Home Renovation Loan Interest Rate and Eligibility

Rate of Interest Varies from 13% to 24.03% pa
Minimum Age 23 or above
Minimum Salary Required ₹ 15,000
Loan Amount Starting from ₹ 3000 to ₹ 5 lakh
Annual Fee ₹ 499 plus GST

MoneyTap’s Personal Home Renovation Loan Features and Benefits:

Receive real-time approval on a credit line of up to ₹ 5 Lakh

Withdraw as little as ₹ 3,000 or as high as your approved limit, the choice is yours to make

Pay interest only on the amount you withdraw and not on the entire amount allocated to you

MoneyTap’s credit card lets you enjoy 100% cash withdrawal as well as special rewards

Repay in flexible EMIs by choosing a payment period that works for you which could be anywhere between 2 months to 36 months

Your proof of address and ID proof are the only two documents we need to begin with

Eligibility
Criteria

  1. Must be a full-time salaried employee with a take-home salary of ₹ 20,000/month
    OR
    Must be a self-employed professional with an income of at least ₹ 20,000/month

    (Only certain professionals like doctors, lawyers, or business owners qualify)

  2. Must be above 23 years and below 55 years of age
  3. Must be a resident of one of the following cities:

    Ahmedabad, Anand, Bangalore, Chennai, Chandigarh, Coimbatore, Delhi, Gandhinagar, Hyderabad, Indore, Jaipur, Mumbai, Mohali, NCR, Panchkula, Pune, Rajkot, Secunderabad, Surat, Vadodara, Vijayawada, Vizag

Home Renovation Loan Related Pages

Reasons You Are Here:

  • Want to renovate your home but strapped for cash
  • Upgrade your existing home to a contemporary design
  • Furnish your new home and pay for fittings, furniture, etc.
  • Pay for your rent or down-payment
  • Want to get internal and external repairs
  • Want to expand your home
  • Your kitchen needs fixing or a new look
  • Increase the resale value of your home with minor repairs

Home improvement is bound to pay off as it increases the property value of your home and can also help improve your lifestyle. Renovations can take up a lot of your cash and it isn’t wise to dip into your savings always. Instead, you can simply take advantage of a home improvement loan and do the needful without impacting your overall financial liquidity using MoneyTap as we offer a line of credit that can be used as a personal loan or as a credit card for related purchases!

When to Consider a Personal Home Renovation Loan:

  • You don’t have enough home equity to borrow against
  • You need a one-time loan for a smaller, single project
  • For minor or major renovations
  • You want to be able to budget for the same payment each month
  • You don’t want to utilize your existing savings on a home renovation project

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Different Ways to Use MoneyTap Personal Loan 2.0

Home Renovation Loan FAQs

A home renovation loan is a for people who need funds to add value and upgrade their homes in the form of major or minor home improvements, repairs or a complete makeover.

The various alternatives to finance home improvements are:

  • A home equity loan
  • Personal savings
  • Personal loan
  • Personal line of credit
  • Credit cards

Since home renovations come at a hefty price, you may not always have the cash up front. In this case, having a personal line of credit from MoneyTap accessible to you 24/7 is the best way to pay off your home renovation expenses when you need.

MoneyTap’s personal loan 2.0 works as a quick and convenient option if you need a home repair loan. All you need to do is download the app and complete the paperless application and KYC documentation process. The loan is disbursed after a few days of approval.

With MoneyTap you get the flexibility to choose affordable EMIs for a convenient tenure that ranges from 2 months to 36 months.

The interest rates are comparatively low and will only be charged on the amount used. This feature makes it a perfect solution for home renovations where you can never estimate the actual cost due to ongoing expenses.

You can get approved for a credit line starting at ₹ 35,000 up to ₹ 5 Lakh given that you meet the eligibility requirements.

Whether you have opted for a house repair loan or a home renovation loan with no equity, your EMI amount will depend on the loan amount, the interest rate and the loan tenure.

You can also make use of MoneyTap's personal loan EMI calculator to find out your EMI amount.

The home renovation loan interest rate charged by MoneyTap starts from 1.08% p.m, which is relatively lower than what a credit card would charge you.

Yes, home renovation loans are tax deductible. You can claim a deduction under section 24 of the Indian Income Tax Act, 1961 on the interest component which is capped at ₹ 30,000 per annum.