- Don’t have savings for a home renovation? Apply for a personal loan to ensure the same
- Read this post showing details of best personal loans for home renovation
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.
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.
|Interest Rates||10.99% - 15.00%|
|Processing charges||2.5% of the loan amount|
|Prepayment charges||For 13-24 months - 4% of principal outstanding,|
25-36 months - 3 of principal outstanding
|Loan Tenure||1-5 Years|
|Maximum Amount||Up to 40 lakhs|
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.
|Interest Rates||13% onwards|
|Processing charges||4% of the loan amount|
|Prepayment charges||2% + applicable taxes on part payment amount paid|
|Loan Tenure||2-5 years|
|Maximum Amount||Up to 25 lakhs|
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.
|Interest Rates||10.99% onwards|
|Processing charges||2.75% of the loan amount + GST|
|Additional charges||3% + overdue amount per month + GST|
|Loan Tenure||1-6 years|
|Loan Amount||75000 - 25 lakhs|
Renovate Your Home with Fullerton India Personal Loan
Fullerton 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.
|Interest Rates||11.99% to 36%|
|Processing charges||3% of the loan amount|
|Loan Tenure||Upto 5 years|
|Maximum Amount||Upto 25 lakhs|
|Lowest EMI per lakh||2275 INR for 5 years|
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.
|Interest Rates||10.50% to 19%|
|Processing charges||2.25% of the loan amount + GST|
|Loan Tenure||Up to 6 years|
|Maximum Amount||Up to 25 lakhs|
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.
|Interest Rates||10.25% onwards|
|Loan Tenure||1-5 years|
|Maximum Amount||50000 INR - 20 lakhs|
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.