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Why does one need a Home improvement loan?

All homes require periodic maintenance work to stay in a good state. Natural factors like rain, dust, storm, etc can adversely affect your home apart from the usual wear and tear. However, with increasing labour and cost of material, home renovation is a costly affair. Thus, sometimes it becomes rather important to choose home renovation loans. These loans are basic personal loans designed for home refurbishment. Many banks offer loan schemes for the renovation of homes.

Home Improvement Loans

Home improvement loans or home extension loan or home renovation loans are unsecured loans which do not require any security. One can use the funds from the loan for remodelling, updating, renovating, or repairing one’s home. One should opt for home renovation loan if:

  • You do not have any collateral.
  • You want a good sum of money.
  • You want money for the tenure of 3-4 years only.
  • You are employed with a large corporate and are sure to get a low-interest rate loan.
  • You want a loan which is quick and hassle-free.

LoansJagat provides an excellent platform by presenting you with the available options so that you can compare and choose the best suitable lender in terms of interest rate, processing fee and repayment terms and conditions. The interest rate for home renovation loan usually begins from 10.75 %. Different banks offer different rate of interest. These loans are usually disbursed on the basis of annual income and credit score of the borrower. If these two eligibility criteria are met, then one can also negotiate with the bank for the best rate of interest.

Eligibility Criteria to Apply for Home Renovation Loan

Home renovation loans are given only if the borrower is eligible for the same. The eligibility criteria include:

Age: Home improvement loans are available for salaried people within the age group of 21 years to 60 years. This means if you are nearing your retirement age and seeking home renovation loan, chances of application getting rejected are high. However, if you apply for the home extension loan at a younger age, then you can easily get it. Many financial institutions and banks also offer home improvement loans to self-employed professionals like CA, architects, CS, Doctors, etc.

Employment: Lenders are concerned about the repayment of the loan as they are at risk with no collaterals being involved. That is why they seek job stability of the salaried individuals. They should have a minimum of 24 months experience and must have at least 10 months with the current employer.

Credit Score: Credit score goes hand in hand with unsecured loans. A good credit score ensures a fast approval of loan as it shows your credit history. Delays and defaults in repayment of EMIs or credit card bills result in lowering your credit score significantly. A credit score over 750 is considered good for a home renovation loan.

Application Process:

Step 1: Visit and apply for the loan.
Step 2: Fill out the application form with requisite details.
Step 3: You can also compare different lenders for available loan options and apply for the one which suits you the best.
Step 4: You will be contacted by our representative and check for eligibility. If eligible, LoansJagat will coordinate and forward your request to the chosen bank.
Step 5: You will get the call from the chosen bank’s representative for further verification of details.
Step 6: After verification is done, the loan amount will be credited to your bank account.

Why Choose LoansJagat?

Experts at LoansJagat understands your needs and their team of professionals analyse and give the best loan options as per your requirements. They have the best and advanced machine algorithms so that the loan process is quick and paperless. Moreover, LoansJagat provides a dedicated relationship manager to each of their customers for smooth execution of the loan. They present more than 40 esteemed banks and financial institutions under one roof.

Get a home renovation loan and prettify your home without thinking twice about the funds. Remember that our home is the place where we not only reside but grow beautiful memories in with family. So, beautify your home with the home improvement loan and make your abode more welcoming.

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