Have you heard about a personal loan offered by the leading banks and financial institutions and private loan providing firms and moneylenders? If yes, you must surely be aware that a personal loan is one of the easiest types of loan that can be borrowed and repaid. This loan can be used for multiple purposes because the loan provider does not inquire about the reason for borrowing. Personal loans are of many types and are commonly borrowed for purposes like
- Wedding funding amount
- Tuition fee payment loan
- Education or student loan
- Travel Loan
- Medical loan
- Home renovation loan
- The amount for buying a new vehicle
- Business investment, or business funding amount.
The documents required for a personal loan are not many. You can get such loans for lower interest rates. The eligibility criteria are also simple and easy to qualify. This type of loan can be borrowed as a home improvement loan and be used for simple repairs and renovations and an old house. This article will be looking at a house renovation loan and one of the best online platforms for borrowing this type of loan. We will also discuss the various features of this loan and help you identify the steps for applying for a loan for renovation on Loaney.
At the end of this article, we will answer some common questions related to home renovation loans and home renovation loan interest rate. This will help you clear any doubts you have regarding your mind.
Loaney Home Renovation Loan
Almost every type of loan can be borrowed using online portals and bank websites these days. Finance and banking have made their place in the online world and made loan borrowing easier and more convenient for all. One of the most reliable platforms for borrowing a home improvement loan in India is Loaney.
Loaney is an online website that offers personal loans of up to Rs. 15,000 for various purposes to its clients. The loan amount can be used for various purposes, including home improvisation and making changes to refresh your interiors. The loans that are offered on Loaney are available for low-interest rates, short repayment tenures and less paperwork. There is no requirement for a guarantor or for pledging collateral. The client can get a personal loan without specifying the reason for borrowing within a few minutes.
Wondering how to finance home renovation? Avail Loaney home renovation loan with flexible repayment tenure & attractive interest rates.
In the following sections, we will be discussing the features of a house renovation loan and the documents and eligibility criteria to meet.
What Is A Home Renovation Loan?
Borrowing a loan has become very popularised these days. The procedure for borrowing loans online is easier than ever, and it is also easy to pay back the loans with the pre-generated plans offered by online loan providing platforms such as Loaney. People nowadays borrow money for various purposes that could be personal or professional. A loan for renovation is a type of personal loan that various banks and moneylenders offer. This loan offers the client the amount to renovate their old house or design a new one. The renovation could include major repairs, fixing faults and issues, buying new appliances or furniture, or changing the interiors totally for a fresh new look. A home renovation loan can help pay for these activities and give your home a makeover.
To understand home renovation loans in-depth, we will further look at the working of such a loan and the home renovation loan interest rate along with the paperwork, steps to apply, and much more.
How Do Home Renovation Loans Work?
If you borrow your home renovation loan on Loaney, you are signing up for a personal loan. The amount you borrow as this loan will be dedicated to the repairs and renovations in your existing home or designing your new home. Like any other type of loan, the amount will be transferred to your bank account. You can use the amount as required and then repay the same with the interest rate charged within the stipulated time.
Why Avail Loaney Home Renovation Loan?
Loaney should be your go-to option when planning to apply for a home renovation loan because of the low home renovation loan interest rate and for the following reasons:
- The platform offers 100% transparency, and no hidden charges exist.
- The platform ensures 100% confidentiality of client data and information.
- The loan application procedure is easy and quick.
- You do not need to go out in a crowded place or queue up for your loan.
Key Features And Benefits Of Loaney Home Renovation Loan
Let us now look at the salient features of home improvement loans and the advantages they offer.
- Home renovation loans are personal loans which means they are unsecured debts. The borrower does not have to present a guarantor or pledge collateral to borrow the required amount
- The interest rates are low, and the repayment period is short.
- The documents required are less, and the eligibility criteria are easy to fulfil.
- You will not have to submit a CIBIL score or credit report and the salary slip when you apply on Loaney.
Eligibility Criteria For Loaney Home Renovation Loan
Before borrowing any type of loan, you must check the factors that will determine whether you qualify for borrowing the loan or not. This helps you save time and not apply for loans you are not eligible for. A rejected loan application also impacts your CIBIL score and credit report. Hence, it is better to be sure before filling in the loan application form.
When borrowing a renovation home loan on Loaney, the client must ensure the following:
- The client borrowing the home renovation loan must be at least 18 years old and a citizen of India.
