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.
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
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
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:
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:
The accepted proof for each category is as given below:
| Category of Proof | Acceptable Documents |
|---|---|
| Identity Proof |
(Anyone of the above) |
| Address Proof |
(Anyone of the above) |
| Income Proof | For Salaried Employees
For Self Employed |
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 |
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.
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.
