With timely renovations, you can enhance the aesthetics and functionality of your home, improving comfort and your lifestyle. A Prime Personal Loan (Prime PL) enables working professionals with regular salaries to finance home renovations conveniently. Flexible repayment options and an entirely digital experience will let you afford an extravagant home makeover without sacrificing your financial stability.
In this blog, you will find out why a Prime Personal Loan can be helpful when it comes to facilitating the renovation of your home. We shall also understand its main features and the process to apply for it.
What is a Prime Personal Loan for Home Renovation?
A Prime Personal Loan for home renovation helps you improve, repair, or upgrade your existing residential property without using your savings. It enables you to cover a wide range of home repair and improvement expenses. This can include interior redesigns, painting, plumbing, electrical upgrades, and even full-scale luxurious home makeovers.
As this is an unsecured loan, you do not need to pledge any assets for collateral. You can apply online, upload basic documents, and receive quick approval if you meet the eligibility criteria.
How is the Prime Personal Loan for Home Renovation the Best Option?
Here is how a home renovation loan can help you turn your space into a dream home with a touch of luxury:
Better Comfort and Functionality
Home improvement loan helps you create a more comfortable living space. You can fix older installations, improve lighting, add storage, or update fittings. These changes make daily living easier and support long-term comfort.
Better Financial Planning
Renovation projects often turn out to be more expensive than anticipated. Relying entirely on your savings might make it difficult to achieve other financial objectives. In addition to offering competitive interest rates to qualified applicants, a loan spreads the expense over a manageable repayment period.
Higher Property Value
The value of your property can be significantly increased with a well-thought-out renovation. Potential buyers find the house visually appealing due to its refined design, energy-efficient renovations, and modern furnishings. Additionally, timely renovation lowers maintenance problems and future repair expenses.
Hassle-free Documentation
Most lenders follow hassle-free legal documentation guidelines. You only need to provide minimal documents, such as KYC proofs, financial statements, and employment details. This makes the home improvement loan application process quick and simple.
Also Read: 10 Common Renovation Mistakes and How to Avoid Them
Key Features of a Prime Personal Loan
Give your living space a fresh, luxurious look with the improvements it requires with the Prime Personal Loan. Here are a few key features you must know:
High Loan Amount
How much loan you can avail with a house renovation loan depends on the lender's eligibility criteria and your repayment capacity. Some lenders, such as Poonawalla Fincorp, offer a maximum loan amount of up to ₹15 Lakh, which should help you complete large-scale house renovation upgrades without any delays due to financial problems.
Flexible Repayment Tenure
Borrowers can choose a repayment tenure between 12 and 84 months. This helps you manage loan instalments based on your repayment capacity and monthly budget.
Attractive Interest Rates
Lenders offer competitive interest rates for eligible applicants. Maintaining strong credit discipline may also help you secure lower rates.
Quick Approval
The Prime PL features a 100% digital loan application process. You can complete verification online, receive quick loan approval, and track payments through your online loan account.
No Collateral Required
This is an unsecured loan, so there is no need to pledge any assets or provide property ownership documents.
Zero Hidden Charges
All applicable fees, such as processing fees, prepayment charges, and statutory levies, are disclosed upfront. There are no hidden or additional charges.
Also Read: Need Funds Urgently? Here’s How You Can Get a Personal Loan Anytime, 24/7
How to Apply for a Prime Personal Loan for Home Renovation?
Here are the steps you should follow when applying for a Prime Personal Loan for your home renovation:
Step 1: Review Your Requirements
First, estimate the total renovation cost. List the changes you want to make to your existing home so that you can decide the exact loan amount you need.
Step 2: Check Your Eligibility
Review basic criteria such as monthly income, employment type, and work experience. This will help you understand your chances of approval.
Step 3: Gather the Required Documents
Keep your necessary documents ready. Also, ensure they are correct and complete to expedite verification.
Step 4: Submit the Online Application
Provide your personal, financial, and residential details on the lender’s application portal. Enter the house renovation loan amount you need and upload the required documents.
Step 5: Wait for Verification and Disbursal
The lender will review your profile and documents. Once your application is approved, the house renovation loan fund will be directly transferred to your bank account.
To Conclude
A well-planned renovation enhances the functionality, comfort, and overall living experience in your dream home. The Prime Personal Loan helps you complete the renovation without financial stress. It offers a high loan amount, flexible repayment options, attractive interest rates, and a fully digital process. It also requires no collateral, making the application journey more straightforward and more convenient.
Looking for a smooth and secure way to begin your renovation? Apply for Poonawalla Fincorp's Prime Personal Loan and give your home a luxurious upgrade.
FAQs
Are tax benefits available on house renovation loans?
Tax benefits apply only if the renovation loan is taken as part of a Home Loan under the Income Tax Act. Personal loans used for home renovation do not qualify for tax benefits.
Do I need to submit the latest property documents for a house renovation loan?
Most lenders do not ask for property papers. KYC documents, financial statements, and proof of employment are usually enough for the digital loan approval process.
Is the home improvement loan disbursed quickly?
Yes. Many lenders use digital verification systems, enabling home improvement loans to be disbursed faster with minimal documentation and online processing.
Can co-applicants improve the eligibility for a renovation or home construction loan?
Yes. Many lenders allow co-applicants, such as a spouse or an earning co-applicant. Adding a second applicant can increase the eligible loan amount and support larger renovation work. It also improves your repayment reliability from the financial institution's perspective.
What is the typical loan tenure for a home renovation loan?
The typical loan tenure for a home renovation loan usually ranges from 12 to 84 months, allowing you to choose a plan that suits your repayment capacity.
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. Loan disbursal is at the sole discretion of Poonawalla Fincorp.
*Terms and Conditions apply