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Personal Loan for Home Renovation
Easy Digital Process
Minimum Salary Required ₹15K
Instant Approval
Personal Loan for Home Renovation EMI Calculator
Get a Personal Loan for Home Renovation Upto 5 Lakh
If you are a homeowner, you must repair and renovate your property from time to time to keep it in good condition and increase its value. However, most people neglect this necessity due to the hefty home renovation costs involved. You no longer need to do that, as a Home Renovation Loan provides quick funds to cover the expenses. At Hero FinCorp, you may borrow a loan of Rs 50,000 to Rs 5 Lakh at interest rates starting at 19% per annum. Choose a repayment tenure of 12 to 36 months to repay the EMIs without stressing your budget. A Personal Loan for home renovation makes your home a better place to live in.
Features and Benefits of a Personal Loan for Home Renovation
Explore the perks of Hero FinCorp's Personal Loan for Home Renovation.
Quick Disbursal
Once approved, the loan amount is disbursed quickly.
Paperless Documentation
No physical documents needed. Just provide your KYC details and income proof.
EMI Calculator
Calculate EMIs online by adjusting loan amount, tenure, and interest rate.
Low Rate of Interest
Our interest rates start from at 1.58% per month.
No-Collateral
No need to provide any security or collateral to avail the loan.
Eligibility Criteria for Personal Loan for Home Renovation
Before applying for a personal loan for home renovation, make sure you meet the eligibility criteria. These include your age, monthly income, work experience, and Indian citizenship. At Hero FinCorp, the personal loan eligibility criteria are simple and easy to fulfil.
Age
You should be between 21 and 58 years.
Citizenship
You should be a citizen of India.
Work Experience
Six months for salaried individuals and 2 years for self-employed individuals.
Monthly Income
You should have a minimum income of Rs 15,000 monthly.
List of Documents Required for Personal Loan for Home Renovation
Documentation is an essential part of the loan application process. Requirements may vary slightly for salaried and self-employed applicants, so it’s advisable to understand them beforehand. Being prepared with the necessary personal loan documents can help ensure a smooth and hassle-free application process. Here’s a list of the commonly required documents.
Documents required for Salaried
Mandatory Documents
Filled loan application form, passport-sized photograph
Identity Proof
Driving Licence, Passport, PAN (mandatory), Aadhaar
Residence Proof
Driving Licence, Passport, Aadhaar, Ration Card, Utility Bill
Residence Ownership Proof
Electricity/Maintenance Bills, Property Documents
Income Proof
3 months’ salary slips, 6 months’ bank statement (salary account), Form 16
Job Continuity Proof
Appointment letter, Experience certificate
Documents required for Self Employed
Mandatory Documents
Filled loan application form, passport-sized photograph
Identity Proof
Driving Licence, Passport, PAN (mandatory), Aadhaar
Residence Proof
Driving Licence, Passport, Aadhaar, Ration Card, Utility Bill
Office Address Proof
Maintenance Bill, Utility Bill, Property Documents, Rent Agreement
Income Proof
6 months’ bank statement, 2 years’ ITR
Business Existence Proof
Tax Registration, Shop Establishment, Company Registration Certificate
Interest Rates & Charges on Personal Loan for Home Improvement
You should be aware of the loan costs, like the interest rates and processing fees, before applying for an instant loan for home renovation. At Hero FinCorp, personal loan interest rates are competitive, and other charges are nominal. Check out the details.
| Fees & Charges | Amount Chargeable |
|---|---|
| Interest Rate | Starting from 1.58% per month |
| Loan Processing Charges | Minimum 2.5%+ GST |
| Prepayment Charges | N.A. |
| Foreclosure Charges | 5% + GST |
| EMI Bounce Charges | Rs 350/- |
| Interest on Overdue EMIs | 1-2% of the loan/EMI Overdue Amount Per Month |
| Cheque Bounce | Fixed Nominal Penalty |
| Loan Cancellation | 1. Online loan app does not charge any cancellation charges |
| 2. Interest amount paid is non-refundable | |
| 3. Processing charges are also non-refundable |
How to Apply for a Personal Loan for Home Renovation Online?
Here is the stepwise process to apply for a Personal Loan for Home Renovation online:
- 1
Visit the Hero FinCorp website or install the personal loan app
- 2
Go to the personal loan page and click on ‘apply now’
- 3
Enter your mobile number and verify with the OTP received
- 4
Choose the loan amount you need
- 5
Verify your KYC details to check income eligibility
- 6
Click ‘Submit’ to complete your application
Personal Loan for Home Renovation Related Blogs
Frequently Asked Questions
As the name suggests, a Personal Loan for home renovation is an unsecured loan you can take for renovating or repairing your home and repay in monthly instalments.
Since a Personal Loan for home renovation is an unsecured loan, you do not need to provide any security or collateral to take the loan.
You only need your KYC details and proof of income when you apply for a Personal Loan for home renovation with Hero FinCorp online.
To apply for a Personal loan for your home renovation, simply fill up the application online using your KYC information and submit along with your income proof.
A Personal Loan is an unsecured loan offered at highly competitive rates and easy repayment terms with minimal documentation. You can get approval in minutes.
Yes, you can take a Personal Loan for house repair/renovation and utilise the amount for raw materials, labour and transportation.
The interest rate you qualify for depends on your credit score, DTI (debt-to-income) ratio and lender's policies. The interest rates at Hero FinCorp begin at 1.58% per month.
You can obtain approval in less than ten minutes when you apply for a Personal Loan for home improvement through the Hero FinCorp app or website.
You can avail a Personal loan of up to Rs 5 Lakh for home improvement from Hero FinCorp based on your eligibility.
You must be 21 to 58 years old with a monthly salary of Rs 15,000 and work experience, based on your profession (salaried/self-employed), to avail a Personal Loan from Hero FinCorp.
You can get ample amounts of up to 5 Lakh without collateral at Hero FinCorp at reasonable interest rates and repayment terms of 12 to 36 months.
Hero FinCorp can approve your application for a Personal Loan for home improvement in as little as 10 minutes when you apply online.
Yes, you can get a Personal Loan for home remodelling even if your credit score is low or poor. However, the lender might provide a smaller loan amount or charge a higher rate of interest.
Yes, you can take a Personal Loan for home improvement at Hero FinCorp with convenient repayment periods of 12 to 36 months.