banner image documents required for home renovation loan application

Documents Required for a Personal Loan for Home Renovation

December 19, 2023 • 832 views

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!

Documents Required for a Personal Loan for Home Renovation

Here are the documents required for a Personal Loan for home renovation:

1. Identity Proof

  • PAN Card
  • Aadhaar Card
  • Driving License
  • Voter ID

2. Address Proof

  • Utility Bills,
  • Rental Agreement
  • Passport.

3. Income Docuements

  • Latest salary slips for the last 3 months.

4. Financial Documents

  • Last three months’ bank statements.

5. Employment Proof

  • Official mail ID confirmation/Employee ID Card.

Eligibility Criteria

Different lender assess applications based on different eligibility criteria. Here are 5 common Personal Loan eligibility criteria mentioned below:

  • Age

Your age must be at least 22 years old at the time of loan application and a maximum of 57 years old.

  • Citizenship

You must be a citizen of India.

  • Employment

Having a full time job at Central Govt, PSU, MNC, Listed, Unlisted Public Ltd, Pvt Ltd, LLP is a must.

  • Work Experience

At least 1 year of job experience and 1 month of stable employment at the current job is required.

  • Monthly Income

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?

Use of a Personal Loan for Home Renovation

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.

5 Benefits of Getting a Personal Loan for Home Renovation

Here are 5 reasons why you should take a Personal Loan for home renovation:

1. No Restrictions on End-use

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. 

2. Minimal Documentation

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. 

3. Quick Approval and Disbursal

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.

4. Easy Monthly Instalments

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). 

5. 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. 

How to Apply for a Personal Loan for Home Renovation?

You can apply for a home renovation loan by following these three simple steps:

  • Step 1: Click on the ‘Apply Now’ button.
  • Step 2: Fill in the required details on the loan application form.
  • Step 3: Upload necessary documents.

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?

To Conclude

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!

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

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.

Trending Topics



Contact Us logo Quick Apply CIBIL Score logo Free CIBIL Whatsapp logo Connect on WhatsApp