Home is a valuable asset as well as a reflection of the owner's personality. Over time, it requires maintenance and repair either for structural changes or for increasing its utility and comfort. For such renovation, you may need funds within a short period.
Take a look at the following reasons that make availing personal loan, the best option for home renovation.
1. Easy eligibility criteria
The loan has simple eligibility criteria where the borrower has to be Indian resident between 23 and 55 years, employed in a multinational, private or public limited company.
2. Disbursal within 24 hours
After receiving confirmation, and document verification, the home renovation loan can be dispatched to the borrower’s account within 24 hours.
3. Minimal documentation
House renovation loan requires less documentation which includes the borrower’s employee ID card, previous 2 months’ salary slips, last 3 months’ salary account statement, and KYC documents.
4. Simple application process
Application can be made both online and offline. For online application, a borrower has to submit employment, financial, and personal details along with the loan amount and period of repayment. To apply offline, applicants can call the toll-free number.
5. Flexi Loan facility
With the Flexi Loan facility, you can withdraw funds from a pre-sanctioned limit and pay interest-only EMIs during the initial period. The principal can be repaid at the end of the loan tenor. It would help in managing the cash flow easily, and unpredictable expenses can be met without too much hassle.
Several NBFCs offer affordable house renovation loans. It is particularly beneficial as the borrower can easily apply for it and carry out remodelling immediately.
A personal loan calculator can be used to estimate the monthly installments and also to choose the right tenor before applying.
Additional Read: Know How You Can Renovate Your Home By Using Personal Loan
