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Get FIRSTmoney Smart Personal Home Renovation Loan

Home renovation projects can be exciting, but they can also be quite costly. Whether you're looking to update your kitchen, remodel your bathroom, or create a new space in your house, you may find yourself in need of some extra funds to make your renovation dreams a reality. This is where a personal loan for home renovation can come in handy and FIRSTmoney can be the apt solution. Read on for more

Benefits of a personal loan for home renovation

ZERO foreclosure charges ZERO foreclosure charges

ZERO foreclosure charges

goodbye to foreclosure charges and repay your outstanding amount whenever you want without worrying about additional fees.

Multiple withdrawals Multiple withdrawals

Multiple withdrawals

Borrow any amount over ₹5,000 up to the available credit limit. Once you repay the borrowed amount, you can withdraw more funds again.

Flexible loan repayment options Flexible loan repayment options

Flexible loan repayment options

Enjoy customisable loan EMI repayment options. Choose from flexible tenure options to suit your financial situation.

Swift disbursal Swift disbursal

Swift disbursal

Our advanced technology allows for a quick and paperless application process, ensuring swift disbursal of funds directly to your bank account.

Personal loan amount flexibility Personal loan amount flexibility

Personal loan amount flexibility

Either withdraw in full over or in parts ₹5,000 up to your credit limit. Pay interest only on the utilised amount.

Eligibility

Employment: Salaried and Self-Employed Individuals Employment: Salaried and Self-Employed Individuals

Employment: Salaried and Self-Employed Individuals

Age - 21-60 years Age - 21-60 years

Age: 21-60 years

CIBIL Score*: 730+ CIBIL Score*: 730+

CIBIL Score*: 730+

* CIBIL Score is a 3-digit numeric summary of your credit history, derived by using details found in the ‘Accounts’ and ‘Enquiries’ sections on your CIBIL Report and ranges from 300 to 900. The closer your score is to 900, the higher are the chances of your loan application getting approved.

Documentation

Video KYC Video KYC

You need to display your physical PAN card for Video KYC (VKYC) during the online smart personal loan application.

You need to display your physical PAN card for Video KYC (VKYC) during the online smart personal loan application.

  

How to apply for a personal loan for home renovation?

Few factors to keep in mind when applying for FIRSTmoney house renovation loan are -

  • 1

    Check your credit score

    FIRSTmoney is available for borrowers with a credit score of 750+. So, check your credit score and ensure your eligibility

  • 2

    Gather necessary documents

    All you need is your physical PAN card for VKYC verification. Keep the document handy for completing the application quickly and get the credit limit sanctioned at the earliest.

  • 3

    Complete the application

    Apply for FIRSTmoney online by following a few simple steps –

    View detailed steps
  • 4

    Withdraw as per requirements

    Once the credit limit is sanctioned, make as many withdrawals as you want and get your home renovated.

How to apply for a personal loan

How FIRSTmoney can empower you

How FIRSTmoney can empower you

Travel Personal Loan

Embark on your dream adventures with an online personal loan designed exclusively for elite travellers like you. Whether you're planning a luxurious getaway, an exotic expedition, or a cultural exploration, a FIRSTmoney loan offers the financial freedom to turn your travel aspirations into reality.

With competitive rates and flexible terms, a FIRSTmoney smart personal loan empowers you to book premium accommodations, indulge in once-in-a-lifetime experiences, and create unforgettable memories without compromise. Apply for a travel personal loan seamlessly on an end-to-end digital journey and make Instant bookings without dipping into your savings.

Advantages of a FIRSTmoney smart personal loan for travel expenses:

  • ► Set up a credit limit with FIRSTmoney once and enjoy your travel the way you want with the multiple withdrawal facility.
  • ► Get instant access to funds, anytime, anywhere, in your bank account; 24x7, in just a single step.
  • ► Attractive fixed interest rate (on a monthly reducing basis), starting at 10.99 % p.a. 
  • ► No need for collateral or security deposit to set up a loan.
  • ► By responsibly managing your personal loan, you can enhance your credit profile, opening doors to even greater opportunities for future travel endeavours.

