The living room of a house is one place where we usually tend to spend most of our time. From chilling with friends and family to binge-watching on favourite movies, the place lets you do it all in a comfortable manner. While sitting at the same place can get very boring at times, it is very likely that you would have already thought of giving it a makeover. So, if you are planning to transform the living room of your house and are running short on funds then you have got no reason to worry. Simply opt for a home renovation loan that can help you design the home of your dreams. Whether it is financing the cost of hiring an interior designer, buying raw materials or even the furniture, a home renovation loan can help you take care of all the expenses in an easy way. Read this article to know how a home renovation loan can help you transform your living room.
What is a home renovation loan?
In simple terms, a home renovation loan is an unsecured personal loan that can be taken to take care of all the renovation expenses. The loan helps you finance all the living room improvement costs in an easy way by giving you easy access to funds. Additionally, the loan amount can be used for handling all house-related expenses including payment of the interior designer, vendors, vendors, architects and others. With personal loan for home renovation being an unsecured type, this type of loan does not require you to keep any collateral to get the money and is instead disbursed on the basis of your salary, credit score, age and other factors. With digital revolution, getting a home renovation loan for living room has become simple as lenders now offer you hassle-free application process.
Eligibility criteria for a home renovation loan
To get a home renovation loan, it is necessary that you meet the below listed criteria:
- You have minimum salary of Rs. 15,000
- You are employed with public, private or a government entity
- You are aged between 21-60 years
- You are a resident of India
- You have minimum credit score of 650
Documents required to get a home renovation loan
Before you check home renovation loan online, you should keep the below documents handy:
- Address proof i.e. Aadhar card, driving license, election card, passport
- Identity proof i.e. PAN card, driving license, election card, passport
- Income documents i.e. salary slip, Form 16
- Bank statement
The documentation requirement may vary from lender to lender
Advantages of availing a home renovation loan
Helps in improving your credit score: If you have never taken a loan before then chances are you will have zero credit score or a low score. That’s when getting a personal loan can be of great help, Timely repayment of the home renovation loan EMIs can boost your score which would further help you secure more loans in the future. Remember, having a good credit score helps you get a high loan amount at low interest rates. However, defaulting on payments can decrease your score and lead to rejection of the loan in future.
Minimal documentation: Getting a personal loan for transformation of the living room is now online as lenders have now moved the application process online. The online application process has made it possible for lenders to upload documents online through the lender’s website or application. KYC documents and bank statement can now be uploaded online in PDF or JPG format, thus saving you from doing any paperwork.
Quick approval: To get a personal loan for home renovation now you no longer have to wait for months to get loan approved. You can now apply with an online lender from the comfort of your home without having to travel to the lender’s office for any paperwork. Online lenders use algorithms that help them quickly determine your credit eligibility and offer you instant approval.
No collateral required: Getting a home renovation loan is easy as the lender does not require you to provide any collateral. This means that your assets are not at risk in case of non-repayment of the loan amount. Not paying the loan on time can have an impact on your credit score which can affect your financial future in a big way.
Availing a home renovation loan to transform your living room is the right choice owing to hassle-free and simple application process. With low interest rates, flexible tenure and easy EMI options, your dream to make your little place your wonderland can now come true with a personal loan. However, before you get the loan, always check on its features and benefits to ensure you make the right choice.