To keep your home or vehicle in pristine condition, it is advisable to go in for periodic maintenance. While this is based on kilometers for vehicles, it is years for a home. Ideally, you should go in for a repainting and maintenance every couple of years. However, you can also opt for a full-scale home renovation once in a while. Home renovation projects have become exceedingly pricey nowadays with the increase in the cost of materials like fixtures and raw materials as well as labor costs. To opt for a home renovation loan is better than digging in extensively on your savings.
There are excellent options from traditional banks, NBFCs as well as Fintechs. HDFC Bank, as well as Qbera loans, have many options for you to choose from. Following is the list of their salient features to help you decide and pick the one that is best suited for your need.
A flexible personal loan from Qbera can be used as a home renovation loan. The amount can be used to buy raw materials such as paints as well as sanitary fixtures. This amount can also be diverted to upgradation of your home appliances as well- it is your discretion at the end of the day. The loan disbursal is also fast, once the verifications are done, the amount is deposited in your account within 24 hours.
Features of Home renovation loan from HDFC
An HDFC home renovation loan can be availed as a pre-approved loan by existing customers of the bank. New customers are required to fill in an online application form and they promise the application processing to be completed within a working day.
Particulars | HDFC Renovation Loan | Qbera Renovation Loan |
---|---|---|
Rate of Interest
|
Starting at 15%
|
Starting at 10.99%
|
Tenure
|
5 years
|
5 years
|
Loan amount
|
Up to Rs 40,00, 000/-
|
Up to Rs 25,00, 000/-
|
Disbursal time
|
4 hours
|
24-48 hours max
|
Processing Fee
|
2.50% of loan amount
|
1%-5%
|
CIBIL score
|
700 and above
|
600 and above
|
Before applying for a loan, it is prudent to check the eligibility criteria as these differ from institution to institution. However, an important criterion that is common with all financial institution is the CIBIL score. Higher the score, better are your chances of getting the loan and also at an enviable interest rate. so be careful about your credit score and do a periodic evaluation of the same to look for discrepancies and also for excellent management of your loans.
Interest Rate
|
11.99% to 35.99%
|
Processing Fee
|
1% to 5% of total loan amount
|
Loan Amount
|
₹1,00,000 to ₹15,00,000
|
Loan Tenure
|
12 to 60 months
|