Give Your Home an Instant Makeover With a Home Renovation Loan

Highlight – Want to give your home a makeover? A home renovation loan can help you create the home of your dreams.

Fluctuating needs and weathering drive you to revamp your houses periodically and you can apply for a home renovation loan to finance it conveniently. Remodelling your home not only adds to its aesthetics but also increases its value. However, renovation can come at quite a cost.

Whether you need to address regular wear and tear, immediate needs, or make your living space more comfortable, the cost can burn through your savings. Thankfully, with a loan for a home interior renovation, you can spruce up your home without worrying about the costs. 

A home improvement loan ensures that your financial cash flow remains stable and strong during the entire project. But you must find the right loan for interior designing to get affordable financing and make the most of your borrowing experience. 

With Fibe, you can get an instant personal loan and leverage the convenient and flexible loan terms to meet your financial needs for home renovation. Read on to know the benefits, eligibility, documents and more for a loan for home renovation.

What is an Instant Personal Loan?

You can get a collateral-free instant personal loan to meet all of your financial requirements for home renovation. Online home loan providers enable you to complete the entire home loan application process online. 

You can check your loan eligibility online and obtain loan approval within a few minutes after document verification. Once you receive the approval and the disbursement is complete, the next steps are simple. Simply activate the e-mandate and set up the automatic EMI payments from your preferred bank account. 

Home improvement loans and their types

A loan for a home interior renovation can also be a type of home loan, which allows you to get finances for various needs like home modification, renovation and refurbishment. 

While a home loan enables you to buy a home, a personal loan for home renovation allows you to enhance the house you own. Home improvement loans are a low-cost, flexible and hassle-free way to make your home a comfortable living space. 

There are two kinds of personal loans for home renovation – secured and unsecured loans.

Secured home renovation loans

This type of loan requires you to pledge your home as collateral. With this loan, you get a greater loan amount with a fixed interest rate and a longer payback period. 

The interest on this type of loan is tax-deductible. It depends upon factors such as your age, property size, location and credit rating. The secured home renovation loan interest rates are generally lower than unsecured loans. 

Unsecured home renovation loans

This kind of loan does not require any collateral, making the venture riskier for the lender. Unsecured home improvement loans are generally for smaller amounts, with a higher interest rate and a short repayment period. The unsecured home renovation loan interest rates are much higher, in comparison.  

Benefits of getting home renovation loans

Home improvement loans have several advantages that make them a popular choice amongst homeowners. Here are some of the key benefits of home improvement loans.

Flexibility

You can utilise home improvement loans for several purposes, such as extensions, repairs, flooring, painting and so on. You can even use the amount for labour, material, or transportation costs. This is because lenders do not impose restrictions on the end-use of the loan amount. 

Mostly, loan amounts get approved based on the value of the item used or the renovation proposal. Unlike restrictive loans, personal loans for home improvement offer flexibility on the amount required for purchase. 

You can also opt to finance only a portion of the renovation through liquid funds and the remaining through such flexible offerings.

Eligibility

You can apply for a home renovation loan individually or jointly if many partners own the home. Most lenders have simple eligibility requirements, making it a more accessible solution. For instance, here are some standard eligibility requirements: 

• You must be an Indian citizen
• You must be above 21 years and below 55 years of age
• You must be a salaried individual with a minimum salary as per the lender

Flexibility in loan terms

The home improvement loan tenure can be up to 2 years with multiple repayment plans. Lenders give you flexibility to ensure that you can repay the loan comfortably and without straining your finances. 

Tax benefit

A secured home renovation loan will allow you to leverage the tax benefits on the interest portion up to a predefined limit. 

Streamlined process

Instant personal loans for home improvement have a smooth, hassle-free process for application and approval. However, you should do your due diligence before applying to increase your chances of eligibility and approval.  

No middle men

One of the main advantages of instant personal home loans is online security and privacy. KYC validations and OTP checks ensure the safety and confidentiality of your personal information. 

Instant approval

Online documentation, KYC and application reduce the time taken for the home renovation loan approval and disbursement. The lending process becomes simplified and lenders can quickly decide to approve or reject your loan application. As such, you get relatively quicker access to funds.

Good interest rate

Generally, lenders offer competitive interest rates with these loans, which lowers your cost of borrowing. However, the personal loan interest rate depends upon several factors. To get the best possible loan rates, you must maintain a good credit score and keep your debts within a manageable limit. 

With a strong track record, you can easily avail yourself of flexible and reasonable home renovation loan interest rates.

No collateral needed

For secured loans, you will need to provide collateral. However, if you opt for an unsecured loan, you will not have to offer any such collateral and can safeguard your assets.  

Minimal documentation

Lenders offer these loans with minimal documentation. This makes the process simpler and more convenient. While the requirements may vary depending on the lender you choose, here are some general documents required for a home improvement loan application.

• PAN card
• Duly filled application form
• Passport-sized photographs
• Bank statement of the last 3 months
• Aadhaar card, driving licence, passport, voter ID

Conclusion

Turn your decoration and renovation ideas into reality, transform your interiors and give your home a complete makeover without worrying about financing. Get an instant cash loan from Fibe by downloading the Instant Loan App or visiting the official website and finance your dream home renovation project today!

FAQs on Home Renovation Loans 

Can I get a loan for interior design?

Yes, you can get a loan for a home interior renovation from online platforms like Fibe. You can conveniently apply through the personal loan app or the official website.

Which loan is best for home renovation?

You can get a personal loan for home renovation from online platforms like Fibe. Not only is the loan affordable but it also has simple requirements and a quick application process. 

Does the home loan cover the interior?

No, a home loan provides access to funds to buy a residential property or a constructed house. However, you can apply for a home renovation loan to cover the expenses of home interior upgrades.

Can we get a loan for the interior?

Yes, you can get a personal loan for interior decoration from online platforms like Fibe without any hassles.