Home Improvement Loan is one of the easiest ways to fund your dream of giving your home a new look and renovating it as per your desire. And now this loan can be applied online with a few clicks with easy installment options.
Home improvement loan, as the name suggests, is used to improve your existing home like adding a new room, adding a new balcony or making some improvement in the existing home structure.
It is also popularly known as repair and renovation loans.
With AAVAS home renovation loans, you can upgrade your existing home to a modern look and comfortable living.
A home improvement loan is an ideal choice if you want to increase your living space or make some design improvement as per your desires. Also, as one’s family grows, so does the need to improve and add more space to accommodate rising demands of the family members. Believe it or not, home improvement loans are the most cost-effective way to fulfill this need for more space.
A home renovation loan or home improvement loan can be availed to repair & renovate, refurbish, extend, or modify your house. It is a way to fulfill your dream of upgrading your home and making it more comfortable as per your needs and preferences. From a future perspective, investing your money in the home renovation or improvement is a good idea. Compared to a personal loan, taking a home renovation loan is far better as it has various advantages like tax benefits, competitive interest rates, and many more. Before applying for the loan, you must check the home renovation loan eligibility using the online free eligibility calculator for quick approvals.
Features of Aavas Home Improvement Loan
Benefits of Home Improvement Loan
A home improvement loan is a type of loan that helps homeowners fund renovation or repair work on their houses. These loans are specifically designed to cover costs associated with home improvement projects. They are a popular choice among Indian homeowners looking to upgrade their living spaces.
With the help of Aavas Home Loan Eligibility Calculator, you can easily calculate the eligibility amount and then follow Home Loan EMI Calculator to know your EMIs that you will be required to pay.
Eligibility Criteria for Home Improvement Loan
|Age||The minimum age of the applicant should be 18 years, and the maximum age should not exceed 70 years at the start of loan.|
|Income||The applicant should have a stable source of income to repay the loan.|
|Property ownership||The applicant should be the owner of the property that needs to be renovated.|
|Credit Score||The loan amount you can avail depends on your eligibility and credit score, with higher eligibility and credit scores result in a higher loan amount. However, we also fund customers who have a credit score of (-1).|
*Please note that the loan amount is subject to the Loan-to-Value (LTV) ratio.
Your PAN Card is mandatory, and any one of these:
Your PAN Card is mandatory, and any one of these:
Note 1: For a full list of KYC documents, visit your nearest Aavas Financiers’ Branch.
Note 2: Make sure all your documents are valid (not past expiry date in case of Driving License and Passport)
Click to get more details about the Documents Required for Home Improvement Loan
The applicant must follow the following steps to apply for the Home Improvement Loan
Now processing time is very fast and on average the loan is sanctioned within a week
The individual seeking for a loan should fill the complete application form with a photograph filling in all the necessary details correctly.
Documents like passport, PAN card, or any other document from the government should be attached as age proof of the loan seeker.
Documents like electricity bill, telephone bill, ration card, driving license, voter Id card or any other government-issued document should be attached as residence proof
The academic qualification of the loan seeker should be attached with the application form
Salary statements/ Certificate for business existence
Bank Account Statement
A bank account statement is submitted to get information about other loans of the individual and also to know the financial position of the individual.
Fee cheque for processing fees of the loan
A cheque in the favour of the institution from which the loan is taken is to be attached for the processing fees of the sanctioned amount.
Photocopy of the property papers
The photocopy of the property papers should be attached along with the application form
To Get more details about the Documents Required for Home Improvement Loan Click Here
Home Improvement Loans can only be used to fund the purchase of immovable furniture and fixtures and other home extension expenses like repairing and colouring.
Flexible repayment options, Competitive interest rate, Quick and fast approvals are the major benefits of a home renovation loan.
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