BUYING
Your home loan may cover only 80% of the total cost. You can take a personal loan to cover the remainder of the cost, brokerage, stamp duty, and other related expenses.
RENOVATION
From time to time, we all want to redo the bedroom or buy a new couch for the living room. As children grow up, they may need a place of their own. You wouldn’t want to hold back and cut corners.
FURNISHINGS
At times, furniture, upholstery and lighting is all you need to convert your apartment into a luxury residence. 10 years ago, these things were hard to find. Now, all such things are available easily, and you could really splurge.
Frequently asked questions
Getting a Bajaj Finserv Personal loan is a simple way to pay for the costs of your home renovations including repairing, interior or expanding your home. These personal loans have simple eligibility criteria and offer quick disbursal.
The following documents must be submitted while applying for a personal loan for home improvement:
- Passport-size photographs
- KYC documents – Aadhaar, PAN, voter’s ID, driving license, passport
- Bank account statements for the previous 3 months
- Salary slips for the last 3 months
Yes, anyone can apply for a personal loan to renovate their homes. You can use this loan to pay for remodelling, furnishings, plumbing, tiling, flooring, and any other home expenses.
Bajaj Finserv Personal Loan for home expenses is offered at a competitive interest rate ranging from 10% onwards. Our fees and charges are written clearly in our loan documents. We advise you to review these thoroughly before applying.
Personal loans for home renovation or house renovation loan are not tax-free. The interest paid on personal loans is generally not eligible for tax deductions. It's essential to consult a financial advisor for specific information about tax implications related to personal loans.
No, personal loans for home improvement or home improvement loans do not fall under Section 80C of the Income Tax Act in India. Personal loans are not eligible for these benefits.
Home loans and personal loans for home renovation differ in their purpose and terms. Home loans are secured loans, specifically designed for property-related expenses, offering lower interest rates and longer repayment periods. Personal loans or home improvement loans are unsecured, and have higher interest rates and shorter terms, making them suitable for smaller home renovation projects.
