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Which is better, a personal loan or a home renovation loan in India?

Which is better, a personal loan or a home renovation loan in India?

Although personal loans are more popular and fetch high number of goals, but being unsecured in nature it incurs high interest rate. In India, there are many borrowers who assume there is a vast difference between a home renovation loan and personal loan. However, the fact is, a home renovation loan is also a type of personal loan that borrowers rely on for upgrading/changing the home décor.

Personal loans are taken for various purposes that include wedding, vacation, education, debt consolidation or one reason can also be home renovation. A home renovation loan helps borrowers to reconstruct, renovate, improve or restructure their dwelling spaces at easy to repay personal loans. Some home repairs become unavoidable and need urgent fixation. This emergency step can be implemented with personal loan for home renovation within 24hours via an instant loan app.

Benefits of taking Home Renovation Loan in India

Instead of pushing forward the home renovation need to another month or next year, it is better to apply for a home renovation loan for timely repairs. Its quick approval, minimum documentation and low interest rate makes personal loan for home renovation a good deal with a number of benefits:
  • Tax Benefits- One of the most rewarding benefits of home renovation loan is earned in the form of tax benefits. Availing a loan for home improvement ensures tax benefit under section 24 of the Income Tax Act that help to save some amount of money. You can get up to Rs.30,000 tax benefits per annum on your home renovation in India.
     
  • Quick Loan Approval- Immediately after the verification of mandatory loan documents is done in real-time through the app, borrowers receive the loan approval in minutes and disbursal amount directly in the borrower’s registered bank account.
     
  • Lower Interest Rate- Home renovation loan is an unsecured loan and charges a relatively lower interest rate, compared to other personal loans, that may incur a higher rate of interest that differs on the basis of lenders and locations.
     
  • Lower EMIs- Borrowers can decide their EMIs before hand using the in-built EMI calculator. Customize the interest rate and tenure to get an affordable EMI that is easy to repay every month.
     
  • Collateral Free- A home renovation loan is an unsecured personal loan with no demand of an asset or security in the process. Borrowers have no stress of risking their assets as a collateral. As a result, you get the loan amount faster.
     
  • Minimal Documentation- Enjoy the convenience of minimum paperless documentation while availing home renovation through instant loan apps. KYC details with income documents are the basic documents required to verify the personal identity and financial ability of the borrower.

Simple Eligibility Criteria & Documentation Process for Home Renovation Loan

With easy and simple eligibility criteria and minimal documentation, a home renovation loan can be quickly obtained. Firstly, you should be an Indian resident between 21-58 years of age and must have a stable job/business of minimum earning of 15,000 Rs per month.

Required Documents are limited and minimal. You just need to keep your Aadhar card and PAN card details handy for quick approval of home renovation loan.

Simply Cash, an instant personal loan app powered by HeroFinCorp is one of the leading loan providers that offers loan for home renovation based on simple terms and conditions. Its basic eligibility criteria and paperless documentation makes it more admired and widespread to avail instant personal loan in India.
 

SimplyCash

SimplyCash powered by Hero FinCorp is an instant personal loan app providing cash loans of upto INR 1,50,000 for both salaried and self-employed individuals. Driven by technology and fuelled by innovation, SimplyCash solves instant cash requirements of customers in just a few simple clicks without any physical documentation or meeting. The mobile app is available to users through all popular Android play stores like Google play store, Samsung store, Xiaomi store etc. With one of the most widespread presence, SimplyCash currently offers its services in over 90 major locations in India. Known for a seamless process, instant loan disbursal and transparent pricing - SimplyCash truly lives upto the expectations of being a 'Hero' product.  

Note: SimplyCash is a duly registered trademark and is a loan product offered, managed and operated by Hero FinCorp. Hero FinCorp Limited is a Non-Banking Financial Company registered under the provisions of Reserve Bank of India ("RBI") and is in the business of finance and lending.

Accepted Banks:

ICICI BANK LTD HDFC BANK LTD IDBI BANK STATE BANK OF INDIA PUNJAB NATIONAL BANK YES BANK INDUSIND BANK KOTAK MAHINDRA BANK LTD

IDFC FIRST BANK LTD AXIS BANK BANK OF BARODA TAMILNAD MERCANTILE BANK LTD INDIAN OVERSEAS BANK INDIAN BANK RBL BANK LTD DEUTSCHE BANK AG CITY UNION BANK LTD FEDERAL BANK SOUTH INDIAN BANK STANDARD CHARTERED BANK CANARA BANK KARNATAKA BANK LTD CITI BANK BANDHAN BANK UNION BANK OF INDIA DCB BANK LTD DBS BANK INDIA LTD THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD DEUTSCHE BANK UCO BANK

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