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How to Finance Home Renovation using a Personal Loan?

Published on Oct 8, 2020Updated on Dec 1, 2023

How to Finance Home Renovation using a Personal Loan?

Personal loans are a boon because let us find happiness through our achievements. The past few years have experienced tremendous growth in personal loans. A home loan is very common for buying real estate, but the same homes need renovation from time to time. Thus identifying this need, SMFG India Credit has come up with a special personal loan for home renovation. Such loans help us with repair costs, buying new material, labour charge, etc. By taking this type of a personal loan and renovating our house, Periodic renovations also ensure an attractive valuation for your property in the market. This ensures a high quality of living, neat surroundings and a happy life. 

SMFG India Credit offers many advantages to people who want to finance the home renovation.

Let us see in detail on how to finance home renovation with SMFG India Credit:

1) How Can you Arrive at an Exact Loan Amount:

You need to identify what you want to renovate. It could be wall painting, replacing worn-out fittings in bathrooms or kitchens, brand new furniture, maintaining pipes and tanks, etc. There could be the construction of a room or floor. You should assign an amount required for all your work. That is the personal loan amount you need. Our personal loan EMI calculators can provide complete clarity on your monthly outflow.

2) Personal Loan Eligibility Criteria

If you are a resident citizen of India between the ages of 21 years and 60 years, you can take advantage of SMFG India Credit’s personal loan for home improvement. You can avail a personal loan for up to ₹25 lakh, subject to your credit score and previous relationship with SMFG India Credit. To be eligible for the loan, your monthly income should be at least ₹20,000 in non-metro areas. For residents of Mumbai and Delhi, the minimum income should be ₹25,000.  For self-employed individuals, a minimum annual profit after tax will be considered instead. Visit the personal loan eligibility criteria page to read more.

Must Read: How to Apply a Personal Loan for Home Renovation?

3) Home Renovation Loan Interest Rates

SMFG India Credit offers personal loans for home improvement at interest rates as low as 11.99% per annum. Loan amount can be up to Rs. 25 lacs and up to 90% of the total home renovation amount. The actual interest rate charged on your loan is determined based on your financial profile including your credit score, the nature of employment and existing relationship with us. The tenure and the loan amount are chosen also play a role in the interest rate offered. Given below are some details on this product. There is a processing fee that is charged, which is up to 3% of loan amount. The loan tenure is up to 60 months. The lowest EMI per lakh is Rs. 2,275 for 60 months. However, there is a prepayment charge if you prepay before the tenure.

4) Easy Application Process

You can go to the website of SMFG India Credit to apply for a personal loan for home renovation. You can start with a simple click on the ‘Apply Now’ button on this page and complete OTP verification of your mobile number. Then you need to fill up the requisite form provided with personal, employment, income, and bank details. You then need to select the loan amount and tenure that you require. Thereafter, a representative would get in touch with you to collect the requisite documents. Once the documents are verified, the personal loan amount would be credited to your account within 24 hours.

If you are salaried and want to go paperless, then you can also apply through the SMFG India Credit InstaLoan app. Once you fill up the form, you can upload the documents as requested and then submit. You will immediately receive an email/SMS informing you if your loan application will be taken up for further processing. And accordingly, you will be provided with a tracking number. This can be used to track your application status online. For any queries in the process, you are free to reach out to any SMFG India Credit branch for our representatives to guide you through the application process.

Must Read: A Guide To Get Personal Loan Using Aadhar Card & PAN Card


You do not need to worry about how to finance home renovation with the easy process laid out by SMFG India Credit. As seen above, the features and advantages of personal loans are extremely beneficial to the customers. Paperless documentation, flexible repayment, and simple eligibility criteria make it conducive to receiving the loan in no time. 

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*Terms and Conditions apply. Loans are disbursed at the discretion of SMFG India Credit.