Do you want to jazz up your home interiors? Or give a new look to your home through renovation? You can do all of this and more without worrying about money thanks to Money View’s home renovation loan.
Personal Loan for Home Renovation
Banks and NBFCs offer loans for home improvement which are lent at home loan rates. 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, Money View home renovation personal loan is very easy to avail and is offered on attractive terms and conditions.
Why Avail Money View Home Renovation Loan
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. 5,000 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 24 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 Criteria for Money View Home Renovation Loan
You can avail affordable house renovation loans from Money View by fulfilling the eligibility criteria below -
- You must have a monthly income of at least Rs. 13,500.
- Your income must get credited directly to a bank account.
- A minimum CIBIL score of 600 or Experian score of 650.
- Your age must be between 21 to 57 years.
| Income and Credit Score Eligibility Criteria* | |||
| Salaried Individuals | Minimum In-Hand Income | Area of Residence | CIBIL Credit Score Requirement |
| Rs 13,500 | Any | CIBIL Score of 600 /Experian Score of 650 and above | |
| Rs 20,000 | Mumbai/Thane or the NCR region (Delhi, Noida, Gurgaon, Ghaziabad, Faridabad, etc.) | New to Credit orCIBIL Score of 600 /Experian Score of 650 and above | |
| Rs 15,000 | Metro City other than Mumbai and NCR | CIBIL Score of 600 /Experian Score of 650 and above | |
| Self-Employed Individuals | Rs. 15,000 | Any | CIBIL Score of 600 /Experian Score of 650 and above |
How to Apply for Money View Home Renovation Loan
Follow the steps given below to get a Rs. 5 lakh loan from Money View -
Eligibility Verification
Check your eligibility for a personal loan on the Money View website or loan app. It will take just 2 minutes.
Choose Your Loan Scheme
Select the appropriate loan amount and payment term based on your eligibility from several options.
Upload Documents
Upload all the relevant documents such as ID, address, income proof, etc., and complete your KYC verification online.
Get the Loan
Get the loan amount transferred to your account within 24 hours of successful verification of your documents.
Documents Required for Money View Home Renovation Loan
Provide the three documents given below to avail a house renovation loan from Money View -
| Identity Proof | Address Proof | Income Proof |
|---|---|---|
PAN Card - This is the primary ID proof required. However, if it is rejected due to image quality issues or other
reasons, any 1 of the officially valid documents given below will suffice)
|
Any 1 of the following -
|
Salaried Applicants - Last 3 months’ bank statements of your salary account in PDF format showing salary credits OR Self-Employed Applicants - Last 3 months’ bank statements in PDF format if you are self-employed |
Fees and Charges for Money View Home Renovation Loan
Money View’s personal loans come with competitive interest rates and have no hidden charges whatsoever. Our fees and charges are as follows -
| Fees & Charges | Amount Chargeable |
|---|---|
| Interest Rate | Starting from 1.33% per month |
| Loan Processing Charges | Between 2% to 8% of the approved loan amount |
| Interest on Overdue EMIs | 2% per month on the overdue EMI/Principal loan amount |
| Cheque Bounce | Rs.500/- each time |
| Loan Cancellation |
|
Tax Benefit on Personal Loans 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. But did you know that the same benefit is also available for a personal loan that is used for home renovation.
Section 24(B) of the Income Tax Act allows a deduction of up to Rs. 2,00,000 on the interest paid under this provision.
So 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.
In Conclusion
Personal loans are popular due to their versatility and using them for your home renovation is also possible. Benefit from hassle-free application, minimal documentation, and quick disbursal. Visit the Money View website or download the App and apply now!
Home Renovation Loan - Related FAQs
While most lenders require applicants to have a credit score of over 750, at Money View, we use a unique in-house algorithm to determine our applicants’ creditworthiness. Therefore, as long as your CIBIL score is 600 and above or your Experian score is 650 and above, you can still get a home renovation loan from Money View.
Interest rates and other fees and charges are given below -
| Fees & Charges | Amount Chargeable |
|---|---|
| Interest Rate | Starting from 1.33% per month |
| Loan Processing Charges | Varies from 2% to 8% of the approved loan amount. The processing fee is deducted upfront from the approved loan |
| Interest on Overdue EMIs | 2% per month on the overdue EMI/Principal loan amount |
| Cheque Bounce | Rs.500/- each time |
| Loan Cancellation |
|
Yes, you can foreclose your personal loan from Money View based on your repayment term as given below -
| Fees & Charges | Amount Chargeable | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Foreclosure Charges |
Nil but foreclosure can be done only after a minimum number of EMIs have been paid as illustrated below-
|
||||||||
| Part- Prepayment Charges | Part-prepayment is not allowed |
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