We invest considerable money to buy/build our dream house. Sometimes, people also take housing loans to construct their dream houses. However, the only problem is that the condition of a house might deteriorate with time. Did you know one can take a loan for home renovation with Fullerton India? A home renovation loan is an unsecured loan that will provide funds to make a house as good as new. Homeowners can use a renovation loan for flooring, additional instalments, and many other reasons. Read on to understand how to upgrade a house with a renovation loan.
Why apply for a house renovation loan with Fullerton?
There are numerous reasons to apply for a personal loan for home renovation. Here are some of the most prominent ones.
1. Safe and collateral-free
Renovation loans are safe and readily available for homeowners. There aren’t any hidden charges associated with home renovation loans. Also, renovation loans are available at competitive interest rates in the market. Borrowers can get home renovation loans at affordable interest rates with a reliable lender like Fullerton. Since home renovation loans are unsecured, individuals do not have to produce collateral. Consider it as a personal loan meant to meet home renovation expenses. All terms and conditions for a renovation loan are mentioned beforehand, there aren’t any hidden fees.
2. Keep your savings intact
Home renovation is a large expense, and homeowners might disrupt their savings. Someone going for a complete home remodelling will need a lumpsum amount of money. With Fullerton India, one can get the lowest personal loan rates. With a home renovation loan, the savings aren’t disturbed. One can keep their savings intact for emergencies. With a flexible repayment tenure, the borrower can return the renovation loan to the lender in small instalments.
3. Sufficient loan amount
As discussed above, home renovation can be a costly venture. With Fullerton India, homeowners can get a personal loan of INR 10 lakhs for renovation. With such a loan amount, one can meet all the renovation expenses. However, the loan applicant must have a good credit score to get the loan. Since home renovation loans are unsecured, the credit score is an essential factor in determining the applicant’s creditworthiness.
4. Flexible eligibility conditions
To acquire a personal loan for home renovation, one must fulfil some conditions. The conditions for a home renovation loan might change from one NBFC to another. Lenders have the flexible eligibility conditions for home renovation loan applicants. The general requirements for a home renovation loan are as follows:
- The loan applicant must be aged between 21 and 60 years
- The renovation loan applicant must be salaried or self-employed
- The loan applicant must have a minimal credit score of 750
- A single EMI of the renovation loan must not be more than 70% of the total monthly income
Once the applicant fulfils the loan conditions, the amount is disbursed quickly. Since you can acquire funds quickly, a home renovation loan is the apt choice.
5. Affordable interest rates
The interest rate for a home renovation loan is decided according to the credit score and income of the applicant. Homeowners can get home renovation loans at competitive interest rates. If you have paid all past EMIs timely, you must have a good credit score. It will make you eligible for home renovation loans at affordable rates.
6. Flexible repayment choices
Borrowers are allowed to choose the repayment tenure of their home renovation loans. One can choose to repay the renovation loan in a year or five years. Individuals decide the right repayment tenure based on their earnings and financial stability. A longer repayment tenure means shorter EMIs but higher interest charges. Luckily, some of the reputed lending institutions offer the lowest personal loan rates for home renovation.
How to apply for a home renovation loan?
Homeowners can use the loan amount for any renovation expense. No questions are asked on how homeowners spend their renovation loan amount. The steps to apply for a home renovation loan are as follows:
- Start by comparing different loan schemes and deciding the right fit. Then, you can use the EMI calculator to understand the right repayment tenure and loan amount.
- Submit your home renovation loan application online on the website
- Submit all the documents required for the home renovation loan
- Wait for your renovation loan application to be processed
- Once the home renovation loan is approved, the amount will be disbursed to the linked account
Apply for a personal loan for home renovation now.