Have you planned to renovate your house? Do you already have the estimate for the entire renovation project?

Many people prefer to renovate their homes to improve their living conditions. However, the task comes with many challenges, from planning to execution. But the biggest challenge you will face is regarding money. With increasing material and labour costs, you might not pay everything upfront. So, for this, taking a home renovation loan sounds more feasible.

Many attributes impact the loan, from calculating the monthly EMIs to understanding your eligibility. You must understand the entire concept of the loan before applying with any lender.

What is a Home Renovation Loan, and Why is It Beneficial?

A home renovation loan is a form of personal loan that can help you meet all the monetary requirements of the project without any hassle. You can apply for a personal loan for home renovation from a trusted lending institution like Clix Capital. You can get a home renovation loan of up to Rs 10 lakh depending on your need and eligibility. Since there is no end-use restriction, you can use the loan amount to renovate your home, repair walls, remodel kitchens, floorings, or any other requirement for improvement.

You have to pay the EMIs every month for the agreed tenure. personal loans generally come with a payback period of 12 to 48 months. The EMI comprises of:

  1. A fraction of the Principal amount sanctioned.
  2. The interest rate applicable on loan.

You must make the payments before the due date to ensure that you don’t have to pay any late payment charges. Sometimes, you can extend the repayment period. But it will depend on the lending institution, eligibility and credit score. Once you get the loan amount, paying for everything won’t be difficult anymore. You will be able to renovate the house just the way you want without worrying about funds.

How Do You Submit an Application for a Loan to Renovate Your Home?

Before you apply for personal loan online for home renovation, knowing about the process will be beneficial. Below, we have briefly explained how you can apply for a loan.

  1. You need to check your eligibility criteria for the preferred NBFC first. 
  2. Once you meet the eligibility criteria, go to the personal loan section of the NBFC’s website.
  3. Choose home renovation and complete the loan application online with all the required details. 
  4. Upload the required documents and submit the application.
  5. Wait for online verification of the application and eligibility criteria.
  6. Once approved, you will get the loan offer with all details.
  7. Accept the loan offer and get the money disbursed to your account.

What Factors Determine the Loan Approval Chances?

Several factors determine the chances of a personal loan for home renovation approval. Below, we have described what factors can lead to faster loan approval or rejection.

  1. Credit score: Ideally, you need to have an Experian credit score of 630 or above to have the approved loan. If your score does not meet the eligibility criteria. In that case, you can still get a loan but at a higher interest rate. 
  2. Age & Monthly income: When you apply for a personal loan online for home renovation, your age should be between 21 to 58. You should have a minimum income of Rs. 20,000 per month.


Thinking to renovate your home and add a touch of personalisation? Be it that boring kitchen wall colour or that dull decor of the living room, this is the perfect time to go for a renovation! Consider opting for a personal loan to get the home of your dreams and ultimately create the space that you would love!

About the Author

Amaira Sharma is finance expert and former business growth strategist who has more than 8+ years experience in the industry, now she helps others to get better financial stability and standards. She loves to write useful tips on personal finance and businesses.