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Renovation Loan: Transform Your Space with Financial Ease

A home renovation loan is an ideal financing solution for those looking to breathe new life into their home with a makeover or significant renovation project. Whether your goal is to modernize your kitchen, refurbish your bathroom, or craft an inviting outdoor area, a home renovation loan can provide the funds needed to enhance the aesthetic appeal and functionality of your living space. IDFC FIRST Bank’s personal loan options for home renovation offer flexible terms to suit your unique needs, making it easier to turn your dream abode into reality.

Personal Loan for Renovation: Interest Rates & Charges Overview
 

IDFC FIRST Bank offers competitive interest rates on personal loans for home renovation, providing a range that caters to different financial situations. These loans come with nominal charges, ensuring transparency with no hidden costs. Key charges may include processing fees, EMI repayment flexibility, and the option to prepay or part-pay without significant penalties. Understanding the charges associated with your loan will help you manage expenses efficiently throughout your renovation journey.

Eligibility for a Home Renovation Loan
 

To qualify for a personal loan for home renovation from IDFC FIRST Bank, you need to meet basic eligibility requirements, such as being a salaried individual between the ages of 21 and 60 with a steady income. This straightforward eligibility criterion ensures access to funds without unnecessary hurdles. Additional documents like proof of income, bank statements, and identity verification will be required to complete the loan application process.

Features of a Home Renovation Loan: Enhancing Home Value and More

ZERO foreclosure charges ZERO foreclosure charges

ZERO foreclosure charges

goodbye to foreclosure charges and repay your outstanding amount whenever you want without worrying about additional fees.

Greater flexibility Greater flexibility

Greater flexibility

With FIRSTmoney, avail multiple on demand Loans to meet additional fund requirements for your home renovation.

Flexible loan repayment options Flexible loan repayment options

Flexible loan repayment options

Enjoy customisable loan EMI repayment options. Choose from flexible tenure options to suit your financial situation.

Swift disbursal Swift disbursal

Swift disbursal

Our advanced technology allows for a quick and paperless application process, ensuring swift disbursal of funds directly to your bank account.

Personal loan amount flexibility Personal loan amount flexibility

Personal loan amount flexibility

Obtain more funds later without starting the loan application from scratch. All it takes is a few clicks on the IDFC FIRST Mobile Banking app.

Eligibility

Employment: Salaried and Self-Employed Individuals Employment: Salaried and Self-Employed Individuals

Employment: Salaried and Self-Employed Individuals

Age - 21-60 years Age - 21-60 years

Age: 21-60 years

CIBIL Score*: 730+ CIBIL Score*: 730+

CIBIL Score*: 730+

* CIBIL Score is a 3-digit numeric summary of your credit history, derived by using details found in the ‘Accounts’ and ‘Enquiries’ sections on your CIBIL Report and ranges from 300 to 900. The closer your score is to 900, the higher are the chances of your loan application getting approved.

Documents Required for a Home Renovation Loan
 

To apply for a home renovation loan, you’ll need the following documents:

  • Proof of identity (Aadhaar, PAN Card, Passport)
  • Proof of residence
  • Recent bank statements
  • Salary slips for salaried individuals

These documents are necessary to ensure eligibility and help in the swift disbursal of funds.

Benefits of a Home Remodel Loan
 

A home remodel loan offers various advantages, including:

Easy Eligibility

IDFC FIRST Bank’s simple eligibility criteria make it accessible for most homeowners. Salaried individuals with a stable income can easily qualify, making the process of securing funds for home improvements convenient.

Loans for All Homeowners

Whether you own a flat, a bungalow, or a semi-detached house, IDFC FIRST Bank provides financing solutions to a diverse range of homeowners, enabling you to meet your specific renovation needs.

Flexible Repayment Options

IDFC FIRST Bank offers flexibility in repayment plans, including options like step-up payments, flexi payments, and bullet payments. This flexibility allows you to manage your loan according to your cash flow without added stress.

Quick Disbursal

Once your loan is approved, funds are disbursed quickly, allowing you to begin your project without delay. This efficiency is ideal for time-sensitive renovation projects.

Tax Benefits

Depending on the nature of your renovation, you may be eligible for tax benefits on the interest paid for your loan. A tax professional can help you determine potential savings on your home renovation loan.

  

How to apply for a personal loan for home renovation?

Few factors to keep in mind when applying for FIRSTmoney house renovation loan are -

  • 1

    Check your credit score

    FIRSTmoney is available for borrowers with a credit score of 730+. So, check your credit score and ensure your eligibility

  • 2

    Gather necessary documents

    All you need is your physical PAN card for VKYC verification. Keep it handy for completing the application quickly and get your personal loan in no time.

  • 3

    Complete the application

    Apply for FIRSTmoney online by following a few simple steps –

    View detailed steps
  • 4

    Withdraw as per requirements

    You can obtain more loans, on-demand up to ₹10 lakh based on your eligibility to meet future requirements, in just a few clicks.

