Home Renovation Loan

Home Renovation

Home Renovation Loan

Avail Affordable House Renovation Loans with Minimal Documentation

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.

Personal Loan for Home Renovation

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.

Step into Your Dream Home

Attractive Rates, Flexible Terms, and Easy Documentation.

Home Loan

Eligibility Criteria for Home Renovation Loan Through Moneyview

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

Documents Required for House Renovation Loan Through Moneyview 

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.

Fees and Charges for Home Renovation Loan

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.

Conclusion

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!

Home Renovation Loan - Related FAQs

Yes, you can use the funds from a home loan for home renovation. Other than that, funds from a personal loan can also be used for home renovation.
You can claim tax benefits under Section 24 of the Income Tax Act. You can avail up to ₹30,000 on the tax component paid on such loans.
Yes, you can get a loan through Moneyview even with a CIBIL score of 650.

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

Was this information useful?