Home renovation loans are a great way to jazz up your home interiors. You can use instant personal loans from Moneyview’s lending partners as house renovation loans to give a new look to your home without worrying about the funds.
The interest rates for home renovation loans from banks and NBFCs are similar to home loan interest 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. The process also requires a lot of documents.
On the other hand, personal loans through Moneyview can be procured with low credit scores and minimal documentation, and can easily be used as home renovation loans.
You can avail of affordable house renovation loans through Moneyview by fulfilling the eligibility criteria listed below -
Your age must be between 21 and 57 years
You must have a monthly income of at least ₹25,000, whether you are salaried or self-employed
Your income must be credited directly to your bank account.
You must have a minimum CIBIL score of 650
The documentation required for procuring a home renovation loan through Moneyview is very simple. All you will have to do is -
Confirm or enter your PAN number
Ensure that your mobile number is linked to your Aadhaar card for KYC verification
Provide a clear selfie taken in a well-lit area
Please note that the documentation requirements will vary based on your profile. You may be required to upload proof of address, bank statement, and other supporting documents.
In case you are required to upload proof of address, any one of the following documents will suffice -
Aadhaar Card
Valid Indian Passport
Valid Voter ID
Valid Driver’s License
Utility Bills (Electricity, Water, Gas) dated within the last 60 days
In case you are required to upload proof of income, you must furnish your bank statement for the last three months. This statement must also show your salary credits.
House renovation loan interest rates and other charges from Moneyview’s lending partners are very affordable. They are listed below -
|
Fees & Charges |
Amount Chargeable |
|---|---|
|
Interest Rate |
Starting at 14% per annum |
|
Loan Processing Charges |
Starting from 2% of the approved loan amount |
|
Penal charges on Overdue EMI |
24% per annum plus applicable taxes, if any |
|
NACH Bounce |
₹500/- each time |
|
Loan Cancellation |
If you wish to exit the loan after it has been sanctioned, you can do so within 3 days of loan disbursement. The principal amount and other applicable charges, however, will have to be paid. |
Funds procured from an instant personal loan can be used for a myriad of purposes. As house renovation loans from traditional banks may take a long time to get processed, you can use personal loans from Moneyview’s lending partners as house renovation loans.
This way, you can get the money quickly without much hassle, right from the comfort of your home. To know more, visit the Moneyview website or download the app!
The interest rates of instant personal loans through Moneyview start at 14% per annum.
Yes, you can foreclose your personal loan from Moneyview’s lending partners, depending on the repayment term chosen by you.
If your loan's tenure is up to 6 months, foreclosure is not allowed.
If your loan's tenure is from 7-18 months, foreclosure is allowed after making 6 EMI payments.
If your loan's tenure is >18 months, foreclosure is allowed only after making 12 EMI payments
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