It’s important to remember that your home is much more than just an area for living, it’s a reflection of you your comfort and goals. With time wear and tear, evolving trends, or increasing demands of your family may necessitate renovations or upgrades. But, home improvements can be costly, and most people don’t have the money to complete such projects.
This is the point where the home Improvement Loan is in the picture. At Today Finserv Consulting India, we offer customized financial solutions to aid you in the process of renovating and repair or upgrade your home without stressing your budget. No matter if you’re looking to renovate your kitchen, create an additional room or increase the efficiency of your home by installing a home improvement loan can provide the funds you need with various repayment choices.
What is a Home Improvement Loan?
The Improvement Loan for your home Improvement loan is a kind of personal loan that is specifically made to help finance repair, renovation or upgrading projects for homes. Contrary to the traditional home loan which is made to buy a home however, home improvement loans are used to finance projects that will enhance the property. home improvements loan is designed to improve the appearance of the existing home.
They can use for many uses, including:
- Kitchen & bathroom remodeling
- Painting and flooring
- Structural repairs (plumbing, electrical, roofing)
- The addition of an additional room or floor
- Landscaping & exterior upgrades
- Installing energy efficient appliances
- At today’s Finserv Consulting India, we provide low interest rates, speedy approvals, and easy-to-process to ensure that your home change journey is easy.
Features & Benefits of a Home Improvement Loan
No Collateral Required
The majority of home renovation loans are non-secure which means that you do not need to promise any property or other asset to secure the loan. This means that the loan is available to both tenants and homeowners alike.
Flexible Loan Amount & Tenure
Based on the requirements of your project You can get funds that range between the amount of Rs50,000 to 50 lakhs (or more) with repayment terms that extend to up to 10, years.
Competitive Interest Rates
The present Finserv Consulting India offers low interest rates when compared to credit cards and other options for borrowing that cost a lot which makes renovations more affordable.
Quick Approval and Disbursal
With the minimum of documentation and a simple process, money can be released within 24 to 72 hours and allow you to begin renovations immediately.
Tax Benefits
According to section 24(b) (b) of the Income Tax Act, the interest paid on the home renovation loan is allowed to be tax-deductible up to Rs.2 lakh each year (if you own the home is owned by the owner).
Enhance Property Value
Renovations can not only improve your living environment but can additionally boost the value of your home’s property which makes it a wise financial investment.
Eligibility Criteria for a Home Improvement Loan
To be eligible to receive an home improvement loan those who apply must satisfy the following conditions:
For Salaried Individuals
- Minimum age limit: 21 years old
- The maximum age at which a loan can mature: 60-65 years
- Monthly income minimum: Rs15,000-Rs25,000 (varies by the lender)
- Employment that is stable and with at minimum 1 year of work knowledge
For Self-Employed Professionals/Business Owners
- Minimum age limit: 25 years old
- The age limit at which loans mature: 65 years
- The business’s vintage is: At least 3 years
- A steady income, with the proper financial documentation
property ownership (Preferred However, It’s Not Required)
The property’s ownership can aid in the approval of loans, certain loan providers may offer loan to tenants who have the landlord’s permission.
Documents Required for a Home Improvement Loan
The process of documenting is easy and consists of:
For Salaried Individuals
- Identity Documentation (Aadhaar, PAN, Passport Voter ID, Passport)
- Address Evidence (Utility Bills, Rental Agreement)
- Income Evidence (Salary Slips and Bank Statements Form 16)
- Employment Documentation (Offer Letter or Employee ID)
- Property Documents (if relevant)
For Self-employed People
- Business Documentation (GST Certificate ) Shop Act License)
- Banking Account Statements (Last six to twelve months)
- IRS Income Tax Returns (ITR) for the past two years
- Property Ownership Documentation (if appropriate)
How to Apply for a Home Improvement Loan with Today Finserv Consulting India
Making an application to get an home upgrade loan is simple and quick using Today Finserv Consulting India. Take these simple steps
Verify the eligibility and calculate the EMI
Make use of our online calculator for loan eligibility to find the amount of your loan and the EMI, based on your financial situation and score.
Submit Application Online/Offline
Complete out our application forms available on our website or go to the branch nearest to you.
Upload Documents Required
Scan copies of KYC and income proof and the property’s details (if you require it).
Approval of Loan and Verification
Our team will check your personal information and will approve you for the loan after 24 to 48 hours..
Repayment of Loan
After approval, the funds will transfer to your account in the bank, allowing you to start your renovations as soon as possible.
The Mortgage for Home Renovation through today Finserv Consulting India is the ideal financial instrument to enhance your home without consuming your savings. No matter if you require repairs for minor issues or a full home renovation Our flexible loan options will ensure that you get the funds you require without any effort.
Contact us today Finserv Consulting India today and start your journey towards your ideal home!
