What Is a Home Improvement Loan?
A Home Improvement Loan is a personal or secured loan designed to help homeowners upgrade, repair, or renovate their existing home. Whether you're redoing your kitchen, painting the walls, or waterproofing before monsoon, this loan covers all such expenses.
What Can You Use It For?
You can use the loan for:
🔨 Plumbing, electrical repairs, and waterproofing
🎨 Painting and interior decoration
🚽 Bathroom and kitchen remodeling
🪟 Flooring, roofing, and window replacement
🚪 Structural modifications or space extensions
Key Features
📉 Interest Rate: Starts from 9.5% p.a. (may vary)
📅 Tenure: 12 months to 10 years
💰 Loan Amount: ₹50,000 to ₹25 lakhs (based on profile)
📎 Collateral: Not required if availing as personal loan
⚙️ Quick Disbursal: 24–48 hours with Vizzve
💳 Flexible EMI options based on your repayment capacity
Documents Required
PAN & Aadhaar
Proof of residence ownership
Latest salary slips/ITR (for self-employed)
Renovation estimate/quotation (optional)
Bank statements – last 6 months
Photos of house (pre-renovation)
Eligibility Criteria
Indian citizen aged 21–60
Salaried or self-employed with steady income
CIBIL score of 700+
Should own the property being renovated
Benefits of Home Renovation Loans
No need to dip into savings or emergency funds
Enhances property value
Offers quick processing and flexible EMIs
Can be customized for both small fixes and large remodels
Improves standard of living without major upfront costs
What to Watch Out For
Unplanned renovations may exceed your loan budget
EMI can strain finances if tenure is short
Not all expenses (like decor/furniture) may be covered
Interest rates slightly higher than home purchase loans
Why Choose Vizzve for Your Renovation Loan?
✅ Same-day approval for eligible profiles
✅ Zero hidden charges
✅ EMI-friendly plans for large projects
✅ Transparent communication and tracking
✅ Assistance from application to disbursal
Is It Tax-Deductible?
Yes – if the renovation loan is taken as a top-up on your home loan, the interest paid can be claimed under Section 24(b) of the Income Tax Act up to ₹30,000/year (as part of the ₹2 lakh limit).
FAQs
Q1. Can I use a personal loan for home renovation?
Yes, many renovation loans are personal loans – no collateral needed.
Q2. What’s the maximum loan I can get for home improvement?
Usually ₹25 lakhs, depending on income, credit score, and property value.
Q3. Do I need to show renovation bills?
Not always, but Vizzve may ask for estimates or photos for larger loans.
Q4. How soon can I get the money?
Vizzve offers approval in 24 hours and disbursal within 48 hours.
Published on : 23rd July
Published by : SMITA
www.vizzve.com || www.vizzveservices.com
Follow us on social media: Facebook || Linkedin || Instagram
🛡 Powered by Vizzve Financial
RBI-Registered Loan Partner | 10 Lakh+ Customers | ₹600 Cr+ Disbursed