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Documents Required for a Personal Loan for Home Renovation
Leaking roof? Stained walls? Old kitchen? It’s time for renovating your home. Fix all your worries with the all-in-one Personal Loan. But, before you apply, you must know which documents to submit to avoid last minute surprises. This blog lists the documents required for a Personal Loan for home renovation, eligibility criteria, uses of this loan and its benefits. Read on!
Here are the documents required for a Personal Loan for home renovation:
1. Identity Proof
2. Address Proof
3. Income Docuements
4. Financial Documents
5. Employment Proof
Different lender assess applications based on different eligibility criteria. Here are 5 common Personal Loan eligibility criteria mentioned below:
Your age must be at least 22 years old at the time of loan application and a maximum of 57 years old.
You must be a citizen of India.
Having a full time job at Central Govt, PSU, MNC, Listed, Unlisted Public Ltd, Pvt Ltd, LLP is a must.
At least 1 year of job experience and 1 month of stable employment at the current job is required.
Monthly net take home salary of at least Rs.30,000.
Also Read - How Personal Loan Can Be Used For Home Renovation or Office Interior?
With a Personal Loan, you can cover the cost of the following renovations:
1. Kitchen Renovation
Updating or overhauling your kitching is one of the most popular renovations. This can include the new countertops, cabinets, appliances, flooring, and lighting, etc.
2. Bathroom Renovation
Bathroom renovations can include installing new fixtures, tiling, showers, tubs, and even expanding the bathroom space.
3. Roof Repair and Replacement
Roof improvements are critical as they protect the home from weather-related damage. With the help of a Personal Loan you can manage the high cost of repairing and replacing the roof to be prepared for any weather.
4. Flooring Updates
Flooring involves replacing old carpets or installing hardwood, laminate, or tile flooring can enhance the look and feel of your home.
5. Painting and Wall Treatment
Giving your home a fresh coat of paint or new wallpaper can make a huge difference in the aesthetic and is often one of the more budget-friendly home renovations.
Here are 5 reasons why you should take a Personal Loan for home renovation:
A Personal Loan does not have any restrictions on the end-use. You can use the funds for any purpose, like purchasing renovation/decoration materials, paying the labour charges, hiring the best interior designer, etc.
When you apply for a Personal Loan for home renovation, you need not worry about dealing with a lot of paperwork. You only need to submit a few basic documents, which makes the borrowing experience hassle-free.
You can apply for a Personal Loan for home renovation online and get instant approval and disbursal. This ensures that you don’t have to wait long to carry out the renovation work you plan to do.
When you apply for a Personal Loan for home renovation, it allows you to choose the repayment tenure from 12 months to 60 months. This allows you to repay the amount comfortably with affordable EMIs (equated monthly instalments).
You can get a Personal Loan for home renovation at competitive interest rates starting from 9.99% p.a. This ensures that the EMI is affordable and makes repayment easy.
You can apply for a home renovation loan by following these three simple steps:
On successful verification, the loan amount will be disbursed into your bank account instantly.
Also Read - What are Benefits of having Personal Loan for Home Improvement?
Using a Personal Loan for the home renovation is a wise financial decision. It gives you the flexibility to use the funds to cover all your home renovation needs, such as kitchen renovation, roof repairs, bathroom renovation and more. Get the funds at attractive interest rates and repay the amount in easy instalments. However, you must have a good credit score to improve your chances of approval.
If you need quick funds from a trusted lender, consider a Personal Loan for home renovation from Poonawalla Fincorp. Get up to Rs.30 Lakh with minimal documentation and quick approval. So, what are you waiting for? Apply now!
We take utmost care to provide information based on internal data and reliable sources. However, this article and associated web pages provide generic information for reference purposes only. Readers must make an informed decision by reviewing the products offered and the terms and conditions. Personal Loan disbursal is at the sole discretion of Poonawalla Fincorp.
*Terms and Conditions apply
Our team of expert writers and editors are passionate about providing authentic and valuable information on finance. Our aim is to simplify financial and finance-related concepts. We strive to help our readers become more aware and empowered to make informed financial decisions.
Are you planning to smartly remodel your kitchen this year? If yes, then don compromise on the quality of innovation. Instead, apply for a home renovation Personal Loan for the kitchen.
And since personal loans are collateral-free loans, lenders won’t ask you for security or guarantor. It means that you are not required to put any of your personal or professional assets on the line to qualify for financing.
A personal loan is an effective option to meet your immediate and unplanned financial needs. Whether it’s something planned like a wedding or remodeling a kitchen, or a contingency like a medical emergency,
Your home is not just a place to live, its a reflection of your style, comfort, and personality. Over time, as your family grows and lifestyles change, your home may require updates and renovations to keep it in line with your evolving needs and preferences. Whether its expanding your kitchen, remodelling bathroom, or giving your entire home a facelift, home improvement projects can be exciting but often come with a hefty price tag. This is where House Renovation Loans come into play, providing you with the financial support you need for home renovation
Your home is not just a roof over your head. Its the place where you live with your loved ones and spend the maximum time of your life. It is also a reflection of your social status, pride, personality, and accomplishment.
