Be it broken bathroom tiles or chipping wall paints, home repairs can cost you a fortune. If you’re low on funds, you can apply for a personal loan for home renovation. These unsecured loans are sanctioned to help homeowners cover the cost of home repairs, refurbishments, and expansions.
In other words, you can use the sanctioned amount for everything - from buying new furniture or installing a modular kitchen. Additionally, you can apply for such loans before starting the home renovation project or simply bridge a gap in your renovation budget.
Home loans for home improvement generally take up to two weeks to be processed. They are secured loans and are sanctioned against the property in question. Alternatively, personal loans for home renovation come with shorter processing times and are well-suited for those looking for collateral-free instant funds. These loans also offer the add-on benefits of a quick and paperless application process and a simple eligibility checklist over regular home loans.
That said, if you have a large-scale renovation project, you might want to consider home loans offering high-value finance. However, if you just need enough to fund repairs around the house or meet a budget gap on your small to the medium-sized project, a personal loan for home renovations can meet your needs.
While personal loans for home renovations are available online and offline, applying for one online saves you a ton of hassles. Here’s how you can go about it:
Step 1: Visit the lender’s website and go to the ‘Personal Loan for Home Renovation’ tab.
Step 2: Click the ‘Apply Now’ option and complete the online application form with your personal, employment, and income details.
Step 3: Enter the loan amount and the desired tenure.
Step 4: Scan and upload the supporting KYC documents.
Step 5: Wait for a call from the lender’s representative once the verification process ends.
Step 6: Review the lender’s house repair loan offer.
Step 7: If you agree with the terms of this loan offer letter, sign and send it back to the lender.
Step 8: Wait for the loan amount to be deposited into your bank account.
But let’s be honest, no one has time to go through so many steps and wait for a tiresome vetting process to end. If you’re a registered Fi user, you won’t have to jump through hoops to secure a personal loan for home renovation. Instead, you can get an instant loan on the app in just three easy steps:
Step 1: Register on the Fi Money app.
Step 2: Check to see if you qualify for a pre-approved loan.
Step 3: Complete the live verification call via the Fi app.
Step 4: You will receive the funds immediately after your application is verified.
With personal loans for home renovations just minutes away, you don’t have to wait to save enough to make much-needed repairs. To make home renovations easy and affordable, you compare lender quotes. You can also approach your current lender to waive off both KYC processing hassles and benefit from pre-approved loan offers.
If you’re a Fi user with a good credit score, you can simply avail of an instant loan on the app. Fi Money, in partnership with the Federal Bank, offers instant paperless loans of up to 5 Lakhs with zero hidden charges and pre-closure fees.
Yes. Personal loans for home renovations can be used to finance all home repairs and improvements costs. From updating the home decor and buying new furniture to remodelling your home, you can use a personal loan for home renovations for various reasons. Moreover, these loans come with pocket-friendly interest rates. Thus, repaying them over flexible tenures doesn’t overburden your finances.
Here’s how you can apply for a personal loan for home repairs:
Home loans are typically better for buying or renovating a home, while personal loans are more versatile but often come with higher interest rates. The choice depends on your specific financial needs and circumstances.
Personal loans can be riskier for home expenses due to higher interest rates and shorter repayment terms compared to home loans. However, they may be a viable option for smaller home-related expenses or emergencies.