Home Renovation Loan
Home is where the heart is! Who doesn’t want to live in that dream home with modern features and accessories that represents their tastes and personality? Whether it concerns remodeling your entire house or just repainting or redoing your favorite corner, a personal loan can help you do all that without any hassles.
Personal Loan for Home Renovation
Banks and NBFCs offer loans for home improvement which are lent at home loan rates. These loans can be availed as an add-on to your existing home loan. However, as home loans are high-ticket loans, they come with stringent conditions for lending like a high credit score and a high take-home income.
On the other hand, our personal loan is very easy to avail and is offered on attractive terms and conditions. So, it makes it ideal for various scenarios of home renovation like
- Remodelling the entire home
- Repainting
- Renovating existing structure of the house
- Designing of modern interiors
- Redoing the exteriors of an existing home
- Building additional rooms/floors
Why Should You opt for a Personal Loan for Home Renovation from Money View?
A personal loan from Money View comes with various features and benefits making it the ideal choice for a home renovation loan. Some of the most important features and benefits being
- Eligibility check for an instant loan in 2 minutes.
- Ease in borrowing any amount from Rs. 10,000 and going up to Rs. 5,00,000
- Enjoy flexible repayment terms of up to 5 years
- The loan amount is disbursed to your account in just 2 HOURS of approval
- Benefit from low-interest rates starting from 1.33% per month
- From documentation to repayment, the entire process is done digitally
- Low credit score? You can still get a loan with our alternate credit model
Eligibility Factors for a Home Renovation Loan
The eligibility factors for a home renovation loan from Money View are very simple and straightforward. This makes it easy for as many individuals to avail of a personal loan for home renovation purposes.
The basic eligibility factors for a home renovation loan from Money View are:
- Be salaried or self-employed
- A monthly in-hand income of ₹13,500* or more
- Income should be received in a bank
- Min Cibil score of 650 or Experian score of 750
- Should be aged between 21 years and 57 years
Criteria to get a loan
Age of the applicant should be at least 21 years of age to 65 years of age
Applicant can be of any category (self employed or salaried)
The minimum income criterion for a loan varies from financier to financier
Proof of residence is required for some cases
Documents Required for a Home Renovation Loan
The documents required for a home renovation loan are minimal when you apply for a personal loan for home renovation from Money View. Moreover, all the documents would have to be submitted either on the loan app or on the website which saves you the hassle of making photocopies of the documents and visiting the lender to submit them.
The only three documents that we require to approve your loan for home renovation are:
- Identity Proof
- Address Proof
- Income Proof
The accepted proof for each category is as given below:
| Category of Proof |
Acceptable Documents |
| Identity Proof |
- Aadhaar Card
- PAN Card
- Valid Driver's License
- Valid Indian Passport
- Voter ID Card
(Anyone of the above)
|
| Address Proof |
- Aadhaar Card
- Bank Statement/Passbook – Generated within the last 60 days
- Ration Card
- Utility Bill – (Telephone Bill/Electricity Bill/Gas Bill/Water Bill) – all bills should be dated within the last 60 days and have your name & address mentioned clearly
- Valid Driver's License
- Valid Indian Passport
- Voter ID Card
(Anyone of the above)
|
| Income Proof |
For Salaried Employees
- Last 3 months’ bank statements in PDF format showing salary credits OR
- Your last 3 months' salary slips with important details, including your employer's name, being legible
For Self Employed
- Last 3 months’ bank statements in PDF format OR
- Your last 2 years' Income Tax Returns with important details, including tax paid details being legible.
|
Rate of Interest for Home Renovation Loans
You don’t remodel or renovate your home every now and then. So when you do it, you would want to do it in the best possible way without any shortcuts, which might weigh a little heavy on your pocket. If you are funding this from a loan, you would obviously like to go in for the one with the lowest amount of interest.
If you are looking for a low-interest personal loan for home renovation, then Money View instant personal loans should be your preferred choice.
Look at the interest rate and other charges for yourself
| Fees and Charges |
Amount to be Paid |
| Rate of Interest: |
1.33% per month onwards |
| Processing Fee: |
2.5 -6% of the approved loan amount |
| Prepayment Penalty: |
Nil, as long as you have paid at least 3 EMIs. No part-prepayment Allowed |
Tax Benefit on Personal Loans used for Home Renovation
We all are aware of tax benefits available for a home loan when it is used for construction or renovation of a property. However, not many are aware that the same benefit is also available to you when you use a personal loan for the renovation of your home.
Section 24(B) of the Income Tax Act allows a deduction of up to Rs 200000 on the interest paid under this provision.
This is like a cherry on the cake, you can get an easy personal loan and also avail tax benefits on the interest paid on the loan. However, make sure you retain all documentary evidence that the loan amount was spent on renovating your home.
What are you waiting for? Don’t delay the renovation of your home anymore. Avail of an easy instant loan from Money View today by downloading our loan app.
Here are a few of the benefits we offer
Super fast loan approval
Paperless Bliss
Flexibility to suit your needs
Secure
Contact Us
Do you require more information about our personal loan or are looking for assistance to apply for a loan, you may write to us at loans@moneyview.in or call us at 080 4569 2002.