Purchasing a residential property does not always imply purchasing a plot, a recently built apartment, or an under-construction property. You frequently choose an already built home that requires repair since such property is frequently available at a low cost.

Home Renovation Loan

Every residential property suffers from normal wear and tear due to weather and time-related factors. To maintain the quality and aesthetics of the property, you must undertake periodic maintenance and repair work such as painting, remodelling, woodwork, etc. Due to the rising cost of material and labour, undertaking a home renovation project has become a costly affair. Paying for these expenses after taking care of the margin money for the Home Loan might put pressure on your finances.

In such a situation, a home renovation loan can help you out.

Home improvement loans are secured loans that are offered by financial institutions to take care of the expenses related to renovation, remodelling, and upgradation of a residential property. In order to avail this loan, you must mortgage your residential property with the lender. As it is a secured loan, the interest rates applicable are lower as compared to unsecured loans such as Personal Loans, making home renovation loans a better option to pay for the renovation related expenses.

Key Features Of a Home Renovation Loan

Purpose of taking a Home Renovation Loans

You can avail of a Home Renovation loan for various purposes as mentioned below:

  1. Flooring or Roofing
  2. Plumbing
  3. Plastering
  4. Electrical Work
  5. Painting
  6. Grills and Sliding Doors & windows
  7. Parapet wall & Boundary wall Underground or Overhead water tank
  8. Replacement of doors & windows or Non-movable Assets viz. etc.
  9. And complete renovation of existing house.

Home Renovation Tips

Top 5 Home Renovation Loans

1. SBI Home Renovation Loan

Lower home loan interest rates: As part of its seasonal discount, the State Bank of India (SBI) is giving a 15 to 30 basis point discount on house loans from October 4, 2022, to January 31, 2023. The current interest rates for SBI home loans range from 8.55% to 9.05%. However, lending rates change depending on CIBIL results.

Processing fee waiver: There will be no processing fee waiver for regular home loans or top up loans. While on loan

2. Omozing 

Omozing helps make Smart Money Moves for a Lifetime. They strive to get lowest interest rates and best terms for your Online Applications at www.Omozing.com . We’ve made business lending smarter, faster and easier by transforming the approval process from stumbling blocks to stepping-stones. This enables borrowers to not just get access to capital, but also understand what areas they need to work on in order to enhance their credit profile. Omozing ensures that Borrowers get a secure, safe and reliable application process that be tracked online.

Personal Loan Interest Rates starting from 0.8% p.m, and Loan amount ranging from INR 10,000 to INR 25,00,000. The Minimum and maximum repayment period ranges from 1 month to 48 months.  CIBIL 600+ all company categories (including LLP, Self Employed, Proprietorship)

5 Reasons to choose Omozing

1. Loans from INR 10k to INR 25 lakhs

Personal Loan Interest Rates starting from 0.8% p.m, and Loan amount ranging from INR 10,000 to INR 25,00,000. The Minimum and maximum repayment period ranges from 1 month to 48 months.  CIBIL 600+ all company categories (including LLP, Self Employed, Proprietorship)

2. Cutomised Tailor Options

3. Lower CIBIL

While most lenders require borrowers to have a CIBIL score of over 750, at Omozing.com provide loans even with 600.  Besides the CIBIL score, we also considers your age, employment status, and net monthly income.

4. Ways to apply

You can apply for a personal loan through us by 2 ways:

1. You can download our Mobile Application from Google app store.

2. Apply on portal using out Personal Loan link

5. Prompt Loan Disbursal

An easy online application process facilitates speedy verification and disbursal of loan. Get KYC verified from the comfort of your home and have our loan manager take care of an instant transfer of funds to your account. Money in Bank account in 24 hours post Loan approval.

3. Bank of Baroda Home Renovation Loan

Bank of Baroda provides Home Renovation Loans of up to Rs. 1 crore in semi-urban areas, Rs. 5 crore in metropolitan areas, and Rs. 10 crore in Mumbai. The Bank of Baroda additionally provides a 36-month moratorium period on these loans, with a maximum payback term of 30 years, including the moratorium period. The appropriate interest rates are related to the MCLR, and the bank imposes no foreclosure fees.

4. PNB Housing Home Renovation Loan

For salaried and professional applicants, PNB Housing provides home renovation loans up to 90% of the property’s market value, with interest rates starting at 7.99% per annum. The loan rates for businesspeople begin at 7.99%.The amount offered as a Home Renovation Loan has no upper limit. The maximum payback term offered is 30 years, and you must mortgage the property to take advantage of this option.

5. Kotak Mahindra Bank Home Renovation Loan

Kotak Mahindra Bank offers home renovation loans to its customers with a maximum payback term of 15 years. The amount available is determined by the property’s value, and the LTV ratio can reach 90% of the property’s value. The MCLR is closely tied to interest rates.

With so many alternatives on the market, you no longer need to be concerned about the expense of maintaining and repairing your residential property.

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