When you have lived in a home for a few years, the layout and furniture tend to get monotonous and you yearn to give a new look to the place. You might think of redoing the interiors of your living room or changing your kitchen to modular or just painting your home afresh. You may just want to replace all your home appliances or change the furniture. Whatever you want to do to upgrade the look and feel of your home will require careful planning and budgeting. In the absence of a clear plan, one thing can lead to another and expenses can quickly spiral out of control. If you are facing a fund shortage while embarking on a home renovation project, you can bank on LoanTap to help you tide through the situation.
LoanTap offers home improvement loans from INR 50,000 to INR 10,00,000 for periods ranging from 6 months to 60 months at competitive rates starting from 18% per annum. They offer flexible repayment plans that can be chosen according to your convenience to optimise your EMI and manage your monthly budget.
What is a home renovation loan?
A home renovation loan is a personal loan offered by LoanTap for those who need funds to meet their home improvement needs. It is an unsecured loan which means you don’t need to provide any collateral. This makes it convenient if you are in urgent need of funds and want to avoid the awkwardness of borrowing money from friends and family.
Who is eligible for a home renovation loan?
To be eligible for a home renovation loan from LoanTap you need to meet the following conditions –
- You must be an Indian citizen or resident
- You need to be over the age of 21 years
- You must have a net monthly income of over INR 30,000
- It will help if your credit score is 630 or more
- If you tick all these boxes, give yourself a pat on the back for you have cleared the first round. You can now move on to the next step of availing of your home renovation loan.
What is the process of availing of a home renovation loan?
Home interior loans are easily available from LoanTap at the click of a button.
Step 1 – Download the LoanTap app on your smartphone and fill out the online application with the necessary details.
Step 2 – Upload the following documents as proof of identification and address-
- PAN Card
- Aadhaar Card
- Salary Slips of last three months/ IT Returns for last two years in case of self-employed
- Bank Statements for the last six months
Step 3 – The system will complete the verification and check if all the documents are correct.
If everything is in order, the loan will be approved and the amount will be credited to your bank account.
The entire process from start to finish will not take more than 24-36 hours. You can foreclose the home renovation loan after six months without any prepayment penalty.
What are the flexible repayment options available?
LoanTap offers a slew of flexible repayment options which you can choose from to repay your home renovation loan.
EMI Free Loan – This may sound different to you but you can actually pay only the interest component on a monthly basis while the principal can be repaid in bullet payments on a quarterly or half-yearly basis. This is perfect for those who get variable payments or bonuses on a periodical basis. This can reduce monthly EMIs by up to 40%.
Step Up Loan – Step-Up repayment plans are perfect as they give you time to ease into your EMI routine by offering you an interest only payment for the first three months after which you pay your full EMI towards principal and interest components. This is perfect for a home renovation loan when you would feel burdened in the initial stages and your monthly budget could use the extra cash.
Term Loan – This is the vanilla option which includes both the principal and interest in the EMI. This is ideal for those who have a steady income every month and prefer regular uniform cash outflows,
Overdraft Loan- This option offers you a preapproved overdraft loan which you can withdraw according to your requirement. Interest will be charged based on the actual withdrawal and usage.This is also ideal for a home renovation loan where the payments may be staggered over a period of time.
Choosing the right repayment plan can help you manage your monthly cash outflow better.
What is the benefit of choosing an online home renovation loan?
You can safely avail of online home renovation loans from LoanTap because it offers numerous benefits.
Instant Disbursal – Online loans are disbursed within 24-36 hours from the start of the application while traditional loans can take up to a week. This makes home interior loans perfect for short-term needs
No Collateral – As already mentioned, home renovation loans are unsecured loans and require no collateral. The definition of home renovation loans is broad-based and you can use it for any home improvement purpose.
Minimum Documentation- A home renovation loan from LoanTap requires minimum documents to be submitted online instead of the numerous documents that are usually required for traditional loans. The list of documents needed is mentioned above.
Paperless Process- The LoanTap process is completely digital and requires no paperwork. This is a boon for the younger tech-savvy generation which is always in a hurry.
24/7 Availability – Unlike traditional banks that don’t work on all weekends or have holidays, an online loan can be applied for any time anywhere giving you complete flexibility and convenience to apply for a loan whenever you need funds.
Tax Benefit – You are entitled to tax benefits on the interest component of your home renovation loan under the Income Tax Act and you can claim the same by providing the necessary proof.
As you can clearly see home renovation loans from LoanTap are a convenient way to beautify your home and complete the renovation you always wanted. This gives you the flexibility to plan and manage your funds better, get the right interior designer and go ahead and make your dream home take shape. LoanTap is focused on offering its borrowers a great customer experience by making the process smooth, seamless and convenient. If you are planning on doing up your home, make sure you download the LoanTap app today.