Published on Nov 14, 2022Updated on Oct 15, 2026
With the festive season just around the corner, every family in India is looking forward to renovating and improving their homes. Decorations, fresh coats of paint, lawn extensions, etc., are in order and to manage the expenses that follow, many individuals are taking up the big, smart financial decision of borrowing a home renovation loan. Be it salaried or self-employed individuals, turning to lending institutions for managing your finances can prove to be beneficial. This article talks about how a personal loan for home renovation can come to your rescue within minutes.
Home renovation can come in many forms. From remodelling your kitchen to modifying your bathroom interiors, from beautifying your bedroom frames to designing a false ceiling for your hall, you can improve your home in different ways. A home renovation loan is open-ended, which means that it does not bind you with any utilisation criteria. You can use it to make any upgrade you want in any part of your home.
With a personal loan for home improvement costs, you can enjoy the following 5 benefits:
With certain financial lenders, you can avail personal loans of up to INR 10 Lakhs* too. Such a lump sum amount can take care of major purchases like a chandelier, a refrigerator, an air-conditioner, a microwave oven, and so on. If there are no new items to be bought, you can use this hefty amount for your balcony improvement construction, garage makeover, or terrace renovation.
Once your loan is sanctioned, the entire principal amount will be sent to your account. The most beneficial aspect of such a loan comes into realisation during time-crucial renovations like plumbing and electrical improvements.
Must Read: Difference Between Home Renovation Loan and Home Extension?
Personal loans are unsecured in nature, that is, they do not demand that you offer a collateral in exchange for the funds. You can ensure financial security this way and take the advantage of every rupee well.
Personal loan rates under lenders like SMFG India Credit start from only 12.5%* and can go up to 30%* per annum according to various factors. With such interest rates, you can easily repay the amount through good financial planning within the specified tenure. Personal loan interest rates will depend upon the following factors:
Instead of having to bear the pressure of repaying the entire loan amount upfront, you can pay it back in instalments over a period of time. This option is called Equated Monthly Instalments or EMIs. How much EMI you have to pay every month depends on the principal amount, interest rate, time span, and number of instalments that occur in the time period. To save you the trouble of having to apply the EMI formula yourself, check out this online personal loan EMI calculator.
The features of the best personal home renovation loan are a maximum limit of INR 10 Lakhs*, interest rates starting from only 12.5%* per annum, tenures as long as 60 months, and minimum processing fees. Moreover, as an applicant, you can apply for the loan online, submit the documents through a website, and obtain the loan approval within a few days. Such a factor of convenience sets personal loans for home renovation apart in the market.
If you’re looking for personal loan options to renovate your house, you should consider SMFG India Credit’s personal loans. Moreover, you can check your eligibility through our online personal loan eligibility calculator which bases its decision on your salary, your repayment capacity and city of residence. Give your home a makeover with a personal loan today!
Important Note: This article is for general informational purposes only and may be subject to change from time to time. As product features, eligibility criteria, interest rates, charges, fees, tenures and other terms may be revised as per SMFG India Credit's policies, readers are advised to refer to the latest details from the respective product pages (please select from the top menu). For the latest loan charges, please visit Charges & Fees Link and for the latest Interest rates, please visit Interest Rate Rationale. Please note that final loan terms, disbursement process and eligibility criteria will depend on SMFG India Credit's policies at the time of loan application.
The content of this article is for information purposes only and does not constitute as, an offer or advise to avail any products or services from, or, a commitment to grant any loan by the company. It is not intended to create any rights or obligations against us. All content is provided "as is" without any warranty of any kind, either express or implied & we disclaim any warranty or representation, whatsoever, in regards to the content. Please refer to the Privacy Policy of the company to understand the use, processing and storage of your personal data.
Was this helpful?
Insurance disclaimer SMICC is registered with the Insurance Regulatory and Development Authority of India (IRDAI) as a Corporate Agent. IRDAI Registration No.: [CA0098] CIN No. U65191TN1994PLC079235. The insurance policy is a contract between the customer and the insurance company, and policy is underwritten by insurance companies. SMICC acts only as the distributor and is not responsible for any risk, policy issuance, claim settlement/repudiation etc. Insurance is the subject matter of solicitation. Purchase of insurance is voluntary and subject to insurer underwriting and policy terms and conditions. Customers are advised to read the policy terms and conditions, benefits, exclusions, claim settlement carefully before purchase. Kindly note that “Insurance Products” are not mandatory for the purpose of the application and disbursement of loan. It shall be the sole discretion of the customer, by providing explicit consent, to avail such insurance along with the Loan.
Beware of Spurious calls/ Fraud phone calls IRDAI is not involved in activities like selling Insurance policies, announcing bonus or investment of premium. Public receiving such phone calls are requested to lodge a police complaint.
