A home reflects the way the residents take care of it. Few occasions like marriage ceremony demand renovation of the residential property. For instances like such occasions, various financiers offer different schemes for availing a loan against property for home renovation.

Few significant benefits why people opt for such housing loans include –

# Substantial Amount of Credit - Residential loans like home renovation have proven beneficial because financial organizations offer up to 80% of the credit of the cost of the renovation.


# Fast Disbursal – Loan against property process are easy and disbursal of credit happens is quick. Borrowers may even be able to enjoy approval within 72 hours of application.

# Long-Term Payment Tenor – Loans against property offer substantial loan amounts and therefore necessitate long tenors of up to 20 years or more. Longer tenors help reduce the applicable EMIs but increase the total interest payable on the loan.

# Varied Interest Rates – Borrowers can choose between fixed and floating interest rates while applying for a loan against property. However, borrows should know which is better between fixed and floating interest rates for a loan against property  before applying.

# Borrow as Much as Required – Availing a loan against property for home renovation can provide a lump sum of funds, sufficient to renovate a residential property with aplomb. Leading lenders offer up to Rs. 3.5 crore with such a loan.

Maintain a CIBIL score around or above 750 before you apply for a loan against property to avail the most beneficial loan terms. Opt for leading lenders for easy application and better interest rates.

Additional Read: How To Increase CIBIL Score

A home renovation loan can be availed to fund the renovation or repair of your home. Such advances offer you several benefits such as faster disbursal within 24 hours, minimal documentation process, prolonged repayment tenor, etc.

You can apply loan for home renovation on the official website of your lender by filling up an online application form with the required financial and personal details. Following the approval of your application form, a representative of your lender will get in touch with you to collect the required documents. After your documents are verified, the predetermined loan amount will be credited to your account directly.

Such loan for home renovation is usually collateral-free, often attracting higher interest than usual. Additionally, the eligibility criteria are also more stringent than secured loans. Hence, to eradicate such risks you can avail secured loans like a loan against property.

Loan against property is easy to avail, has no end-user restrictions and you can use the money to cater to several expenditures such as home renovation, medical urgencies, purchasing a new property, education costs, wedding expenses, etc.


Also, the ownership of the mortgaged property will lie with you and will get transferred only if you default on payment.

Additional Read: Loan Against Property For Home Renovation

You can avail a hefty sum of Rs. 3.5 Crore against your property with a prolonged tenor of up to 20 years along with other benefits such as balance transfer, top-up loans, instant approval, prepayment and foreclosure, etc. Availing a loan against property for home renovation can prove beneficial for several reasons when compared to an unsecured credit.