In recent times, opting for a personal loan has become the answer to almost every financial requirement whether it is a medical emergency, family vacation, or the task of renovating your beautiful home. To make improvements in your abode of happiness is a common thing nowadays, be it renovating the living room, building an additional closet in the bedroom, remodeling your kitchen, or bringing an exciting new vibe with a complete makeover.
However, such renovations require a hefty sum of money readily available to deal with various associated charges such as cost of material, repair expense as well as labor charges. Even though there are multiple borrowing options available in the market, a personal loan seems to be an ideal solution to acquire substantial funds for the cause of house renovation.
In addition to the fact that it is offered without any collateral or security, a crucial factor that sets a Fullerton India personal loan apart from other borrowing options is its easy accessibility and instant disbursal feature that allows a candidate to place the loan request online within a few minutes without any hassle.
Offered at an attractive interest rate, a home renovation loan requires minimum paperwork, and the loan can be easily repaid through equated monthly installments (EMIs) which one can easily compute online through a personal loan interest calculator. A smart and efficient way to obtain funds, a personal loan could take care of renovating your home which is quite essential for maintenance purposes as well as increasing the value of your property.
Read on to know more about Fullerton India is your best choice for a home renovation loan.
Home Renovation Loan Benefits:
- Interest rate – A key advantage of opting for a personal loan is getting competitive interest rates by the lender based on your credit history, nature of employment, monthly salary, etc. With an excellent financial profile, you have an upper hand in negotiating with the lender to obtain the best interest rates and minimize the overall loan amount.
- Flexible tenure – Along with an attractive interest rate, Fullerton India also offers flexible repayment tenure on a personal loan of up to 5 years. The candidate can borrow up to INR 25 lakhs in case of a home renovation loan as per their requirements and repay the loan amount through EMIs conveniently. Also, if the candidate wishes to close the loan before the designated tenure, a nominal prepayment charge may or may not be charged by the lender depending upon the actual tenure and the point of foreclosure.
- Collateral-free – One of the major benefits of personal loans is that they are offered without any collateral or security. In India, you can avail a personal loan for the home renovation of up to 90% of the value without pledging any of your valuable assets against the loan amount. In such cases, even if you default on submitting the EMIs on time, the lender does not hold any claim over your property, gold, or securities which otherwise could have given you sleepless nights.
- Easy to apply – Acquiring a Fullerton India personal loan is a paperless and contactless process wherein a person can easily submit their loan application through the official website or app along with the relevant documents. Upon performing KYC verification and other related background checks, the loan department shall approve the request and the required amount will be disbursed in no time.
Home Renovation Loan Eligibility
- The age of the candidate should be at least 21 years while applying for the loan and a maximum of 60 years at the time of loan maturity.
- The candidate should be a salaried professional or a self-employed individual.
- Salaried professionals should have a minimum monthly salary of INR 20,000. In the case of Mumbai and Delhi residents, the minimum income should be INR 25,000 per month.
- For a self-employed individual, a minimum annual profit after tax will be considered instead of a monthly salary.
Home Renovation Loan Application Process
- Firstly, the candidate should click on the ‘Apply Now’ button on the official website and enter an active mobile number for One-Time Password (OTP) verification.
- In the next step, the candidate should enter the required loan amount along with the repayment period.
- Next, the candidate will be prompted to enter valid personal information, work details, and bank details in the application form.
- Then, the candidate should upload the softcopy of the relevant documents such as identity proof, address proof, etc. for verification.
- After filling the form and uploading the documents successfully, the candidate should click on the ‘Submit’ button.
- Upon successful submission, the candidate shall receive a loan acceptance status along with a tracking number to check the status of your loan application online.
- Subsequently, your request will be reviewed by the concerned department, and upon their approval; the required home renovation loan amount will be deposited in your bank account.