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