A home reflects your personality. May it be a special occasion or festival, most of you choose to renovate your abode to witness a good quality of life. It is a fact that giving your house a makeover can be an expensive affair, and hence placing an application for a home renovation loan may be a wise decision. You can place your application for a home renovation loan with public or private sector banks. In case you are finding it difficult to avail of loans from these banks, you can approach HFCs like LIC Housing Finance or Bajaj Finserv.
They are less stringent than private and public sector banks and may approve your loan application. If you are confused with certain terms and conditions of home renovation loans linked with HFCs, then you can approach them directly to clear your doubts. For instance, suppose you are availing of a home renovation loan from LIC Housing Finance.
However, you have doubts regarding their repayment tenure and others. In such cases, you can directly call up LIC Home Loan Customer Care to clarify your doubts.
A home is a place where you look for peace and comfort. From the colours that you select to the décor or wall lights, the way you embellish your abode says everything about you. There are various trends that make your home appear stylish. Whether you have an upcoming event or looking to spruce up your house for a festival, you simply now can plan your home renovation with the assistance of financial institutions.
This credit option can be utilized to alter, repair, or renovate the structure of your property. Such loans do not require any security or collateral and are available at flexible tenures at an attractive rate of interest. Moreover, it is processing even is very quick.
Here’s a stepwise approach to starting your home renovation application:
Set your home amelioration goal: After you have decided the amount that you need for home renovation, you can place the application for a home renovation loan of as high as Rs 25 lakh. Also, there is zero restriction on the fund’s end usage, approved by the lender.
Look for pre-approved loan offers: Pre-Approved loan offers are usually available for select bank customers. LIC Housing Finance offers pre-approved home renovation loans to specific customers without documentation and can be sanctioned instantly. In case you are a LIC Housing Finance customer, you can check with the lender to know if you have any pre-approved offers by directly logging into the net banking or using its app.
Check the eligibility criteria: Today, availing of a home renovation loan is very easy. Distinct lenders have distinct eligibility terms. To apply for a home renovation loan, you at least must be 23 years of age and an Indian resident, preferably a salaried one with regular earnings of Rs 30,000 monthly. Also, you must have a strong credit history.
Look for the lender with flexible repayment tenure: To make sure that you avail of the loan amount comfortably, you should pick the offering that endows you with a flexible option to repay. Select a repayment tenure that perfectly fits your budget. In case you are looking for a cost-effective EMI, you can choose a longer repayment tenure. You may avail a home renovation loan of up to six years.
Check your tenure beforehand: Even before you apply for a loan, compute your EMIs and plan out your repayment accordingly. You simply can use the EMI calculator to know about your EMI outgo based on your repayment cycle. In this way, you can choose the best repayment option as per your preference.
Conduct your research and strike a comparison amongst the home renovation loan
In contrast to popular belief, a suitable home renovation loan is not always the loan with the lowest rate. While it is a good decision to shortlist the offerings based on this parameter, your research must factor in other parameters. Ideally, you must look for a loan with both a low rate and suitable features. In this way, you may enjoy a favourable and affordable experience overall.
Specific lenders might offer facilities that permit you to borrow loans in a pocket amicable manner. One of the examples is LIC Housing Finance, as it offers Flexi facilities. Here, you simply can borrow from the permitted sanction, any time you require, with zero hassles. You can pay only the interest on EMIs for the initial months of tenures also. This permits you to lower your EMI by nearly 45 percent, allowing you to plan out and space out your finances in a better manner.
Have a good credit score
A simple way to get affordable home improvement credit is by applying with a strong credit profile. This means you must have a good credit score, which must be 750 and above. While many lenders hold a minimum requirement of 750, just making this cut may not assist you in securing a good deal. With an excellent credit score, you can qualify for better terms and conditions and offers.
A few of the important home renovation loan features include:
Attractive rate of interest:
Home renovation loans may start from 7 percent p.a. In case you are looking to assess your monthly loan instalments, and you can take the help of an online personal loan EMI calculator.
Before you apply for a loan, you usually require going through a lengthy documentation procedure. With HFCs like LIC Housing Finance, you can begin renovating your home with minimal documentation requirements.
Simple repayment option:
You can avail of home renovation loans to renovate your house at a repayment tenure that may extend up to 5-6 years, endowing you the flexibility to choose the tenure as per your cash flow and preference.
Zero collateral funding:
You do not require providing any collateral or security against the home renovation loan availed for the renovating purpose.
The loan amount is transferred instantly to your bank account once it gets sanctioned by your bank.
In case you have any home renovation plan pending owing to the lack of funds, you simply can place an application for the home renovation loan through the online route by visiting the selected lender’s website.