Are you looking to renovate your abode? If you are short of funds, then home loans are the best option you can avail of. Repairing and renovating your house are also eligible for home loans. If you are looking for a home renovation loan, being prepared with the process and tips will make the application and approval process easier for you.
So, here are five crucial points to check and evaluate before opting for home renovation loans to get approval quickly.
Assess and Understand Your Finances
Evaluating your finances helps you understand and decide on the loan amount. Compose a list of requirements for the renovation and take an estimated cost for it. Thoroughly assess your inclusions and exclusions when you are taking the estimate. Take note of the expenses for whitewash, furniture repairs, plumbing, expansion of rooms to arrive at an approximate estimate.
Additionally, evaluate your current loans, savings, debts and other expenses to arrive at your loan repayment capacity before you decide on your EMI. Take stock of how much renovation you will be funding and how much you will need from your lender.
Do a Thorough Market Research
Once you decide on your maximum possible EMI, look for lenders who offer the best personal loan interest rates and options. Check out all the features offered in their digital platforms and zero down on one. Look for their prepayment charges, repayment conditions, documentation requirements, customer service requirements, the application process, loan approval process charges levied on document processing and other factors. These are important in the long run as these factors will burn a hole in your pocket later if not checked in earlier stages. Calculate your eligibility with their eligibility calculator and get to know the EMI changes they will charge using the EMI calculator available on their website.
Additionally, look for lenders who offer online document verification, which speeds up the whole process altogether.
Check Your Credit Score Values and Keep Them High
Lenders prefer borrowers whose credit scores are high. For credit scores to be high, one needs to score at least 725. Most lenders reject any application under this score. Check your credit score and try to maintain a high score before applying for loans. Your credit score speaks about your credit history and repayment habits. Hence keep repayment of debts on time. Additionally, if you have any loan applications rejected in the past, this can also affect your credit score adversely.
Check The Eligibility Conditions and Documentation Requirements
Keeping track of eligibility requirements will help you process loan sooner. Check out the documents needed for a personal loan and keep them handy. Organized documentation beforehand will make it a more effortless and hassle-free documentation process once your documents are ready. You can upload them when the customer service representative asks for them. All documents mentioned by your lender are imperative to get the loan approved. Look for lenders who offer a hassle-free documentation process and online upload for convenience.
Read The Fine Print in Your Documents
Read the terms and conditions thoroughly and seek help from the domain experts to understand the fine prints. Ask as many questions to your lender before accepting the loan offer. Activate automatic EMI deduction by e-mandate to pay EMI on time to maintain your credit scores for the future too.
The application process becomes tricky when you don’t have a direction on proceeding with a personal loan for home renovation. With these tips, you can easily apply for a personal loan for your home and get easy approval.
Check the pre-approved offers from different lenders before you conclude on one. Many lenders offer competitive offers for your house renovation loans. Additionally, the processing time is minimal due to the minimum documents required for the process.
Remodel your home with a hassle-free loan process that is customized for your needs. Fullerton India gives you the best home loans. Calculate your EMI and eligibility with our calculator to make an informed decision and quickly get to know your desired monthly EMI amount. We have a hassle-free loan process that is trusted across customers accessing out 648 branches across India. We offer easy and flexible loans for you. Apply now!