Going for a Home Renovation? Know Your Home Improvement Loan Eligibility Well Beforehand!

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Home I
ity We
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Overview
Your home is a reflection of your thoughts,
personality, and identity. Its four walls reckon
the life youve built for yourselves and your
family. A home should be comfortable, welcoming,
and filled with warmth to take your stress away
after a long day at work. As your family gets
bigger, so do their needs and dreams, and you
aspire to have a more comfortable home to give
your family a better quality of life.
No matter how carefully youve built your house,
there is always a need for an expansion,
renovation, or makeover. A personal loan for home
renovation or a home improvement loan is the
financial answer to your funding issues while
ensuring your home mirrors your dreams.
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A home renovation loan helps you acquire instant
and easy funds fo home expansion, renovation,
making structural changes, home repa an upgrade.
A home renovation loan is an unsecured loan
explicitly availed for home refurbishment. You
should avail of a personal loan home renovation
if
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You want to go for a home renovation or expansion
and lack adequate funds for it.
Loan Tenure
You need a large sum (not more than 25 lakhs) to
repay ov a long period.
You want to avail of tax benefits on loan EMIs.
You dont want to break open your savings for
home refurbishment.
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HOME IMPROVEMENT LOAN ELIGIBILITY
To have a better shot at getting approved for a
personal loan for home renovation, it is
essential to know and understand the eligibility
criteria of your chosen lender. Traditional
personal loans have given way to easy and instant
personal loans that enable borrowers to access
instant funds following an easy online personal
loan application process and criteria.
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HOME IMPROVEMENT LOAN ELIGIBILITY
Speaking of personal loan eligibility, here are
the prerequisites that a
applicant must possess to qualify for a home
improvement loan You should be a residing
citizen of India.
Your age at the time of applying for the loan
should fall between 25 and 58 ye Your minimum
monthly income from all sources should be greater
than or equ INR 25000.
If youre a salaried professional, you should
possess a total work experience o months and be
employed with your current organization for a
minimum of 6 m
Though eligibility criteria for a personal loan
for home renovation vary for all lenders, it is
advisable to research, compare, and choose the
lender with relaxed eligibility criteria. Ensure
you know the factors that affect or improve your
eligibility to apply for a home renovation loan.
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F RS DETERMINING YOUR PERS LO N ELIGIBILITY
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Your Credit Score Your Income Your Age
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Your Employer Job Stability
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Your Credit Score
Your credit score is the most critical factor
determining your loan application outcome and
what rate of interest you would be offered. Your
credit score is a 3-digit score that reflects
your creditworthiness to the lenders. Simply put,
it goes on to show the lender whether youre a
responsible borrower and efficient with managing
credit if sanctioned.
A credit score ranges from 300-900, and a score
of 725 is consider favorable to get a positive
response from the lenders on your
loan application. It is a combined sum of your
credit history, loan repayment history, and any
loan default cases.
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Your Income
Your income from all sources is another crucial
determining factor in your personal loan
eligibility quotient. The simple reason if
your income is higher, it shows the lenders that
youre capable of repayin the loan without any
difficulty. If youre a salaried person,
your minimum take-home income shouldnt be less
than INR 25000 per month.
When you apply for a home renovation loan, your
lender checks the submitted income proofs to
assess your financial standing. They als check if
youve any previous loan commitments, as that
decreases your available income to repay the
EMIs. No matter what income group you belong to,
your monthly EMI and expense obligation,
also called Fixed Obligations to Income Ratio
(FOIR), shouldnt exceed more than a specified
percentage of your total income.
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Your Age
Your age is also a crucial factor when it comes
to determining your personal loan eligibility for
a home renovation loan. If youre young a the
time of applying for a loan, youve better
chances of getting approved for the same. Most
lending institutions tend to believe that loan
applicant in his younger years is more capable of
repaying the loan than in his later years.
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Your Employer Job Stability
The reputation of the employer youre working for
at the time of personal loan application is
essential for lenders to gauge your credibility
and loan repayment capacity. If youre working in
a top- notch MNC or an established organization
with a higher turnover, it is advantageous for
you to get approved for a personal loan for
home renovation.
This is because the employees working with such
reputed organizations are believed to be having a
secure and stable future with a steady flow of
funds. This goes on to make them
responsible applicants with lesser loan default
chances.
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Your personal loan eligibility is determined by
how the above factors appear in your loan
application. Having the right and
extensive information at hand before applying for
a home improvement loan gives you enough time and
scope to improve on them if youre lagging. This
will ensure your loan application doesnt leave
lenders with any chance to reject, and youre
instantly approved for a home improvement loan.
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OUR VISION
Clix Capital is the choicest lender in India,
offering diverse loan products to appeal to
Indian consumers in all areas of life. Be it home
loan, personal loan, or business loan, our loan
solutions are aimed at making easy funds
instantly accessible to all who meet our simple
eligibility criteria in a hassle-free manner.
Apply for a loan now and move an inch closer
towards financial freedom!
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