Sometimes, houses need extensive care to preserve their longevity. Many people opt for home renovation to keep their homes in optimal condition. However, people often find themselves in a financial pickle where they cannot afford a home renovation. In such a scenario, one can apply for a loan and meet their home renovation needs. One may have to possess a minimum salary for personal loan from lenders. The minimum salary criteria for a loan for the home renovation will depend on the lender. Read on to know more about the minimum salary criteria for a home renovation loan.
Know more about home renovation loans
A home renovation loan is just like any other personal loan. Applicants don’t have to offer collateral/security for getting a home renovation loan. A personal loan can be used for any purpose according to the applicant’s needs. Since the applicant does not pledge collateral for a home renovation loan, the monthly salary plays an important role. The lender has to judge the repayment capacity of an applicant before offering a home renovation loan. Therefore, the applicant’s monthly salary becomes an essential factor in deciding the repayment capacity. An applicant with stable employment is likely to return the home renovation loan timely.
Also Read – How to Check and Download Personal Loan Statement
Just like any other unsecured loan, one can pay a home renovation loan via pocket-friendly EMIs. Many lenders allow applicants to choose their repayment tenure for a home renovation loan. Since home renovation loans are collateral-free, one can get them in quick succession. Moreover, applicants don’t have to visit physical banks to obtain a home renovation loan. In 2022, many digital lending sources offer home renovation loans digitally.
Know the salary requirements for getting a home renovation loan
The minimum income for getting a home renovation loan will depend on the lender. If you choose a reputed lender, you might get a home renovation loan with a low monthly salary. Generally, the minimum monthly wage required for obtaining a home renovation loan is INR 18,000. The amount of an instant home renovation loan can range between INR 8,000 to INR 5 lakhs. On the other hand, if the applicant has a handsome monthly salary, they might get a big loan for home renovation. Besides the salary of the applicant, many other factors come into play for deciding the personal loan home renovation amount. The lender will determine the loan approval amount after cross-checking several factors.
Home renovation loan with a low salary
One can get a loan for a home renovation even with a low salary. In such a case, lenders will look for other factors that can boost the loan application. Some factors that can help applicants to get a home renovation loan with a low salary are as follows:
- An applicant with a high credit score might get a home renovation loan at a low salary.
- If an applicant has paid past loans timely, chances of loan approval are high. Before offering a loan for home renovation, the lender will judge the applicant’s creditworthiness.
- If you have a healthy/lengthy professional relationship with a lender, you might get a home renovation loan with a low income.
Also read – How to calculate debt to income ratio
Know the requirements for home renovation loans
Besides a minimum salary, many other requirements have to be fulfilled to get a home renovation loan. Some requirements for home renovation loans in India are as follows:
- The applicant must be an Indian citizen to claim a loan for home renovation.
- The applicant’s age should be between 21 and 55 years to claim a loan for home redecoration in India.
These are general requirements for claiming a home renovation loan in India. The requirements for a home redecoration loan can change from one lender to another. Applicants should meet the eligibility conditions to boost their chances of getting a home renovation loan.
Apply online for a home renovation loan
In this digital era, one can ignore the lengthy queues at physical banks. Instead, one can apply for a home renovation loan online via a reliable lending platform. All the required documents can be submitted online to the lender for a home renovation loan. Choose a reliable online lender for personal loan home renovation!