file for a home loan, one should be between 20 to 60 years old.
Credit score: Credit score plays a vital role when filing a home loan. A good credit rating applicant has higher chances of getting a flexible loan amount, affordable EMIs, lower interest rate, and loan tenure.
The employer’s reputation: If the employer is reputable and has a good turnover, the applicant’s credibility automatically increases.
Financial reputation: If the applicant has good financial stability, they stand a better chance of getting their home loan application approved.
Steps to apply for a personal loan for home renovation
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Follow the steps given below while submitting your application.
Fill out your details in the application form.
You should start the personal loan application process by filling out the application form. Add your personal information monetary and employment details accurately. To reach the next stage, you should add your PAN number, Aadhar card number, and passport details.
Choose the amount of the loan.
Enter the amount of loan you want along with repayment tenure suitable for you. The loan EMI calculator will help you choose the right loan amount tenure and decide on the monthly installments feasible for you.
Submit the needed documents
You have to submit verified documents when filing your home renovation loan application for approval. They will ensure that you meet the given eligibility criteria. The required documents include:
- KYC documents for ID proof and address
- Salary receipts or bank statements for income proof
- Employee ID if you are an employee
- Business proof for those who are self-employed.
Get your loan approved.
Usually, lending companies take 24 hours or 3 to 5 working days to decide on your home renovation loan with all the given documents. Once the loan is approved, the amount is disbursed within a day.
Advantages of a home renovation personal loan
You get a security-free loan
At EarlySalary, you can get a personal home renovation loan for up to INR 500,000 without collateral for the home renovation. Depending on your requirement and eligibility, the company will sanction your loan.
Quick application procedure
Usually, home improvement loans are easily applied online. It doesn’t take more than 15 minutes to submit your application, upload your documents and get them approved. Once approved, the funds are disbursed in the next 24 hours.
You can handle your extra expenses
It may get tough to keep track of your expenses when going for a home renovation. At best, you can get a contractor’s estimate for your renovation. However, sometimes the costs may surpass the quote. This is where a personal loan comes to your rescue and helps you combat the challenging financial situation.
Track your loan whenever you want
Most of the information on your loan can be observed and accessed online. You can acquire the login details and track your loan, EMIs paid, EMIs left to be paid, and other information.
A personal loan for a home renovation is one of the best steps you can take to give your home a makeover. Rather than spending your years of savings, you can consider the best financing options at your disposal. A personal loan for home improvement makes your house remodeling journey simple and convenient. Choose easy repayment methods and stay within your budget.