Instant Approval
Apply via the Hero FinCorp app and get loan approval instantly.
Personal Loan for Home Renovation
Easy Digital Process
Minimum Salary Required ₹15K
Instant Approval
Home Renovation Loan EMI Calculator
Get a Personal Loan for Home Renovation Upto 5 Lakh
If you are a homeowner, you must repair and renovate your property from time to time to keep it in good condition and increase its value. However, most people neglect this necessity due to the hefty home renovation costs involved. You no longer need to do that, as a Home Renovation Loan provides quick funds to cover the expenses. At Hero FinCorp, you may borrow a loan of Rs 50,000 to Rs 5 Lakh at interest rates starting at 19% per annum. Choose a repayment tenure of 12 to 36 months to repay the EMIs without stressing your budget. A Personal Loan for home renovation makes your home a better place to live in.
Features and Benefits of a Personal Loan for Home Renovation
Explore the perks of Hero FinCorp's Personal Loan for Home Renovation.
Quick Disbursal
Once approved, the loan amount is disbursed quickly.
Paperless Documentation
No physical documents needed. Just provide your KYC details and income proof.
EMI Calculator
Calculate EMIs online by adjusting loan amount, tenure, and interest rate.
Low Rate of Interest
Our interest rates start from at 1.58% per month.
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.
Minimum age limit
21 years and maximum age 58 years
Minimum income
Rs 15,000 per month
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
Mandatory Documents
Filled loan application form, passport-sized photograph
Identity Proof
Driving Licence, Passport, PAN (mandatory), Aadhaar
Residence Proof
Driving Licence, Passport, Aadhaar, Ration Card, Utility Bill
Residence Ownership Proof
Electricity/Maintenance Bills, Property Documents
Income Proof
3 months’ salary slips, 6 months’ bank statement (salary account), Form 16
Job Continuity Proof
Appointment letter, Experience certificate
Documents required for Self Employed
Mandatory Documents
Filled loan application form, passport-sized photograph
Identity Proof
Driving Licence, Passport, PAN (mandatory), Aadhaar
Residence Proof
Driving Licence, Passport, Aadhaar, Ration Card, Utility Bill
Office Address Proof
Maintenance Bill, Utility Bill, Property Documents, Rent Agreement
Income Proof
6 months’ bank statement, 2 years’ ITR
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.
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:
- 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
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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.