April 11, 2024

Home improvement loans provide a lump sum to decorate your homes the way you want and empower you with numerous options. Your step towards making changes you wish for without burning a hole in your pocket is now a possible reality. So, get a home renovation loan today at an attractive personal loan interest rate and start your journey towards a home that looks just the way you want.

Why Home Renovation Loans?

Whether you want to add new styles or renovate the look with trending ideas, a home improvement personal loan can help you achieve your dreams in no time and without any financial burden.

With Fullerton India, not only do you get the assurance of instant approvals and quick loan disbursals but also flexible tenures to repay. These unsecured loans need no collateral against the loan amount, so you do not have to worry on that count. 

Their services guarantee a hassle-free online process and offer home renovation loans up to Rs. 25 lakhs with the flexibility of choosing up to five years to repay it.

Refurbish or repair your home with an unsecured home improvement personal loan at an attractive interest rate. Fullerton India offers personal loan interest rates starting from 11.99% per annum as per industry standards.

Eligibility Criteria for Home Renovation Loans

Check off from the checklist shared below to qualify for a home renovation loan:

  • General Eligibility

To avail of personal loans or, specifically, home renovation personal loans, you must be salaried (both private and public sector is eligible) or self-employed with a stable disposable income.

  • Age eligibility

Any Indian between the age of 21 years to 60 years is eligible for home renovation personal loans.

  • Credit score

A CIBIL score of at least 750*

Your previous loan history, existing EMIs, and repayment/defaulting history impact your loan processing significantly. So, the healthier the credit score is, the higher the chances are for a hassle-free home renovation loan approval.

  • Monthly income

Salaried professionals

A minimum of Rs. 25,000 per month is the income eligibility for getting a home renovation loan in Delhi and Mumbai. 

Your minimum monthly income for any other city in India should be Rs. 20,000 per month.

Self-employed professionals

You should have a minimum annual profit post-tax deduction.

  • Work experience

You should be employed or self-employed for a minimum of one year before applying for a personal loan. Additionally, if you are a salaried professional, your work experience with your current employer should be at least six months for becoming eligible.

Things To Remember Before Applying For Home Renovation Loans

In addition to the above, your general financial health and repayment capabilities are also checked by your lending institution. Taking a personal loan from a lending institution with whom you already have an existing financial relationship can benefit you to get a smoother personal loan approval process.

Remember, your employment/ self-employed history is consequential, so the more transparent you are, the better your chances are of minimizing any possible hiccups.

The loan amount requested is another vital factor along with the other eligibility criteria. A healthy mix of all the elements will result in a successful home renovation loan process.

Click here to know more about our personal loan interest rates.

It is advisable to clear all existing EMIs before taking a new personal loan, as it increases your chances of approval.

Also, since the approval process is quicker, it is essential that you are aware of your financial commitments and prepared for a stable EMI process.

The must-haves checklist

Before you click the “apply now” option for applying online for a home renovation loan or choose the offline option, have the following documents ready:

  • Photo identity proof (PAN, Aadhaar, etc.)
  • Address proof (gas/ electricity bills in the absence of ID proof with address)
  • Bank statement (for the last six months)
  • Salary slip (Salaried professionals)
  • Form 16 (Salaried professionals)
  • Proof of business, Profit and Loss statement, Balance Sheet, and IT return (Self-employed professionals)
  • Cheque (required for the Processing Fee)