Want to rebuild your dream home? Get a loan in 5 simple steps!

Change is a necessary constant for us. None of us like monotony in our life as it makes our lives dull. We may not like change, but change excites us. Therefore, the place where we live constantly needs to change. Home renovation helps us make changes wherever we have had issues in the house and lets us start from scratch.

This idea may be enticing, but by no means is home renovation a pocketable expense. To help assist families in their venture of home renovation, many financial institutes and banks also provi t is necessary to renovate your homes once every 5-8 years, and a home renovation loan is just the product you have been looking for. A home renovation loan is what you need when you stop enjoying your life in your own home. It is an indicator of you wanting a change.

Build your dream home with the help of a home renovation loan. Here are five basic steps that will allow you to avail Home Renovation loan:

  • Log on to the lenders portal and register yourself by filling in the required details. Once you do this, you can explore the website and get more information about the organisation and what they are offering.
  • Once you have registered yourself, you can go on to the products page and check the catalogue of available products with the lender. Select Home renovation loan.
  • Once you have selected the product, in this case, home loan renovation, you can start by choosing the amount you require for the loan, the tenure for the repayment, and checking the interest rate. You will need to apply for the loan by uploading the necessary documents, which include copies of your Aadhaar card, PAN card, 3 months salary slip.
  • The maximum loan that you can avail of is 10 lakh rupees with interest rates ranging between 16% and 26%, and its tenure may range from 6 months to 60 months. You need to match the eligibility criterion by falling within the age group of 21 years to 45 years and earning Rs. 25,000 or more per month for tier-1 cities and Rs. 15,000 per month or more for tier-2 cities. You also need to be an employee at a single place for more than 3 months constantly and must have an overall experience of more than 6 months. In addition to this, you must first be an Indian citizen.
  • If you are someone who is borrowing the funds for the first time, you need not have a  However, if you are an existing borrower, you must ensure that your CIBIL score is above 675 points.

A thing to note is that in the case of a home renovation loan or any loans, you will be able to foreclose the loan only after 6 months have elapsed from the date on which the loan was approved. Failure to comply with this may attract penalties. The penalties will be in line with the lender’s terms and conditions.

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