Renovating your home helps you maintain it and increase its value as an asset too. In fact, sometimes renovations can also prevent future repair expenses. While redesigning can take a toll on your pocket or demand more than you have at hand, a home improvement loan can help fund your venture. If you are wondering ‘Can I get a loan for home improvement?’, the answer is yes! You can get a home improvement loan and without having to pledge collateral too. Here is how you can apply for such a loan.
Determine the amount you need
The first thing you are sure to ask is, ‘How much can I borrow for home improvements?’. While you can get a personal loan for home improvement up to Rs.25 lakh from lenders like Bajaj Finserv, it is prudent that you first figure out how much you need for your renovation activities. Though putting an exact number to home renovation is close to impossible, take estimates into consideration to make the closest call. This way you can prevent borrowing more than you need to and ensure the personal loan interest rates that are applied to your loan result in affordable EMIs.
To be prepared for unexpected expenses while sticking to your budget, opt for a flexi personal loan that allows you to borrow as you need from your sanction and pay interest only on the amount used.
Select your preferred lender and check your eligibility
Compare offerings in the market to find the best one. Check the eligibility criteria specific to the lender you have chosen to avoid any chances of rejection on your personal loan for home improvement. With top lenders like Bajaj Finserv, this is easy as you can use the eligibility calculator to determine your eligibility and the amount you qualify for.
Use a pre-approved offer and apply for your personal loan
A pre-approved offer helps you view customised loan deals that are crafted especially for you keeping in mind your credit needs and repayment abilities. These pre-approved offers also make loan application approval and processing faster. It’s simple and all you need to do is check your pre-approved offer and apply for one of the customised deals.
Forecast your repayment and consider flexi loan options
By calculating your EMIs beforehand you can ensure you are selecting the best tenor in terms of availing an affordable personal loan. Use the online loan EMI calculator to do this easily and conveniently and choose a loan amount and tenor that results in EMIs that you can repay easily. Further, when you choose a flexi loan, you can choose to pay interest-only EMIs and repay the principal at the end of the tenor to manage your cash flow during renovation better. This also helps you reduce your EMIs by up to 45%.
Submit documents to prove your eligibility
To seek approval on your application, you will need to submit the required personal loan documents to verify your details. By ensuring that you have the personal loan documents ready before applying, you can submit them immediately and cut short any delays based on processing timelines. Find a lender like Bajaj Finserv that requires minimal documentation for a personal loan for home improvement.
Now that you know everything you need to know about a personal loan for home renovation, get started now. Be it tiling or painting, constructing a new garage or adding a new wing, you can meet all your home improvement expenses by availing a Home Improvement Loan from top lenders like Bajaj Finserv.