Home renovation loans are loans that are extended to customers who wish to upgrade or renovate the property that they have purchased. All homes require periodic maintenance and some level of repair and upgrading over a time period. This maintenance cost has gone up drastically over the years because of the rise in the cost of raw materials such as paints, fixtures as well as high labor costs. This stands true even if the property is newly constructed and you wish to furnish it to suit your needs and style.
A personal loan from SBI can be used to undertake renovations in the house and there is a similar personal loan from Qbera, a Fintech as well. These loans are usually availed for extra work to be done on an already constructed property. These loans are quite similar to a home loan; however, their interest rate and tenure differ drastically.
Features of Home renovation loan from Qbera
A home renovation loan from Qbera is extended as personal loan and there is no capping of the usability of funds. It can be used to purchase fixtures and other raw materials to upgradation of appliances.
- Extended to salaried individuals and self-employed persons
- Minimum monthly salary of Rs 18,000
- Age group of 23-55 years
- A completely digitized application process
- Flexibility of usage
- Minimal processing fee and no hidden charges
- Competitive interest rate
- Dedicated customer care
SBI Home Renovation Loan - Features
For home renovation, you can opt for a personal loan from SBI. There is no capping on the usability of funds and has a long repayment tenure. There are fixed and floating interest rate options.
- Extended to salaried, self-employed and pensioners
- Age group of 18-70 years
- Normal paperwork at the bank branch
- Transparent loan sanctioning procedure
- Attractive interest rates on personal loans
- Minimal processing fees and no hidden charges
- Dedicated round the clock customer care
- Multiple personal loan options depending on customer requirement
SBI Home Renovation Loan vs Qbera Home Renovation Loan
|
|
SBI personal loan
|
Qbera Personal loan
|
Rate of Interest
|
Starting at 10.75%
|
Starting at 10.99%
|
Tenure
|
5 years
|
5 years
|
Loan amount
|
Up to Rs 15, 00 000/-
|
Up to Rs 25,00 000/-
|
Disbursal time
|
3-5 working days min
|
24-48 hours max
|
Processing Fee
|
1% of loan sanctioned +Taxes
|
1%-5%
|
CIBIL score
|
750 and above
|
600 and above
|
How to apply for a home renovation loan from Qbera
- To apply for a home renovation loan from Qbera login to their website www.qbera.com and fill out the online application form. You have to enter personal and employment information.
- You can submit supporting documents like the bank statement which clearly shows your salary credit, salary slips and other documents online.
- You will get a personalized loan quote if the documents are in order and the internal verification standards are met.
- Hard copies of documents like Aadhar card and PAN card are collected after acceptance of the quote. Following another round of document verification, the amount is credited to your bank account within 24-48 hours.
View a complete list of our FAQs at our
help center
Interest Rate & Other Charges
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
|
Step 1: Online Application Form
Get approved instantly
Fill out our online application form by answering a few questions about yourself, your employment, your education, expenses and needs. This process would take no longer than 10 minutes.
Step 2: Connect bank account
Submit your bank statements
Connect securely to your bank via netbanking and submit bank statements as part of the easy loan application form. Alternatively, you can upload bank generated pdf bank statements.
Step 3: Loan term
Choose your Loan Term
Using our proprietary Credit Scoring Algorithm we determine your loan eligibility in real-time. Our algorithm uses the information about you, to determine your future potential and help you get the best rate instantly.
Example: A
loan offer of
₹2 lac, for a
tenure of
3 years at an
interest Rate of
16.6% (on a reducing principal) and a
processing fee of
2.5%.
Translates to:
- Processing Fee deduction of ₹5000 (2.5% of 2 Lacs) from loan amount, thus, the amount credited to your account will be ₹1.95 Lacs
- EMI of ₹7091 per month
- Total payable amount in 3 years = 36 times ₹7091 = ₹2,55,276
- Total Interest paid in 3 years = ₹55,276, hence, annual interest paid = ₹18,425 (which translates to an effective flat annual rate of interest of 9.21%)
About Qbera
Partner with Qbera
Press
Reviews
Call Back Request
