Best Personal Loans for Home Renovation

Last Updated : June 22, 2020, 4:34 p.m.

Wanting to renovate your house? Remodelling, painting, restoration, and other home care are all necessary. And you’ll need money to take care of the home renovation, which may be quite pricey due to labour costs, material purchases, and so on. In major cities, the cost of renovating a 3-BHK home might range from INR 2-5 lakh. People abandon their home renovation ideas when they see such expenditures. A personal loan for home renovation with no collateral, on the other hand, can assure a smooth home improvement. Customers can get personal loans from a variety of banks and non-banking financial institutions. In this post, we’ve selected some of the greatest personal loan options for home renovation from among the many available.

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Personal Loans for House Repair

A home improvement/renovation loan is the product for you if you want to repair/renovate/alter the structure of your existing home. Longer loan repayment terms and lower interest rates are also available with these loans. Choose the one correct house renovation personal loan for you from the below list, according to your needs and repayment capacity.

Personal Loan for Home Renovation with HDFC Bank

HDFC bank helps you get personal loans for house repair in less than 4 hours for non customers. For existing customers, the bank provides instant loans with minimum documentation. A minimum net monthly income of INR 25,000 is required for an HDFC Bank Salary Account holder to avail the loan. For non-HDFC Bank Salary Account holders, a net monthly income of INR 50,000 is required.

House Repair with Bajaj Finserv Personal Loan

Bajaj Finserv helps you to get a personal loan for home repair within 5 minutes of completing the application and disbursement within 24 hours of documents verification. It also provides you with a unique flexi facility on your personal loan in which you can borrow as per your needs and repay when you can, with 45% lower EMI’s. The minimum salary required to avail the loan ranges from 22000 INR per month to 35000 INR per month according to the location of your job, with a minimum CIBIL score of 750.

Home Renovation with TATA Capital Personal Loan

Tata Capital enables you to have one personal loan for home renovation for all the activities related to home renovation. It also provides you with the flexible repayment options with no requirement of collaterals. The minimum salary requirement is 20000 INR per month.

Renovate Your Home with SMFG India Credit Personal Loan

SMFG India approves you the personal loan for home repair instantly online, considering your previous relationship with the bank and your credit score. The money can be disbursed in 72 hours after the loan approval. The minimum salary requirement is 20000 INR per month in non metro cities, whereas the residents of Delhi and Mumbai should have the minimum salary of 25000 INR per month.

ICICI Bank Personal Loan for Home Renovation

ICICI bank offers you a personal loan for home repair with minimum documentation, no collaterals and quick processing and disbursal. To borrow a loan from ICICI Bank, you must have a monthly salary of 30,000.

Personal Loan from Kotak Mahindra for Home Renovation

Kotak Mahindra Bank provides you with attractive interest rates and easy repayment options. It also provides you with all home loan renovation expenses under one personal loan. It facilitates quick loan disbursal amounts in 3 seconds for Kotak Pre approved customers.

Conclusion

After checking the best personal loan offers for home renovation, you could have figured out the one that could serve your purpose better. The best personal loan deal would be the one that lowers your cost and gives you the much-needed flexibility.