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We serve loans, the best way you can borrow
A home renovation loan helps you finance improvements to your home without using the savings. You can spend the money on anything from minor repairs to complete home makeovers. The loan amount stays secure in your account until you need it for your renovation plans.
Personal loan for home renovation options work well if you want to avoid using your property as security. The application process moves quickly, letting you start your renovation project sooner rather than later. So, if you wish to revamp your home with a loan, plan this today with us.
Taking a loan for home improvements brings many advantages beyond just getting quick money. The right financing can make your renovation dreams real while keeping your savings intact.
The home renovation loan interest rate stays fixed throughout your loan period. The fixed interest rate protects you from market changes that might increase your costs.
Smart renovations funded through a home renovation loan can raise your property's market price significantly.
Financial institutes process these loans faster than traditional mortgage modifications. Your renovation plans won't face delays waiting for approvals.
You require minimal documents to get the loan approved by the lending company. That means you do not have to worry about pesky paperwork or complicated documentation procedures.
You won't be able to pay your full loan in one go. So, in such cases, you can pay a certain amount of your purchase or renovation price every year without triggering a penalty.
Home Improvement Loan – Benefits (In a Nutshell)
Getting money for your home improvements involves a few simple steps. The process focuses on making sure you get the right amount based on your needs and ability to repay.
These documents show lenders you can handle the monthly payments. Keep your property papers ready if you plan to make major structural changes.
Fill out the loan form with accurate personal and financial information. Upload clear copies of all required documents through the online portal.
lendingplate assesses your eligibility based on factors such as income, credit history, and repayment capacity. Typically, the monthly loan installment should not exceed 70% of your net monthly salary. The maximum loan amount provided by lendingplate is ₹2,50,000.
Income Level:
Your monthly salary determines the maximum loan amount you can get.
Credit Score:
A good credit score above 750 helps you qualify for larger loan amounts.
Existing Loans:
Your current loan obligations affect how much more you can borrow.
| Charges | Details about the Charges |
| Processing Fee | 1% - 5% of loan amount |
| Conversion Fee | 1 - 5% of the amount |
| Interest Rate | 12% - 36% per annum |
| Foreclosure | 5% of the amount [Nil when prepaid on or after your] |
| Mandate Return Fee | 500/- [inclusive of GST] |
Your renovation dreams need a financial plan behind them. We help you understand the repayment options –
Flexible Tenure:
Longer tenures mean lower monthly payments but higher total interest costs and vice-versa.
EMI Structure:
Your Equal Monthly Instalments combine principal and interest payments into one fixed amount.
Prepayment Options:
You can pay extra money toward your loan whenever you have spare funds.
A home renovation loan supports various improvement projects that make your living space better. Let's explore the popular ways people use our loans at lendingplate.
Modern kitchens need updated appliances, better storage and efficient layouts. Smart storage solutions help organise your kitchen tools better.
Fresh tiles and better lighting make bathrooms more comfortable. Modern vanities and mirrors add both function and beauty to your bathroom.
Adding extra rooms increases your living space and property value. New bedrooms accommodate growing families or create rental income opportunities.
Better windows, doors and insulation reduce your energy bills significantly. LED lighting systems last longer & use less power than bulbs.
These key points guide you toward making informed decisions about your loan.
Project Cost Assessment:
Get detailed quotes from multiple contractors before deciding your loan amount. Include a buffer of 10-15% for unexpected expenses during renovation work.
Loan Term Evaluation:
Compare interest rates and processing fees from different lenders carefully.
A home renovation loan supports many types of home improvements. You can remodel your kitchen with new countertops and cabinets. The loan covers bathroom updates (including fixtures and plumbing work).
Your loan application moves forward without needing property papers or other assets as security. You keep full control of your property throughout the loan period.
The repayment period ranges from 12 months to 60 months (depending on your choice). Longer tenures reduce your monthly payment amount for better budget management.
Tax benefits apply if you use the loan for specific structural improvements or repairs. The tax benefits work better if you spend money on permanent structural changes.
Lenders review applications from borrowers with credit scores above 650-700. Your recent payment history matters more than past credit issues. A steady job and good income can balance a lower credit score.
Your monthly income plays the most significant role in the loan amount. Your credit score influences both loan amount as well as interest rate options.
At present, you cannot change the date of loan repayment at lendingplate.
Select the loan details you want to know
Select the loan details you want to know
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Unifinz Capital India Limited is a Non Banking Finance Company (NBFC) registered with the Reserve Bank of India (RBI). lendingplate is the brand name under which the company conducts its lending operations and specialises in meeting customer’s instant financial needs.
