5 Things to Know about Home Improvement Loans
If you were looking to undertake home improvements for a long time, but could not do it because of lack of funds, then there is a way out!
Yes, we are talking about home improvement loans that you can apply. This way, you can get up to Rs.25 lakh to fulfil your requirements.
But before applying for home improvement loans, you may want to know some basic aspects of it. You can go through this article and know more!
What are home improvement loans?
Home improvement loans are an extension of the personal loan. It has been designed by leading lenders and banks for improving your home in multiple ways.
Do you have a robust credit score and a consistent employment history?
Can you match the personal loan eligibility criteria of the lender?
If yes, then you can get swift approval.
What’s more, having a higher credit score can help you get lower personal loan interest rates. In turn, it can assist you to pay reduced EMIs.
What should you know about home improvement loans?
- You don’t need to submit any security to avail the loan
The home improvement loans are unsecured loan facilities. It means that you won’t need to pledge any collateral or submit any security for the loan approval. Having a strong cibil score, repayment and employment history are enough to get you loan approval.
- Large loan amount to fulfil your requirements
You can apply for an amount of up to Rs.25 lakh to undertake many aspects of the home improvements/repairs. It could be anything like bathroom and kitchen fittings and much more. You can check out the personal loan eligibility calculator to know an amount that you will finally avail.
- You can start using the loan amount within 24 hours after approval
If you manage to get approval for home improvement loans, then you won’t have to wait for more to get the money in your bank account. Leading lenders will take up to 24 hours to credit your approved loan amount in your bank account. It means that you can start using the amount and give a new lease of life to your home.
- You can get a loan approval within minutes
Matching a lender’s personal loan eligibility criteria and submitting the required documents is vital. If you do that, then it can help you get the loan approval within minutes. Most of the lenders have standard eligibility criteria and documents to furnish for loan approval. Take a look:
- Your age should be under 23-55 years.
- You need to be a residing Indian citizen.
- You should be working with an MNC, Public or a Private Limited Company.
- KYC Documents.
- Employee ID Card.
- Last 3 months’ bank account statements of the Salaried account.
- Salary Slips of the previous 2 months.
- Make the most of the flexible loan tenor
The home improvement loans being provided by renowned lenders in India can help you get a flexible loan tenor ranging up to 5 years. This way, you can assess your income profile and loan repayment capacity to go for either a long or short tenor. A long tenor means paying a lesser EMI amount but more on personal loan interest rates. But a shorter tenor can help you pay higher EMIs, but you can save on interest charges.
The benefit of applying for home improvement loans is that you can utilize the remaining amount as per your needs. It is because there are no restrictions on ways you can use the loan money.
All set to apply for home improvement loans now? Apply it online and save your time and efforts now!
