Personal Loan for Home Renovation
A personal loan for home renovation is an unsecured loan designed to help homeowners manage renovation costs without pledging any collateral. Whether you're looking to upgrade your kitchen, add new rooms, or simply give your house a fresh coat of paint, Unity Small Finance Bank offers personal loans with flexible terms to cover various renovation needs. With a quick approval process and no requirement for home equity, these loans ensure you can improve your home while maintaining financial flexibility.
How Much Can Home Renovation Cost?
Home renovation costs in India vary significantly based on factors like location, the type of renovation, and the quality of materials used. For example, the cost to remodel a kitchen can range between ₹1.5 lakh to ₹6 lakh, while a bathroom renovation may cost up to ₹1.5 lakh. In metro cities like Mumbai and Delhi, renovation projects can command premium prices due to high material and labor costs. On average, minor renovations can start as low as ₹10,000, but major renovations, including structural changes, can go up to ₹20 lakh or more. Material choices, such as high-quality tiles or modular kitchens, can further escalate costs, with per square foot prices ranging from ₹1,100 to ₹1,500.
Why Consider a Personal Loan for Home Renovation?
For many homeowners, financing the high costs of home renovation through a personal loan is an effective way to manage expenses while ensuring that the project is completed on time.
Opting for a personal loan gives you access to funds without the limitations of traditional home improvement loans. You can use the funds as needed for anything from raw materials to paying contractors. Additionally, with no requirement for collateral, Unity Small Finance Bank’s personal loan allows homeowners to finance their home improvements quickly and easily, avoiding the need for lengthy processes tied to secured loans.
Features and Benefits of Unity Small Finance Bank Personal Loan
Flexible Loan Amount
Borrow anywhere between ₹50,000 to ₹5,00,000 depending on your wedding expenses
Competitive Interest Rates
Enjoy interest rates between 16% to 30%, tailored to your credit profile and loan amount
No Collateral
No need to pledge your property or any other assets
Quick Disbursal
Get funds quickly, allowing you to start your renovation without delays
Customizable Repayment Tenure
Choose repayment terms ranging from 6 to 36 months, making the loan easy to repay
Minimal Documentation
A simple process that requires basic KYC and financial documents
Eligibility Criteria for Personal Loan for Home Renovation
To be eligible for Unity Small Finance Bank’s personal loan for home renovation, you must meet the following criteria
Documents required
- Identification Proof: Aadhaar Card, PAN Card
- Income Proof: Salary slips for salaried individuals or bank statements and GST number for self-employed
- Address Proof: Utility bills, rental agreements, or any government-issued document
- Bank Statements: Recent bank statements showcasing your income and financial standing
Fees & Charges for Personal Loan for Home Renovation
Understanding the fees and charges associated with your loan is crucial
| Fee Type | Amount |
|---|---|
| Processing Fee | 3% of the loan amount |
| Prepayment & Foreclosure | 4% on the outstanding amount if the loan is repaid early |
| Late Payment Fee | ₹500 + GST per missed EMI |
How To Apply for a Personal Loan for Home Renovation
To be eligible for Unity Small Finance Bank’s personal loan for home renovation, you must meet the following criteria
1
Check Eligibility:
Ensure that you meet the bank’s criteria for age, income, and credit score
2
Calculate EMI
Use the EMI calculator to determine the best loan amount and repayment terms for your needs
3
Submit Documents
Gather all necessary documents, including KYC, income proof, and address proof
4
Apply Online or In-Branch
You can apply online through Unity Small Finance Bank’s digital platform or visit your nearest branch
5
Disbursement of Funds
Once approved, the funds are quickly disbursed, allowing you to proceed with your home renovation
EMI Calculator
Before committing to a loan, it’s important to estimate your monthly outgo. Unity Small Finance Bank provides an easy-to-use EMI calculator to help you understand your repayment obligations. Simply enter the loan amount, interest rate, and tenure to calculate your estimated EMIs. This tool gives you a clear picture of how much you’ll be paying each month and helps you choose a loan amount and tenure that fits within your budget
Tip: Use the EMI calculator to find the right loan amount and tenure for affordable monthly payments.
Type of Deposit
Deposit amount
Tenure
Start Date
Are you a Senior Citizen?
Amount on maturity
@
8.5%
interest rate *
Invested amount
Total earnings
Maturity Date
Conclusion
With Unity Small Finance Bank’s personal loan for home renovation, you can finance your home improvement projects without dipping into your savings. The quick approval process, competitive interest rates, and flexible repayment terms make it easier for you to achieve the home of your dreams. Whether it's minor upgrades or major renovations, this loan offers a convenient and affordable solution
