Renovating Home - Which Is The Best Loan Option For You?

By Author: Ankit Verma
Total Articles: 23
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Renovating Home - Which is the Best Loan Option for you?

Home renovation is a costly venture and a dream to many. Living in a beautiful home is a need and not a desire as believed by Vastu Shastra. Living in a stunning and gorgeous home may need plenty of money and many people won’t be able to afford the cost. So the uplifting thing is you don’t have to shell out money from your pocket.

There are numerous financial institutions who provide standard loans for home improvements or renovating that may include-cash out finance, home equity loan, home equity line of credit and personal loan.

Among these different loan options for home renovation, personal loan is considered to be the best, for its flexibility and instant approval. The recent digitized form of personal loan apps and credit websites showcase seamless features and benefits, while applying for personal loan.

Personal loan simple features and benefits for home renovation

Personal loan has a versatile and unsecured feature and can be availed ...
... anywhere, anytime as per your convenience with the help of loan apps or websites specifically designed for superfast disbursal of loan.

Below mentioned are the features and benefits of a personal loan for home renovation:

• Collateral free - the best thing while availing a personal loan for home renovation is that it does not ask for any collateral. The borrower himself is a collateral in a personal loan. His income and other personal details should meet the loan eligibility while taking a loan for home renovation.

• Fast approval - the instant loan approval for home renovation makes personal loan highly popular and widespread for the common public. Within 24 hours or less the loan for home renovation gets approved.

• Flexible repayment option - personal loan procures an easy and flexible repayment option that includes your EMIs, tenure and interest rate based on your loan amount. Flexible repayment option allows you to increase or decrease your loan amount, tenure and EMIs as per your convenience for home renovation.

• Affordable interest rate - personal loan being an unsecured loan, the interest rate is slight. Nevertheless, the interest is affordable and can be paid easily by increasing your tenure and decreasing your EMIs as per your suitability.

• Nominal documentation - paperless documentation enables personal loan to be more convenient to benefit a loan for home renovation. No physical documentation is required for an online instant personal loan.

Eligibility criteria of a personal loan for home renovation

Personal loan eligibility criteria do not trouble you, as the criterion laid by the RBI rule is basic, which can easily avail you the required loan amount quickly. But most of the borrowers hesitate taking a personal loan, fearing that they might not meet the eligibility criteria or may have to face rejection, if they apply for a personal loan for home renovation.

Eligibility criteria for salaried and self-employed borrowers:

• Must be a resident of India
• Must receive a basic income of Rs.15000 monthly
• Must be in an age limit of 21-58 years
• Minimum stability in Job or business for 6 months to1year
• Six months’ bank statement of your salary slip and most bank transactions for salaried and self-employed respectively

Documents required for personal loan for home renovation

The document submission is a hassle-free task when availing digitized instant cash loan. The paperless documentation process makes it more encouraging and gaining.

• Identity proof like Aadhar Card/ Driving License/ Smart card
• PAN Card
• Address proof like your electricity bill/voter id/ Aadhar card

How to apply for a Personal Loan for Home Renovation

When availing a personal loan through an online app like “SimplyCash” an instant personal loan app, powered by HeroFinCorp a trusted financial company, the overall application loan process becomes simple and hassle-free. You just need to fill in some basic personal information:

• Install the app through Google play store from your mobile phone
• Enter your mobile number or email Id for registration and fill in the application form with basic requirements.

Depending upon the need and urgency of funds for home renovation, taking a personal loan via an app or official website like “SimplyCash” for home renovation is a good idea, as it enables a fast track process for personal loan.