Applying For a Home Renovation Loan Has Never Been So Easy

ByAmrina Alshaikh

Is the renovation of a home on your mind? Planning to add wooden flooring, a room-sized closet, or perhaps a Jacuzzi to your dream home? Living in a house with all modern amenities is a costly proposition and needs funds.

You can arrange the funds either by draining out your savings or taking loans from friends or relatives; however, if none of this is right for you, then you can opt for home renovation loans from instant personal loan apps at affordable rates. The personal loan apps provide loans for both the salaried class and the self-employed individuals.

Home renovation loans from personal loan apps

Home renovation loan are offered for different purposes, such as buying new furniture, tiling, repairs, fittings, and furnishing, or simply for fresh paint to your home. The home renovation loans come under the category of personal loans and are available instantly by digital financial platforms.

Why personal loan apps?

Online personal loan app are emerging as a preferred choice for borrowers today. The main attraction being the seamless and instant loan disbursement by the digital financial companies to eligible customers. The loan processing is quick and with minimal documentation against the tedious process followed by the banks and NBFCs. Some of the benefits to opting for personal loan apps are:

  • The loans are processed in real quick time without delay.
  • The entire process is digital, with minimum paperwork.
  • The loans are available at affordable interest rates.
  • A customer can choose the EMIs as per his/her convenience and repayment tenure.
  • Line of credit facility to minimize the impact of interest on the repayment.
  • Customers with zero credit history can also avail of home renovation loans if eligible.
  • Home renovation loans are provided for multiple purposes and range from Rs. 5000 to Rs. 5 Lakh depending upon the need of the customer.

Interest rates charged by Different Personal loan apps

Before applying for a home renovation loan from an online digital app, a borrower must research and find the best possible option to avail of the personal loan. Below is a table comparing different instant loan apps with their interest rate charts for guidance.

ParticularsPaySenseEarlySalaryKreditBeeMoneyTapRupeeRedeeInterest rates1.4% – 2.3% per month2.5% per monthStarting from 1.48% – for 15 days loanStart from 15%0.082% – per dayTenureAs offered by the lender7 – 43 days15 days – 9 month3 months – 36 months7 – 30 daysLoan amountUp-to Rs. 5 lakhUp-to Rs. 1 lakhUp-to Rs. 1 lakhUp-to Rs. 5 lakhUp-to Rs.  25,000Processing FeeUp-to 2.5% of the loan amountUp-to 1.5% of the loan amountUp-to Rs. 850Up-to 2%Rs. 999

 

How to apply for a home renovation loan?

Step 1 – Firstly, download the app and fill in the loan application form.

Step 2 – Upload the documents required for KYC or select the doorstep document pickup facility.

Step 3 – Once the documents are verified, the loan is approved, and the funds are instantly transferred to the applicant’s account.

How to determine EMIs?

An applicant can select the EMIs by changing the repayment tenure that suits his repayment capacity. An EMI can be calculated by:

  • Filling the loan amount sanctioned
  • Tenure of repayment
  • Interest rates

Using the EMI calculator, the net amount to be paid by the borrower (principal amount+interest rate) can be determined.

Everyone desires to live in a house that suits his/her taste, aspirations, and comfort. This requires constant refurbishing and adding new amenities. However, home renovation is costly, but with personal loan apps, you can avail of the home renovation loans instantly and at affordable rates.