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Personal Loan for Home Renovation

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Easy Digital Process
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Minimum Salary Required ₹15K
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Instant Approval
Home Renovation Loan EMI Calculator

Monthly EMI

₹ 0

Interest Payable

₹ 0

Get a Personal Loan for Home Renovation Upto 5 Lakh

Home repairs and renovation become necessary after a period of time. But many people avoid and delay home renovation activities due to the high cost of upgrades involved. Until that time, it is not very critical, home improvement is not given much importance. Thanks to the easy personal loan for Home Renovation online, it is now possible to refurbish your home in a contemporary style. Your family deserves a comfortable dwelling space so renovating your existing house with an affordable personal loan for Home Renovation is a good idea.

HeroFinCorp, a trusted financial group in India brings an instant Personal Loan app to fulfil a variety of urgent financial needs. Out of many financial goals, home renovation is also a priority for many families. Why wait for savings to grow, instead apply for a personal loan for Home Renovation via Hero FinCorp Instant Personal Loan and get a quick loan sanction for an amount up to INR 5,00,000. Useful features, simple for personal loan for Home Renovation eligibility criteria and paperless documentation make personal loan for Home Renovation accessible via Hero FinCorp Instant Personal Loan.

Features and Benefits of a Personal Loan for Home Renovation

Explore the perks of Hero FinCorp's Personal Loan for Home Renovation.

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Instant Approval

Apply via the Hero FinCorp app and get loan approval instantly.

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Quick Disbursal

Once approved, the loan amount is disbursed quickly.

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Paperless Documentation

No physical documents needed. Just provide your KYC details and income proof.

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EMI Calculator

Calculate EMIs online by adjusting loan amount, tenure, and interest rate.

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Low Rate of Interest

Our interest rates start from at 1.58% per month.

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No-Collateral

No need to provide any security or collateral to avail the loan.

Eligibility Criteria for Personal Loan for Home Renovation

Lenders assess various factors to determine if an applicant qualifies for a personal loan for home renovation, ensuring financial stability and repayment capacity.
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Minimum age limit

21 years and maximum age 58 years

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Minimum income

Rs 15,000 per month

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Minimum work experience

1-2 years for salaried and business stability for self-employed, respectively.

Note: If You are in the age group of 21 – 58 years and have a minimum monthly income of ₹ 15,000 then you are eligible for Hero FinCorp Instant Personal Loan.

Documents Required for Personal Loan for Home Renovation

Documents required for Salaried

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Mandatory Documents

Filled loan application form, passport-sized photograph

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Identity Proof

Driving Licence, Passport, PAN (mandatory), Aadhaar

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Residence Proof

Driving Licence, Passport, Aadhaar, Ration Card, Utility Bill

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Residence Ownership Proof

Electricity/Maintenance Bills, Property Documents

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Income Proof

3 months’ salary slips, 6 months’ bank statement (salary account), Form 16

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Job Continuity Proof

Appointment letter, Experience certificate

Documents required for Self Employed

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Mandatory Documents

Filled loan application form, passport-sized photograph

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Identity Proof

Driving Licence, Passport, PAN (mandatory), Aadhaar

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Residence Proof

Driving Licence, Passport, Aadhaar, Ration Card, Utility Bill

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Office Address Proof

Maintenance Bill, Utility Bill, Property Documents, Rent Agreement

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Income Proof

6 months’ bank statement, 2 years’ ITR

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Business Existence Proof

Tax Registration, Shop Establishment, Company Registration Certificate

Personal Loan for Home Improvement - Interest Rate and Charges

When considering Home Improvement Loans, it's crucial to understand the associated interest rates and charges. Hero FinCorp offers competitive interest rates in addition to a processing fee of up to 3.5% of the loan amount, which covers administrative costs.

One of the advantages of Hero FinCorp's Home Improvement Loans is the nominal prepayment and foreclosure fees, enabling you to pay off your loan early without incurring any additional charges. However, it's important to make timely repayments, as late payments will attract a 2% per month fee on the outstanding amount.

Interest Rate

Starting from 1.58% per month

Loan Processing Charges

Minimum Processing fee is 2.5%+ GST

Prepayment Charges

N.A.

Foreclosure Charges

5% + GST

EMI Bounce Charges

Rs 350/-

Interest on Overdue EMIs

1-2% of the loan/EMI Overdue Amount Per Month

Cheque Bounce
Loan Cancellation

1. Online loan app does not charge any cancellation charges

2. Interest amount paid is non-refundable

3. Processing charges are also non-refundable

By carefully reviewing the home improvement loan interest rates and charges, you can make an informed decision when availing a Home Improvement Loan, ensuring a smooth and cost-effective borrowing experience.

How to Apply for a Personal Loan for Home Renovation Online?

Here is the stepwise process to apply for a Personal Loan for Home Renovation online:

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  • 1

    Visit the Hero FinCorp website or install the loan app

  • 2

    Go to the Personal Loan page and click ‘Apply Now’

  • 3

    Enter your mobile number and verify with the OTP received

  • 4

    Choose the loan amount you need

  • 5

    Verify your KYC details to check income eligibility

  • 6

    Click ‘Submit’ to complete your application

Frequently Asked Questions (FAQs)

Home renovation loan is a monetary support obtained via financial companies to support different aspects of home renovation. Whether it is repainting the walls, changing the floor or replacing the furniture, everything can be done via home renovation loan.
Home renovation loan is a personal loan that can be availed by both salaried and self-employed individuals, earning an income of minimum 15,000 Rs per month.
Home renovation loan is a type of short-term personal loan. The amount borrowed is not extravagant such as in long term loans. Hence, it is collateral free and requires no security against the home improvement loan.
Basic personal identity proofs and income documents are required to be submitted for home renovation loan such as – Aadhar Card/PAN Card, salary slips and bank statement.
Hero FinCorp Instant Personal Loan app speeds up home renovation loan sanction with minimal documentation. Once approved, the loan amount can be used for home improvement and upgrade, adding comfort and elegance to your living space.