A home loan can take care of house construction or purchase needs. But can you seek a home loan for renovating or improving your old property? The answer is yes—a home improvement loan makes it possible.
A home improvement loan, a.k.a. home renovation loan, is a unique loan that provides ample funds to repair, refurbish, or renovate your existing property. You can use the loan amount to modernise your home, add new furniture, enhance the amenities, and fix issues to give your house a new lease on life.
Who is Eligible For a Home Improvement Loan?
Any salaried or self-employed professional fulfilling the age, credit score, profession, and income criteria laid out by an Indian lender can apply for a home improvement loan.
For instance, your age must be less than 70 years at maturity. Also, you need to have a CIBIL score of 611 or above.
Finally, you must have a stable job or business with enough income to repay the loan on time.
How Can You Use the Home Improvement Loan Amount?
You can spend your home improvement loan amount on multiple things:
- Complete renovation of your residential property
- Upgrade your house by adding a floor, kitchen, room, bathroom, etc.
- Repair the externals or internals of your house or flat.
- Roofing, waterproofing, tiling, or flooring your house
- Electrical or plumbing work
- Woodwork or false ceiling
A home improvement loan lets you give your property a complete makeover by upgrading it. The interest rate on this loan usually starts at 8.50%, and you can conveniently repay it over an extended term.
Apply for a home improvement loan now and upgrade or renovate your house to make it as attractive as new.