- The borrower must be a PAN Card and Aadhar Cardholder.
- They must have a bank account that offers net banking facilities.
- The borrower’s minimum monthly income must be between INR 25,000 to INR 30,000.
- The source of their income must be approved and certified by a verified organisation in India.
The eligibility criteria for a personal loan or a house renovation loan are very simple compared to various other types of loans. The factors determining your loan qualification are even simpler when you apply on Loaney. In the upcoming sections, we will be looking at the documents you will have to keep handy for this loan and the steps to follow for easily and quickly applying for a home loan for renovation.
Documents Required For Loaney Home Renovation Loan:
Whenever you apply for a loan, the bank, loan provider, or moneylender will ask you to submit a set of documents. These documents will be useful for verifying and reviewing the information provided by you and determining whether you will be offered the loan or not. Different financial institutions have different paperwork requirements depending on their internal policies. Loaney has a minimal need for paperwork when you borrow a personal loan as a loan for renovation. The following documents will be needed while applying for a renovation loan on Loaney:
- A PAN Card
- An Aadhar Card linked to the mobile number of the borrower
- A picture of the borrower
- Bank account details of the borrower. The bank account must have net banking services activated.
By uploading a scanned copy of these documents while filling out the application form on Loaney for home improvement loans, you can apply and get your loan approved within a few minutes.
Interest Rate And Other Charges On Loaney Home Renovation Loan
An important factor that you must always consider before borrowing a loan from any financial institution or loan provider is the interest rate being charged. The interest rate is the extra amount you will have to pay and the amount you borrow as the loan. This section will look at the home renovation loan interest rate charged by Loaney and the other charges. Online platforms make loan borrowing convenient and hassle-free, and they charge a platform fee, convenience fee or processing fee as per their policies. When you apply for a personal loan for renovation on Loaney, you will have to pay the following charges:
|Interest Rate||36% per annum|
|Processing Fee||Up to 17.24% from loan amount (processing fees are subject to local and federal GST)|
|Early Repayment Fees||Free|
|Late Repayment Fees||0,4% of the overdue principal daily (up to 18% of the loan principal)|
There are no hidden charges on Loaney when borrowing renovation home loan or any other type of personal loan. The entire procedure is very transparent, and the platform is a reliable source for urgent cash in times of need.
How To Apply For Home Renovation Loan On Loaney: Step By Step Guide
Now that we have taken a look at almost all the major aspects of a house renovation loan and discussed the features of this loan, let us help you apply for this loan on Loaney. You follow the below-listed steps and easily apply for a home renovation and repairs loan.
- Visit the official Loaney website for personal loans using your laptop, smartphone, or other devices.
- Click on the option for applying for a personal loan.
- Fill in the application form with personal details and ensure that you provide genuine details. This will help the verification and review process be faster.
- Upload the scanned documents mentioned in the previous sections of this article.
- Once you have thoroughly checked the details provided and uploaded the documents, submit the application form.
- Relax and wait for the platform to review your application and verify the information provided.
- This procedure takes only a few minutes, and then the loan application is approved by Loaney.
- Once approved, the loan amount will be transferred to the bank account you provided while filling out the application form.
Loaney is a great option when you need the amount immediately, as you can apply for a loan within a few clicks from the comfort of your home using only a limited number of easily available documents.
Frequently Asked Questions
We hope this guide on applying for a renovation home loan has helped you better understand the procedure for applying and the features of this loan. We will be answering a few commonly asked questions in this section for your convenience.
1. Which loan is the best for home renovation?
A personal loan that can be borrowed without specifying a reason is the best home renovation loan. The best platform for borrowing this loan in India is Loaney.
2. Can home renovation loans get tax benefits?
Yes, you can get a tax benefit on the interest component of a home renovation loan.
3. What is the maximum amount for a home renovation loan?
If you are applying on Loaney, then the maximum amount you can get for a home renovation loan is Rs. 15,000.
4. How to qualify for a home renovation loan?
To qualify for a home renovation loan on Loaney, all you need to have is a PAN Card, Aadhard Card linked to your mobile number, a bank account with net banking services and a picture of yourself. You must be 18 years old or above and a citizen of India.
Avail Loaney home renovation loan to finance your home renovation.
As we conclude this article, we hope you are now much more aware of a home renovation loan and are all set to apply for this loan. We hope you have found the answers to all the questions in your mind and will find the best options to borrow money for a home makeover.