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HomeHome ImprovementKnow the Eligibility & Benefits of Home Improvement Loan

Know the Eligibility & Benefits of Home Improvement Loan

Your home is where your heart is. It is a reflection of your personality. As you continue to live in your home, it may need some redoing to keep it fresh for years. But, you may not be undertaking such tasks due to the lack of funds as such tasks require a considerable amount of money. Not anymore; it is now possible to avail of the home improvement loan India facility to go for renovations without delays.

A home improvement loan India facility is an extended version of the personal loan that has been designed to help people use the money for home renovations and other activities. It is an unsecured loan facility for which you don’t need to keep any collateral. If you have the required creditworthiness, you can get up to Rs.25 lakh from lenders.

What Are the Benefits of Availing the Home Improvement Loan?

The personal loan for house improvements comes with a slew of benefits that may convince to apply for it, such as:

  1. Affordable Option

Contrary to popular belief, you can get a home improvement loan at an affordable rate. Yes, the home improvement loan interest rates may be lower than using your credit card limit and similar funding sources to undertake such tasks. You can reap the benefits of an even lower rate of interest if you have a robust CIBIL Score and repayment and employment history.

  • Versatility

The amount that you are able to borrow can be used for multiple improvement projects of a home. Yes, it may include repairs, floor changing, painting and home extensions. Hence, it is up to the borrower to use the money for any project related to your existing home’s structure.

How to Apply For a Home Improvement Loan?

It is easy to apply for the home improvement loan India facility by following the below steps such as:

  1. Go to the loan application page of your lender and fill in your personal, financial and employment details
  2. Choose the loan amount and the tenor that you want to opt for and march towards the quick online approval
  3. Submit the required documents with the representative of the lender, who will get in touch with you
  4. Once your documents are verified, you can get the loan amount disbursed into your bank account within 24 hours

What Are the Eligibility Conditions and Documents to Get the Loan?

The eligibility criterion and documents required to avail the home improvement loan facility are easy to meet and provide such as:

  • Your age should be under 23-55 years
  • You need to be a residing Indian citizen
  • You should be a Salaried individual and working for an MNC, public or a private limited organization
  • KYC documents
  • Employee ID Card
  • Previous 2 month’s Salary Slips
  • Last 3 month’s bank account statement of the Salary account

It is easy to apply for the home improvement loan India facility online on the website of your preferred lender. You can also get a flexible tenor of around 1-5 years to repay off the loan easily.

Don’t wait and let your home that is craving for your attention and let it undergo a beautiful makeover! Avail the home improvement loan facility offered by leading lenders and make the most of it.

Bajaj Finserv comes with amazing pre-approved deals on personal loans, home loans, business loans, EMI finance and more. It can simplify your loan deals to make it less time-consuming. You can submit your basic details like your name and contact number to explore your customized pre-approved loan offers right away.

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