Your home is a place that gives you a sense of comfort and feeling, a space where you spend precious moments with your loved ones. And that is precisely why your home needs to be both aesthetically appealing and comfortable at the same time.
Sometimes urgent home repairs can become burdensome. Thanks to modern financial tools, you can now upgrade, refurbish and decorate your residence the way you want without making a big hole in your pocket. A home improvement loan by ICICI HFC can be a savior. Whether it is just repainting your house or essential repairing or structural changes, the best way of renovating your house without breaking your savings is to avail a home improvement loan. ICICI HFC offers Home Renovation Loan schemes with attractive interest rates and longer repayment options. Transforming your home into a modern, comfortable and appealing space for you and your family without depleting your finances right away is a feasible option with home renovation loan offers from ICICI HFC, which are sanctioned within 3 to 5 working days.
Home renovation is essential for maintenance and adds value to your property. Modifying or remodeling your home can put an additional burden on you; however, home renovation loan schemes from ICICI HFC make it easy for you to embark on your home renovation journey with easy repayment options. Remember that getting funds is one part of the journey and that you need to repay the loan as well as the interest. Timely repayments and understanding how to avoid EMI defaults are both important parts of the same process.
Let’s understand the features of home improvement loan products and home improvement loan interest rates offered by ICICI HFC.
Let’s explore more about Home Renovation Loan Schemes by ICICI HFC -
What is a home renovation loan?
Typically, a “home improvement loan” or home renovation loan refers to a type of home loan you use to pay for home repairs and renovations. Under Section 24 of the Indian Income Tax Act, 1961, the interest component on your home improvement makes you eligible for tax benefits of up to Rs. 30,000 per annum. ICICI HFC offers home improvement loan offer easy and quick access to the funds with relaxed eligibility Criteria for Home Improvement loans and a few basic documents required for home improvement loans.
With 175+ branches, ICICI HFC makes it hassle-free for you to get a loan instantly within a 50 km radius. Even the cash salaried persons or self-employed individuals who may not be filling ITR and has minimum CIBIL score of 650 and below can avail these loan schemes.
Steps to apply for a home renovation loan -
- Eligibility criteria for home improvement loan - Before proceeding with your loan requirements, it is better to check eligibility norms. Some basics include age, employment status, employment stability, and credit score. ICICI HFC requires minimal documentation, and no security/collateral.
- Fill up an application form- Filling up an application form (online/physical) is the first step involved in the process for a home renovation loan. Here the applicant needs to provide his/her personal, employment, and financial details like name, address, telephone number, education, monthly/annual income, etc. Make sure to provide accurate details. An applicant may also be asked to fill in his/her AADHAR card and PAN card details.
- Loan amount- The next step is to choose the loan amount and suitable repayment tenure.
- Submit the required documents – An applicant is requested to submit documents required for home improvement loan, such as- .
- Salaried Individuals -
- Completely filled out application form
- Identity and residence proof (KYC), such as Aadhaar, PAN card, Voter ID card,
- Property documents
- ITR is not mandatory for loan disbursal
- Self-Employed Individuals -
- Completely filled application form
- Identity and residence proof (KYC), such as Aadhaar, PAN card, Voter ID card,
- Property documents
- ITR is not mandatory for loan disbursal
5. Application login fees- After submitting documents and the application form, the lender allows the process of a home improvement loan after the payment of the charges, such as non-refundable application login fees of ₹5000 + GST @18%. This is the amount collected by the lending organization from the applicant to get started with the loan process and the KYC process.
6. KYC - Verification of identity along with financial status is the next step. This may take up to 2 days of time as the ICICI HFC team reviews and ascertains if the applicant meets the eligibility criteria and his/her competency to repay the loan amount within the stipulated time period.
7. Loan approval - The applicant needs to issue all the required documents precisely. The applicant gets to know about the maximum amount for the loan as well as the home improvement loan interest rates depending on the tenure approved by the lender. The applicant obtains an official offer letter with a quote from the lending institution mentioning the same. ICICI HFC processes loans even if the applicants do not file ITR which makes it a preferred choice among individuals looking for loans for home improvement.
8. Payment of processing fees- The lender charges a processing fee on your home renovation loan to cover the processing and administrative costs.
9. Loan disbursement – Post receipt of all essential documents and processing fees, the loan amount will be disbursed depending on the terms and stages of your home renovation. It will take 3 to 5 business days for your loan to get sanctioned.
So what are you waiting for? Check interesting home renovation loan schemes from ICICI HFC and apply for suitable home renovation loan offers, follow the aforementioned steps and get ready to enjoy multiple benefits with a personal loan for home renovation.
Getting a home improvement loan from ICICI HFC can spell several benefits, including impressive interest rates, quick processing and disbursal, loan amounts ranging from INR 3 lakhs to INR 5 crores, minimal documentation, and no security/collateral needed, etc. Walk into the nearest ICICI HFC branch to get all the help you need and start your home renovation journey now!
