Clix > Personal > How do I Qualify for a Personal Loan for Home Renovation?

How do I Qualify for a Personal Loan for Home Renovation?

Clix May 28, 2021

 

Buying your dream house and keeping up with its regular maintenance may be expensive. So, if your house requires a major update, a personal loan for home renovation can help pay for the related expenses. Fortunately, several NBFCs are offering loans to borrowers looking for funds to renovate their property. Instant personal loans from Clix Capital help homeowners cover property repairs and improvements up to ₹ 25 lakhs.

If you need funds to finance critical repairs and renovations in your house, you could qualify for a personal loan for home renovation successfully.

How Do Personal Loans for Home Renovation Work?

A personal loan for home renovation is a collateral-free loan that makes it possible for you to renovate your house as needed. If the updates you want to make to your property are beyond your budget, you can fund it through a personal loan meant for the specific purpose. Since no security is required, there is no risk for the borrower and the lender approves it on the basis of the borrower’s eligibility, income, and credit score.

There are no restrictions on the end-use when you fund your home renovation with a personal loan. Whether it’s a necessity like house repainting or a luxury like the addition of a pool, you can fund that and much more with your approved loan amount. You are free to plan anything for your house, such as bathroom renovation, kitchen renovation, tiles change, flooring, walls, or ceiling replacement, balcony expansion, addition of a room or bathroom, installation of a fireplace, or any other upgrade suitable for your property.

Eligibility Requirements for a Personal Loan

Before applying for a personal loan for home renovation, ensure that you are familiar with the lender’s eligibility requirements. For Clix Capital, these include:

    • You must be between 25 to 58 years of age
    • Your monthly income should be at least ₹ 25,000
    • You must be a salaried individual and must be employed with the current employer for the past 6 months minimum
    • You must have a work experience of at least 12 months in the same industry
    • You must have a credit score of 725 or above

Documentation Requirements for a Personal Loan

To qualify for a personal loan, you need to get your documents verified online. If your KYC is updated with PAN, the entire process takes only 2-3 minutes and you don’t need to upload or submit your documents anywhere. For Clix Capital’s personal loan, these are the documents you have to get verified online:

    • Duly filled online application form
    • Recent passport size photograph
    • Identity proof like Aadhaar card or Pan card, or government ID for government employees
    • Address proof like Aadhaar card, voter ID, passport, driving license, etc.
    • Income proof, including your last month’s payslip or current year’s Form 16

How to Apply for a Personal Loan

NBFCs have made loan application procedure extremely easy and fast these days, thanks to internet facilities. For Clix Capital’s personal loan, you have to follow these simple steps:

    • Visit Clix Capital website
    • Check your credit scoreand ensure that it is more than 725
    • Fill up the personal loan application form
    • For income and identity verification, you would need to share with us a few essential documents, including your identity proof, address proof, and financial documents. There is no need to upload them if your KYC is updated with Aadhaar and PAN details, but if not, you will have to upload them.
    • Use personal loan EMI calculator to select your preferred loan term
    • Once you receive your loan approval, accept the loan offer
    • Activate the e-mandate for regular EMI payments on time

Tips to Maximize Your Personal Loan Eligibility

Now that you know how can you qualify for a personal loan, follow these tips to maximize your personal loan eligibility:

    • Check your credit score and ensure that it is minimum 725, without which you have high chances of getting loan rejection.
    • Try to improve your credit score by paying your due bills, reducing your credit utilization ratio, diversifying your credit mix, and maintaining old accounts.
    • Maintain a suitable debt-to-income ratio which should be less than 40% for higher chances of approval.
    • Choose your loan amount wisely based on the money you actually need for your home renovation. Applying for a higher loan amount unnecessarily will only lead to unwanted debt and higher interest outgo.
    • Check the lender’s eligibility conditions and ensure that you meet all of them, no matter how simple they are.

If you are looking forward to renovating your house, apply for a personal loan for home renovation from Clix Capital. We offer personal loans of up to ₹ 25 lakhs that you can repay in 12 to 48 months. Take advantage of our streamlined application procedure and get approval in as little as 15 minutes*.

For any queries, find us on Facebook, Instagram, LinkedIn, Twitter, or WhatsApp

You can also reach out to us at hello@clix.capital or call us at 1800 200 9898

* T & C Apply

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