4 Steps To Apply For a Personal Loan For Home Improvement

You may be living in your own home, which is like living your dream.

However, to keep your home in better condition, you need to undertake some repair works from time to time. A home that is well maintained not only earns a better rental income if you rent it out, but also gives you a better ROI if you decide to sell it.

Even if you use it for your own residential purposes, keeping it improved to give you a better feeling of living in a better place. Your home needs to bear the brunt of weather conditions and other wear and tears due to some other factors. As a result, it may lose its sheen and may look dull from within and outside.

In the context of the discussion, you may opt for some home repairs, remodelling or interior designing or renovation. But, opting for these things will need a large amount of money. As a result, if you don’t have the required funds to support such tasks, you can opt for a house repair loan facility.

What is a House Repair Loan?

A house repair loan is an extension of the personal loan which is curated by lenders to fund the needs of home renovations, repairs, remodelling and more. Based on your home décor loan eligibility, you can borrow up to Rs.25 lakh from the best Indian lenders.

How to Apply For a Personal Loan For Home Renovation?

If you are all set to give a new touch of modernity to your home, then you can apply for the house renovation loan online. However, you need to follow some basic steps that will assist in letting you access the required funds super easy. Have a look:

Step 1 – Fill out the online loan application form

The first thing would be applying for the house repair loan on a lender’s website. Nowadays, you don’t need to visit a creditor to fill a loan application form physically. The entire loan procedure is now online, making it easier for borrowers to apply from anywhere. In the online loan application form, you will need to enter the details pertaining to your personal, employment and financial profiles. You may need to provide your Aadhaar number also to go ahead with the house repair loan application.

Step 2 – Select your desired loan amount

It is now the time to select the desired personal loan for home improvement amount and the tenor in which you will repay the amount. You should opt for the loan amount which should be based on your estimate of tasks that you wish to undertake. You can also use the personal loan EMI calculator online to calculate an exact EMI amount that you will repay. This way, you can even begin to make prior adjustments in your monthly outlays for the ensuing EMI amount without the risks of defaults.

Step 3 – Prove your home décor loan eligibility and submit documents

Before approving your loan application and disbursing the loan amount, a lender would like to verify your income and identity or the home décor loan eligibility. You will also need to furnish some basic documents. Have a look at some of the common loan eligibility and required documents:

  • You should be a resident citizen of India

  • Your age needs to be between 23 and 55 years

  • You should be a salaried employee working for an MNC, public or a private limited company

  • KYC documents

  • Employee ID card

  • Last 2 months’ salary slips

  • Previous 3 months’ bank account statement of the salaried account

Along with these house loan repair eligibility parameters, you also need to maintain a robust CIBIL score of more than 750 along with a clean repayment history. It will not only help get the loan approval but at a lower personal loan interest rate.

Step 4 – Get your desired loan amount disbursed

Once you submit the discussed documents and after your eligibility have been verified, your application will be approved. Thus, you will now receive the required loan amount within 24 hours into your bank account.

Some of the basic steps that you can take to apply for your personal loan for home improvement are now discussed in this write-up. If you are all set to uplift the looks and interiors of your home, then you can follow the same and apply online.

Richa Sharma is a freelance author and writes for a variety of online publications. She actively writes blogs and articles and very fond of writing content on different trendy topicss related to Education, training,resources,health and technology.