Hey there,
I have a home and recently I realised that there was a need to spruce up my living space and make some home improvements. These improvements ranged from a new coat of paint, upgrading the kitchen, and completely renovating a room. All of these tasks were exciting but expensive. I got a personal loan for home improvement from my bank.
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Can I take personal loan for home renovation?
Banks and financial institutions offer convenient and flexible ways to finance home renovation projects. Yes, you can absolutely take a personal loan for home renovation. You won't have to dip into your savings or take a home equity loan.
Many banks in India offer personal loans for home improvement, including HDFC Bank, ICICI Bank, Axis Bank, and Kotak Mahindra Bank, among others. These loans typically have a maximum loan amount of Rs. 50,000 to Rs. 40 lakhs. The repayment period ranges from 1 to 5 years. The interest rates of personal loans can vary as well. It depends on the bank and your credit score.
I took out a loan from HDFC Bank. The banker told me, the loan amount ranges from Rs. 50,000 to Rs. 40 lakhs. The loan tenure ranges from 1 to 5 years and the interest rate starts from 10.50% p.a. The processing fee for the loan is up to 2.50% of the loan amount.
If you need more information on personal loan for home improvement, leave a comment below.
Read more:
What is home renovation loan in Bank of Baroda?
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Authors Of The Question
Can I take personal loan for home renovation?
Anonymous
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1 Year
2023-03-16T11:58:05+00:00 2023-03-17T11:27:25+00:00Comment
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