Personal Loan for Home Renovation

Personal loans are a convenient option for quick funding of home renovation projects. It’s a simple way to access quick funds for upgrades, repairs, or even complete makeovers - without needing to mortgage your property.

At Paisabazaar, Personal Loans for Home Renovation are offered by top banks and NBFCs, including Axis Bank, Bajaj Finserv, SMFG India Credit, HDFC Bank, IndusInd Bank, YES Bank and Tata Capital.

Many banks and NBFCs offer pre-approved personal loans to existing customers with a strong credit profile. These pre-approved personal loans are disbursed within a few minutes or hours of making a loan application. This saves time when you don’t want delays in starting your home renovation project.

Highlights:

Here’s a side-by-side comparison of a personal loan for home renovation and a home loan:-

• If you need funds quickly and your home renovation project is smaller or moderate, a personal loan is a better choice.
• On the other hand, if you're planning a major renovation and need higher loan amounts with lower interest rates, a home loan for renovation can be the best fit.

If you have a home loan and need additional funds for your home renovation or improvement, a top-up home loan can be a cost-effective option. Home loan top-up are offered over and above your existing home loan, with lower interest rates than personal loans and no additional collateral required. This also saves time from going through a fresh loan application process.

Check below the comparison of top-up home loan rates with personal loan interest rates:-

A personal loan for home renovation is a smart choice when you need quick funds for small to mid-sized projects like upgrading your kitchen, installing modular furniture, or repainting your home - without lengthy paperwork or collateral.

But if you’re already repaying a home loan or planning a large-scale renovation, consider home loan top-ups or home renovation loans for lower interest rates and longer repayment flexibility. However, the interest rates depend on the credit profile of the applicant and the lender’s policies.

• Compare loan offers across banks and NBFCs. You can use Paisabzaar to check your loan eligibility and choose the offer that suits your financial needs.
• Choose an optimum repayment tenure based on your repayment capacity
• Check for charges like processing fees or prepayment penalties
• Check for pre-approved offers for instant access to funds