How to apply for a personal loan

How FIRSTmoney can empower you

How FIRSTmoney can empower you

Travel Personal Loan

Embark on your dream adventures with an online personal loan designed exclusively for elite travellers like you. Whether you're planning a luxurious getaway, an exotic expedition, or a cultural exploration, a FIRSTmoney loan offers the financial freedom to turn your travel aspirations into reality.

With competitive rates and flexible terms, a FIRSTmoney smart personal loan empowers you to book premium accommodations, indulge in once-in-a-lifetime experiences, and create unforgettable memories without compromise. Apply for a travel personal loan seamlessly on an end-to-end digital journey and make Instant bookings without dipping into your savings.

Advantages of a FIRSTmoney smart personal loan for travel expenses:

  • ► Get instant access to funds, anytime, anywhere, in your bank account; 24x7, in just a single step.
  • ► Attractive fixed interest rate (on a monthly reducing basis), starting at 10.99 % p.a.
  • ► No need for collateral or security deposit to set up a loan.
  • ► By responsibly managing your personal loan, you can enhance your credit profile, opening doors to even greater opportunities for future travel endeavours.

Emergency Personal Loan

In times of financial emergencies, FIRSTmoney smart personal loan stands as a beacon of stability and support. Instead of depleting your savings or tapping into your investment accounts, this smart personal loan enables you to preserve your financial reserves for long-term goals. Here's how our emergency loan can be a lifeline during uncertain exigencies:

  • ► Effortless online application process with complete digital verification - apply in 2 easy steps for an emergency personal loan online
  • ► Get the loan amount credited promptly to your bank account on the same day
  • ► No collateral requirement for emergency personal loans
  • ► Flexible loan repayment tenure of up to 60 months
  • ► Attractive fixed interest rate (on a monthly reducing basis) starting from 10.99% p.a. only
  • ► Safeguard your financial stability with this personal loan in the face of emergencies

Wedding Personal Loan

Make your wedding dreams a reality with our smart personal loan for weddings designed exclusively for those who deserve it the most. Rather than depleting your savings or resorting to high-interest credit cards, a FIRSTmoney smart personal loan allows you to maintain financial stability as you start a new chapter of your life. Here's how our loan can add value to your special day:

  • ► From venue rentals to catering costs and everything in between, FIRSTmoney offers up to a ₹10 lakh personal loan, allowing you to cover all aspects of your wedding expenses with ease
  • ► Completely paperless, quick and digital personal loan application process
  • ► Attractive fixed interest rate (on a monthly reducing basis) commencing at 10.99% p.a. only
  • ► No need for collateral or security
  • ► Enjoy flexible loan repayment terms extending up to 60 months

Medical Personal Loan

Medical emergencies often come with unexpected expenses and a personal loan can offer access to quick funds. With a FIRSTmoney smart personal loan, you have the financial flexibility to explore various treatment options, including specialists, alternative therapies, or out-of-network providers, ensuring that you can pursue the best possible care for yourself or your loved ones. FIRSTmoney – our smart personal loan for medical expense, offers invaluable support and peace of mind during medical emergencies. Here's how:

  • ► Can act as a top-up to your insurance for medical expenses
  • ► Cover unforeseen costs, such as ambulance fees, hospital stays, surgeries, and specialized treatments
  • ► Access funds anytime, anywhere to address medical bills, treatments, and medications without delay
  • ► No need for collateral or security to apply for the personal loan
  • ► Attractive fixed interest rate (on a monthly reducing basis) starting at just 10.99% p.a.
  • ► Tailor your payments to fit your budget and financial capabilities, providing additional peace of mind during a challenging time

Home Improvement Personal Loan

Renovating your home or any structural upgrades can put a significant financial strain on your savings and personal loan proves to be a reliable solution. Manage and plan your home improvement expenses depending on your needs with FIRSTmoney, our smart, instant personal loan. Apply for a personal loan online and get approved seamlessly.

  • ► Can act as a top-up to your existing home loan
  • ► Can serve to pay for renovation and expenses in parts
  • ► Access funds quickly, in a few clicks
  • ► No need for collateral or security to apply for this personal loan
  • ► Attractive fixed interest rate (on a monthly reducing basis) starting at just 10.99% p.a.

Get FIRSTmoney Smart Personal Loan of Different Amounts

  

Instant Personal Loan Fees and Charges Instant Personal Loan Fees and Charges

Personal Loan for Home Renovation - Fees and Charges

Enjoy competitive interest rates and minimal charges

Frequently asked questions

What is the Difference Between a Home Renovation Loan and a Home Loan?

A home renovation loan specifically funds home improvement projects, while a home loan is typically used to purchase a property.

Can I Get a Tax Benefit on a Home Renovation Loan?

Yes, interest paid on a home renovation loan may be eligible for tax benefits, depending on the scope of renovations.

What Types of Renovations Can Be Funded with This Loan?

Eligible projects include kitchen remodels, bathroom upgrades, and aesthetic improvements to your living space.

How Quickly Can I Get Funds Through a Home Renovation Loan?

IDFC FIRST Bank offers quick disbursal once your loan application is approved, ensuring funds are available without delay.

Are Home Renovation Loans Available to Self-Employed Individuals?

Yes, self-employed individuals may also be eligible, subject to specific documentation and income verification requirements.

More FAQs