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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 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 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.
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.
Features & Benefits
Eligibility
Who can apply:
Age:
Required Documents
Identity Proof
Any of the following
Address Proof
Any of the following
Other Docs
Mandatory
Calculator
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Loan Summary
Loan Amount
₹ 100,000
Interest Payable
₹ 17,397
Monthly EMI
₹ 1,957
How to Apply
LoansJagat is a platform to offer personal loan for home improvement quickly and efficiently without having a difficult application process. Our aim is to offer a hassle-free process so that no one has to wait for their dream to become a possibility. Apply for a loan right away!
Tips to Avoid Loan Rejection
The following guidelines assist in improving the chances of loan approval to avoid the possibility of rejection of personal loan for home improvement.
1. CIBIL Score Above 650
You have a high chance of loan approval if your CIBIL score is more than 650. So, try to increase your credit score to match this number. You have a high chance of loan approval if your CIBIL score is more than 650. So, try to increase your credit score to match this number.
2. Lower Debt-To-Income Ratio
If you majorly depend on your credit card, even after spending your monthly income, then the chances of loan approval are low.
3. Clear Existing Debts
Try to stay clear of all the outstanding debt. If you repay your loans timely, then banks will prefer to lend more loans to you.
4. Provide Verified Information
Don’t lie about your information over the tele-verification process. If found not true with supporting documents, the chances of rejection increase.
5. Stable Employment
Try to have a stable job for at least 1 year before applying for a loan. This will help you have more chances of loan application approval.
6. Credit Report of Last 6 Months
When you are planning to apply for a loan, make sure that your credit history of the last 6 months is up to the mark.
7. Timely EMI Repayments
If you pay your loan EMI on the due date/month. Then your credit score will boost instantly. This will guarantee instant loan approval.
8. Don’t Engage in Paid Fantasy Gaming Apps
Avoid getting addicted to betting on paid fantasy gaming apps like Dream 11, Ludo, Poker, etc. Remember, there is no shortcut to long-term wealth.
9. Clean Salary Bank Account Statement
Do not engage in external transactions on major stockbroking platforms. Try to keep a clean transaction history of your salary bank account.
10. Average Bank Balance
Investing in derivative products like Future and Options (F&O) trading is a very risky scenario if you are planning to avoid loan rejection.
11. Multiple F&O Transactions in the Stock Market
If you can retain 25% of your monthly income as savings in your bank account, then banks will prefer to approve your loan application.