A home renovation loan is available to individuals willing to refurbish or improve their homes. Individuals can also apply for a personal loan for house renovation because the funds from a personal loan can be flexibly used for any purpose. The funds from home renovation financing can be used for a variety of purposes, including painting, remodeling, flooring, repairs, extension, and more.
Here are the top features of the best home renovation loans.
The different eligibility criteria that you need to fulfill to get a house renovation loan are as follows:
Borrowers should be at least 21 years to apply for a loan for renovation. At the end of the loan term, the applicant’s age cannot be more than 65 years.
Both salaried and self-employed individuals can apply for a home loan for the renovation of a house.
A good credit score of 650 or more is necessary to be eligible for a home loan for home renovation. However, Piramal Finance offers renovation loans to borrowers with low credit scores.
Your home renovation loan eligibility will also depend on your total income. The amount you earn annually will influence the amount that you will be able to borrow.
Anyone obtaining a personal loan for used car or a new car must submit an application that has been properly filled out and signed, as well as two passport-size photos of themselves and the co-applicant. Additionally, you must submit the following paperwork:
Renovating your home can be a huge expense, and you might be in need of emergency funds. You can always apply for a personal loan from Piramal Finance and use the funds for renovating your home. With minimal documentation, attractive interest rates, and flexible tenure, Piramal Finance is the best loan provider for you. Apply today!
You can use the funds from a home renovation loan to repair or extend your home. You can also use the funds to improve the appearance of your home by painting it, changing the flooring, and more.
You can prepay a personal loan for home renovations. At Piramal Finance, a prepayment facility is available so that we can either reduce your interest rate or loan tenure. When you acquire some extra funds, it’s always useful to prepay your personal loan. But remember to check the prepayment or foreclosure charges before availing of the facility.
You can always use an online EMI calculator to determine the EMI of a personal loan for home renovation. You will have to enter some basic details like the loan amount, interest rate, and tenure to determine your EMIs.
You will have to submit income proof documents while applying for a personal loan for home renovation.
At Piramal Finance, you can apply for unsecured personal loans for house renovation. Therefore, you don’t have to provide any collateral to acquire the funds.
At Piramal Finance, you can enjoy the loan balance transfer facility. The facility allows you to transfer your loan from your existing loan provider to Piramal Finance.
You can enjoy a tax exemption of up to Rs 30,000 per annum on a house renovation loan.
You can use the funds from a personal loan for a huge variety of purposes. Repairing your home with the funds from a personal loan is possible.
You can add your spouse as a co-applicant on your personal loan application.
Piramal Finance allows borrowers with poor credit scores to borrow funds.