It is imperative to renovate your home from time to time to maintain its sheen and elegance. A robust and well-constructed house is as important as its location and ambiance. Periodic maintenance and refurbishing of your home is necessary because natural factors like rain, sun, wind and regular wear and tear can take a toll on your house.
Renovating your home can be a costly affair as the rising expenses of materials, labour and other charges can burn a hole in your pocket. However, you can avail a Home Renovation Loan to pay for the repair and restoration of your house. You can repay the loans in easy EMIs without straining your savings.
Personal Loan for Home Improvement offers you a range of exciting features and benefits for financing your home renovation. You can choose a tenor between 24 to 60 months as per your repayment capability, and get your loan amount disbursed within 24 hours of approval with minimal documentation.
Eligibility Criteria for Home Renovation Loan
If you are a salaried individual, the lender fixes a minimum amount that you need to make as salary, in order to be eligible for the renovation loan. The guidelines are different for each lender and hence, it’s crucial to find the eligibility criteria for home renovation loan of specific lenders before applying.
Once you meet the criteria, your loan application process can be initiated. Read more to know about factors that affects the eligibility of your home renovation loan:
1) Your Monthly Income: Lenders evaluate the repayment capacity of the applicant by their monthly income. The level of income indicates the amount of EMI that you can pay. This affects the total loan amount that could be sanctioned to you.
If your income is higher, a higher loan amount could be approved for you at favourable rates.
2) Your City of Residence: Generally, lenders sanction the loan amount and decide the rate of interest based on the city in which the applicant resides. Individuals residing in metro cities are given Personal Loans easily. Bajaj Finserv provides Personal Loan for Home Renovation in cities across India with minimum eligibility criteria.
3) Your Age: Lenders also look at the age of the applicant before approving the loan application. They prefer applicants at a relatively younger age and settled work life, as this demographic has a longer earning potential. You can avail home renovation loans with Bajaj Finserv if you fall between the age of 25 and 58 years.
4) Employment Details: The organisation and status of your employment also plays a part in lender preference for approval of loan. You should be employed with a reputed MNC, public or private company. It is reflective of the stability of your job and the lender can be assured that the applicant has constant cash flow to repay the loan EMI.
5) Credit Score: When you apply for a home improvement loan, the lender will run a credit check to find out your credit score. If your credit score is above the ideal range of 750, your loan sanctioning would be smoother. The credit score is evaluated on the loans taken previously, and the manner in which they’ve been repaid. Pay your loans in time to boost your credit score.
With these guidelines, you can easily evaluate your eligibility for a home renovation loan and redecorate your home without depleting your savings. You can even use the Personal Loan eligibility calculator to check your eligibility before applying for a home renovation loan.