Points to Remember for Home Improvement Loan

Last year i.e. in 2019  India's home loan market touched a whopping Rs 19.3 lakh crore which is a huge amount. There are various flexible options provided by the banks and NBFCs to fulfill their dream of a beautiful home. Options like home loan, home construction loan, home extension loan, home improvement loan. By the records of home loans, there is a huge power of home improvement loan as nobody wants an old home. Every home needs improvement after a period of time and this requires a huge amount.

What is a home improvement loan?

As the name indicates this loan is for home renovation projects because after a period of time every home needs some of the improvements like painting, floor cleaning and more. This is a type of secure loan. The amount disbursed by the lender can be used for the modification as per the owner's wants.

Eligibility for home improvement loan

There is a criteria that an individual has to follow for a home improvement loan. You have to follow the criteria very strictly otherwise your loan application may be rejected.

• Age should be more than 18 years or less than 70 years for this type of loan.

• The monthly income of the individual who is applying for the loan should be Rs. 25000 or more.

• Salaried individuals should have at least 3 years of work experience.

• Non- Salaried individuals should have at least 5 years of experience in business firmness.

• For maximizing the loan limit, 3 individuals of the family can be added as the co-applicant in this loan.

Every lender has its own format of eligibility but the points which have been discussed are basic. You can also use a home loan eligibility calculator for finding out whether you are eligible or not for the loan.

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