Planning to take a home renovation loan: Get started with these 5 steps

Every home is a reflection of one’s personality. Whether it is festivals or special occasions, most homeowners choose to refurbish their abode, to have a better quality of life. It is true that giving your home a makeover can be a costly affair; hence applying for a Personal Loan for home renovation, is always a wise choice.

Home is the place where we look for comfort and peace. From the colours that you choose to the wall lights or décor of your place, the way you decorate your abode, says a lot about you. There are a lot of trends that can make your home look stylish.

Whether you have an upcoming special event or want to spruce up your home for the festival, you can now plan on Home Renovation with the help of an ICICI Bank Personal Loan. This loan can be used to repair, alter or renovate the structure of your existing property. These loans do not need any collateral and have flexible repayment tenures at attractive interest rates, with quick processing. Here’s how you can get started with the loan application, with these 5 steps:

Set your home improvement goal: Once you have decided on the amount you would require for your home renovation, you can apply for a Personal Loan up to Rs.25 Lakhs. Also, there is no restriction on the end-use of the funds, approved by the Bank.

Look for Pre-approved Offers: Pre-approved offers are available for select existing customers of the Bank. ICICI Bank offers a pre-approved Personal Loan facility to select customers, without any documentation and can be disbursed instantly. If you are an ICICI Bank Customer, you can check if you have a pre-approved offer by logging in to Internet Banking, using the iMobile Pay app or by visiting www.icicibank.com

Check for eligibility criteria: Today, getting a loan sanctioned is quite easy. Different lenders have different eligibility terms. To apply for a Personal Loan for home renovation, you must be over 23 years old and a resident of India, preferably a salaried individual, with a regular monthly income of Rs 30,000 and above. You should also have a good credit history

Look for a lender with a flexible tenure: To ensure that you get to repay the loan amount comfortably, you must pick an offering that gives you a flexible repayment option. Choose a repayment tenure that perfectly fits your monthly budget. If you want the EMIs to be cost-effective, you can opt for a longer tenure. An ICICI Bank Personal Loan offers a tenure of up to 6 years

Check your repayment beforehand: Even before applying for the loan, calculate your EMIs and plan repayment accordingly. You can use the personal loan EMI calculator to know how much would be the EMI outgo based on the repayment cycle. This way, you can select the best repayment option that suits you.

Some of the features of a Personal Loan for home renovation offered by ICICI Bank:

Attractive Interest Rates:

Avail Personal Loans starting at interest rate of % p.a. If you want to evaluate the monthly instalments for the loan, you can use the Personal Loan Calculator, online.

Minimum documentation:

Applying for a loan requires you to go through a lengthy paperwork process. With ICICI Bank, you can now start refurbishing your home with a seamless documentation process.

Easy repayment options:

Get a Personal Loan to renovate your home, with a tenure of up to 5 years, for repayment in easy instalments.

Collateral-free funding:

You do not need to provide any security against a Personal Loan, availed for the purpose of home renovation.

Instant disbursement:

The loan amount gets transferred instantly to your Account, once it is sanctioned by the Bank.

If you have kept your home renovation plan on hold due to lack of funds, you can easily apply for an ICICI Bank Personal Loan for home renovation. You can apply online through ICICI Bank’s Internet Banking or the iMobile Pay app.