Home Renovation Loan: All You Need to Know

Learning how to apply for a home renovation loan can help if you plan to give your home a new makeover. Homes need renovation from time to time to stay sturdy and comfortable. However, the undertaking is expensive. This is where a personal loan for home renovation helps by providing the required funds. 

You can apply for a personal loan for home renovation from your smartphone. Whether you want to repaint your house, redesign your kid’s room, redo your bathroom or kitchen, or replace your windows, doors, or tiles, you may give a brand-new look to your home using your home renovation loan. 

Here are some essential points that you need to know before opting for a home renovation loan.

Process of Applying for a Home Renovation Loan 

What’s more, you can get an instant loan online through a website or an app. Just log in to your selected lender’s website or download their app and start the application process. These are the simple steps to follow: 

Step 1: Visit the lender’s website or download and install the app
Step 2: Check the lender’s home renovation loan eligibility criteria
Step 3: Create an account or register via your existing account
Step 4: Fill up the online application form and enter your details, including your identity, address, employment and bank details
Step 5: Provide your loan requirement details
Step 6: Submit the application form

Once you submit the application form, you will get confirmation about whether or not you are eligible for a personal loan for home renovation. You also get an idea of the loan amount the lender will offer.  

If you accept that loan offer, you must scan and upload a few documents to prove your identity, address and income. If everything goes smoothly, you will receive your loan amount disbursed directly into your bank account.

Also Read: Transform Your Home with Home Renovation Loan

Benefits of Applying for a Home Renovation Loan Online

Online loans have become extremely popular among prospective borrowers due to the multiple benefits they offer. 

1. 24/7 Availability 

You can log on to your lender’s website or app 24/7, irrespective of their working hours. When you require an instant loan online, you can access it anytime and get the needed funds when you need them the most. 

2. Convenience 

You can apply for a loan online for anything you want in minutes. Whether you are at home or office, travelling or in the hospital for a medical emergency, you can submit your application within minutes and get funds instantly. 

3. No Paperwork 

NBCs have minimal documentation requirements, including your address, identity and income proof. However, you don’t need to visit the lender’s office to submit these documents. Fibe’s loan application process is paperless and you can complete it online hassle-free. Simply scan and upload the required documents and get a loan in seconds. 

4. Faster Approval and Disbursal 

A personal loan for home renovation does not require any collateral, guarantor or security. You can quickly accept the loan offer, select your repayment tenure and complete the remaining formalities online. Fibe uses a proprietary Al/ML-based algorithm that disburses loans in just 10 minutes.

5. Online Loan Tools 

While applying for a personal loan, NBFCs offer several loan-related tools to make loan applications easier for you. Some of the most helpful tools include: 

1. Credit Score Checker: Most NBFCs have a minimum credit score requirement that you must meet to avail of their personal loan. An online credit score checker tool helps you check your credit score for free. Based on the results, you can decide to apply for the loan, choose another lender, or take steps to improve it. 
2. Personal Loan Eligibility Calculator: A personal loan eligibility calculator helps you confirm your loan eligibility. After entering your loan requirement, it displays the loan amount you are eligible for. 
3. Personal Loan EMI Calculator: Most personal loans come with flexible repayment terms. They allow you to choose your loan term according to the EMI amount you are comfortable paying each month. Enter your loan amount and interest rate and select a loan tenure to know what EMI amount you have to pay for that loan term.
   
   Depending on your monthly budget and repayment capacity, you can adjust the loan term until you find an EMI amount you can conveniently manage. 

These are the major benefits of applying for an instant loan online. Getting Instant Personal Loans from lenders like Fibe offers a paperless procedure and fast loan processing. This loan comes without any restriction on end use, allowing you to utilise the funds to renovate your home.

Download the Personal Loan App here, or log in to our website and enjoy a quick application process!

FAQs on the Home Renovation Loan

Which loan is the best for home renovation?

Various financial institutions provide home renovation loans. You can also opt for a personal loan and use the funds to renovate your home. Since these loans come with attractive interest rates and no restriction on end-use, they can be a great option to finance your home renovation. 

Also, the documents required for home renovation loans and the eligibility criteria are minimal. You can get a personal loan from lenders like Fibe, which offers loans of up to ₹5 lakhs instantly. 

What is the difference between a home loan and a home renovation loan?

A home loan refers to a form of credit that you get to finance the purchase/construction of a new home or property. This loan comes with an agreed-upon rate of interest and repayment period. On the other hand, you can opt for a home renovation loan to modify, expand or upgrade your existing home.