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Documents Required for a Successful Home Renovation Loan Application

December 19, 2023 • 351 views

Your home is your haven. It is a space where you feel the most relaxed and safest. But even your most cherished space in the world may need a little makeover, like a fresh coat of paint, redoing the décor, or upgrading your kitchen. When you plan these home renovation projects, you might realise that turning your ideas into reality requires significant financial support. This is where a Personal Loan comes into the picture.

A Personal Loan is an excellent financial tool that bridges the gap between your vision for the home renovation and its execution. It helps you get the desired funds and transform your home renovation dreams into a reality. In this guide, we discuss the documents required to get the Personal Loan for home renovation approved and the benefits of taking this loan.

Documents Required for Getting a Personal Loan for Home Renovation

Like any other loan, getting a Personal Loan for home renovation requires you to submit a few basic documents. Here is a complete checklist:

  • Identity Proof: PAN and Aadhaar card. 
  • Address Proof: Utility bills, rental agreement, or passport.
  • Income Proof: You must have a minimum monthly net income of Rs. 30,000. Submit recent salary slips and bank statements for the last three months as proof of your income. 
  • Employment Proof: The ID card issued by the employer or official email ID. 

Also Read - How Personal Loan Can Be Used For Home Renovation or Office Interior?

Why Take a Personal Loan for Home Renovation?

A Personal Loan is an unsecured loan, which means you need not provide any collateral against the amount you borrow. This makes it easier for all to get the loan. Apart from this, there are many other benefits of taking a Personal Loan for home renovation, which are discussed below:

No Restrictions on the End Usage

Unlike some types of secured loans designed for specific purposes, Personal Loan does not have such restrictions. You can use the funds for any purpose, like purchasing renovation/decoration materials, paying the labour charges, hiring the best interior designer, etc. 

Simple Documentation

When you apply for a Personal Loan for home renovation, you need not worry about dealing with a lot of paperwork. Leading NBFCs in India, like Poonawalla Fincorp, have a simple documentation process. You only need to submit a few basic documents, which makes the borrowing experience hassle-free. 

Quick Approval and Disbursal

You can apply for a Personal Loan for home renovation online and get immediate approval and disbursal. This ensures that you don’t have to wait long to carry out the renovation work you plan to do.

Easy Monthly Instalments

When you apply for a Personal Loan for home renovation, you can choose the repayment tenure from 12 months to 60 months. This allows you to repay the amount comfortably with affordable EMIs (equated monthly instalments). 

Competitive Interest Rates

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. 

Zero Hidden Charges

There are no hidden charges or unpleasant surprises when you apply for a Personal Loan for home renovation. Since all the terms and conditions and the related charges are disclosed upfront, you can make an informed borrowing decision.

Also Read - What are Benefits of having Personal Loan for Home Improvement?

To Conclude

Using a Personal Loan for home renovation is a wise financial decision. It gives you the flexibility to use the funds as you like. Also, you get the funds at attractive interest rates and can repay the amount in easy instalments. You can get the best Personal Loan for home renovation from Poonawalla Fincorp, one of the leading NBFCs in India and get quick approval and disbursal. 

Disclaimer

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

poonawalla fincorp team

Poonawalla Fincorp Team

We are a team of expert writers and editors passionate about providing our readers with 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.

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