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The Best Home Improvement Loans of 2019

Posted by pkpafinoz on May 31st, 2019

What is Home Improvement Loans?

The loan that is used to renovate the home such as kitchen, lawn, bedroom, dining hall, or other areas is termed as Home Improvement Loan or Home Renovation Loans and it falls under the category of Personal Loan. The loan can be borrowed by the person who is the owner of that property.

What is the current interest rate of Home Improvement Loans or Home Renovation Loans?

Name of the Bank/ Lender

Interest Rate (p.a.)

SBI

8.55% onwards

HDFC

8.65% onwards

Bank of Baroda

8.65% onwards

Citibank

8.75% onwards

Axis Bank

8.90% onwards

Punjab National Bank

9.00% onwards

ICICI Bank

9.05% onwards

TATA Capital 

10.99% onwards

Canara Bank

11.10% onwards

Bajaj FinServ

12.99% onwards

Applicant’s Eligibility for Home Improvement Personal Loan

  • Age must be in between 18 to 65 years
  • The citizenship must be an Indian
  • Must be a salaried, professional individual or a self-employed person
  • There must be a permanent residence to which you want to modify

Home Improvement Personal Loan Documents Required for HDFC?

Whether you are applying online or offline, Along with the application provided by the bank, you required to attach the combinations of below documents asked by the bank for approving your HDFC personal loan: -

  • Your ID Proof (A copy of Aadhaar Card, Voter ID, Driving License, Passport, PAN Card or another supported document)
  • Your Address Proof (Aadhaar Card, Driving License, Passport, Telephone Bill/ Electricity Bill/ Water Bill or another supported document)
  • Your income Proof (Bank Statement of Last 6 months, Salary Slip of Last 3 months, ITR or another supported document)
  • Your home related document  

Home Improvement Personal Loan Documents Required for SBI?

Along with your filled application, you need to attach the combination of below documents asked by the bank:-

  • Identity Proof
  • Residence proof
  • Income Proof
  • ITR
  • 3 passport size photographs
  • NOC from the builder or housing society created under ULCR Act of 1976
  • The estimated cost of the construction of your home

How to apply for a Personal loan for Home Improvement?

The home improvement loans can be applied in following ways:-

  1. Visit your nearest bank branch and then talk to the loan approving department.
  2. Insert your debit card in ATM machine and then follow their process
  3. Internet is another way to apply for Personal loan of home improvement.

Below is the process to be followed to apply online for the loan of renovating your home:-

Step 1:- Do some research and then decide the bank from where you want to take loan. You can choose it by getting the clear ideas of interest rate and hassle-free loan approval & EMI process.  

Step 2:- Nowgo tothe official website of your decided bank and navigate to Home Improvement Loan section.

The two most reliable and trending banks for taking personal Loans in 2019 are:-

Aditya Birla Personal Loan

HDFC Personal loan

Step 3:- Nowgo to the form section and then fill it along with your financial details as per the guidance given on that official website

Step 4:- Have a look to the instant calculation tools to get some lumpsum ideas for your loan approval amount, tenor and all

Step 5:- Proceed further and then fill the columns with your required budget and duration for the approval of the loan

Step 6:- Upload the scanned copy of all the asked documents. You can also take online help on the portal

Step 7:- After successfully completing these process, you will get a call from the loan approval representative to verify and process your application.

Step 8:- If everything goes well, you will get the loan amount in your bank account within 24 hours of your home improvement loans approval.   

Some General Info related to the Home Improvement Loan :-

  • If you have already cleared the KYC process in bank, you might not need to provide documents again for taking the Personal Loan
  • Usually the personal loans are flexible not required any security to deposit.
  • Some private banks can offer you the loans up to Rupees 40 Lakh depends on your previous credit score and your earnings
  • You can also avail the tax benefits after taking the Home Improvement Loans from any bank that are registered under RBI.
  • You can also apply for some top-up loan amount in your existing one. The interest rate might vary bit more than your existing personal loan for home improvement
  • If you have any query further, please contact to the customer care of that particular bank before borrowing the loan.
Also See: Personal Loan, Home Improvement, Improvement Loans, Improvement Loan, Personal, Onwards, Loans

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