Emergency Personal Loan

In times of financial emergencies, FIRSTmoney smart personal loan stands as a beacon of stability and support. Instead of depleting your savings or tapping into your investment accounts, this smart personal loan enables you to preserve your financial reserves for long-term goals. Here's how our emergency loan can be a lifeline during uncertain exigencies:

  • ► Effortless online application process with complete digital verification - apply in 2 easy steps for an emergency personal loan online
  • ► Get the loan amount credited promptly to your bank account on the same day
  • ► No collateral requirement for emergency personal loans
  • ► Flexible loan repayment tenure of up to 60 months
  • ► Attractive fixed interest rate (on a monthly reducing basis) starting from 10.99% p.a. only
  • ► Safeguard your financial stability with this personal loan in the face of emergencies

Wedding Personal Loan

Make your wedding dreams a reality with our smart personal loan for weddings designed exclusively for those who deserve it the most. Rather than depleting your savings or resorting to high-interest credit cards, a FIRSTmoney smart personal loan allows you to maintain financial stability as you start a new chapter of your life. Here's how our loan can add value to your special day:

  • ► From venue rentals to catering costs and everything in between, FIRSTmoney offers up to a ₹10 lakh personal loan, allowing you to cover all aspects of your wedding expenses with ease
  • ► Completely paperless, quick and digital personal loan application process
  • ► One-time sanction with the facility to withdraw multiple times
  • ► Attractive fixed interest rate (on a monthly reducing basis) commencing at 10.99% p.a. only
  • ► No need for collateral or security
  • ► Enjoy flexible loan repayment terms extending up to 60 months

Medical Personal Loan

Medical emergencies often come with unexpected expenses and a personal loan can offer access to quick funds. With a FIRSTmoney smart personal loan, you have the financial flexibility to explore various treatment options, including specialists, alternative therapies, or out-of-network providers, ensuring that you can pursue the best possible care for yourself or your loved ones. FIRSTmoney – our smart personal loan for medical expense, offers invaluable support and peace of mind during medical emergencies. Here's how:

  • ► Can act as a top-up to your insurance for medical expenses
  • ► Cover unforeseen costs, such as ambulance fees, hospital stays, surgeries, and specialized treatments
  • ► Access funds anytime, anywhere to address medical bills, treatments, and medications without delay
  • ► No need for collateral or security to apply for the personal loan
  • ► Attractive fixed interest rate (on a monthly reducing basis) starting at just 10.99% p.a.
  • ► Tailor your payments to fit your budget and financial capabilities, providing additional peace of mind during a challenging time

Home Improvement Personal Loan

Renovating your home or any structural upgrades can put a significant financial strain on your savings and personal loan proves to be a reliable solution. Manage and plan your home improvement expenses depending on your needs with FIRSTmoney, our smart, instant personal loan. Apply for a personal loan online and get approved seamlessly. Use your credit limit as an when you need.

  • ► Can act as a top-up to your home loan
  • ► Can serve to pay for renovation and expenses in parts
  • ► Access funds anytime anywhere
  • ► No need for collateral or security to apply for this personal loan
  • ► Attractive fixed interest rate (on a monthly reducing basis) starting at just 10.99% p.a.

  

Instant Personal Loan Fees and Charges Instant Personal Loan Fees and Charges

Personal Loan for Home Renovation - Fees and Charges

Enjoy competitive interest rates and minimal charges

Frequently asked questions

What is home renovation loan?

A home renovation loan is a type of personal loan which you can avail of for renovating, redesigning, or refurbishing your home.

Can I get a home loan for renovation?

Yes, there are home loans specifically designed for home renovations or house repair. You can apply for such loans to fulfil your needs.

What is the limit of home renovation loan?

The limit depends on the type of home improvement loan that you avail of. With FIRSTmoney, smart personal loan, it covers you for every need and you can get a maximum credit limit of ₹10 lakhs.

What is the difference between a home loan and a home renovation loan?

A home loan is primarily used for purchasing a new property or constructing a house, whereas a home renovation loan is specifically for funding the refurbishment or improvement of an existing property. Home renovation loans usually have a shorter tenure compared to home loans.

What is the maximum term for which I can avail a house renovation loan

The maximum tenure for a FIRSTmoney loan for home renovation expenses ranges from 2 month to 60 month. You have the flexibility to choose a suitable tenure based on your financial planning. 

Who is eligible for a home remodel loan?

Eligibility criteria for a home remodel loan generally include:

  • • Age: 21 to 60 years
  • • Employment: Salaried and Self-Employed Individuals
  • • Credit Score: A strong credit history, typically a CIBIL score of 750 or above

What are the documents required while applying for the home renovation loan?

If you go the traditional way, a home renovation loan requires lengthy documentation with personal identity and proof of property being a part of the documentation process. However, with IDFC FIRST Bank FIRSTmoney smart personal loans, you only need to present your PAN Card during the V-KYC process. 

More FAQs