Indian Bank Home Renovation Loan

Home Renovation Loans are getting more popular among Indian homeowners. Thus, many banks are vying to proffer finance along with attractive features and discounts. You can also use these opportunities with an Indian Bank home renovation loan. But you must understand, before concluding your decision, how exactly a home renovation loan works, which may include the pertinent interest rates, eligibility criteria, required documents, and other associated fees. To help you make more informed decisions, Urban Money presents a complete overview of the Indian Bank home improvement loan. Let’s scroll down.

Indian Bank Home Renovation Loan Features & Benefits

Here are the applicable features and benefits of an Indian Bank home renovation loan:

• Competitive interest rates
• Higher loan tenure
• Zero processing fees
• Higher loan amount
• Fast fund disbursement 
• No prepayment penalty

Indian Bank Home Renovation Loan Interest Rates

Indian Bank home improvement loan interest rates are as follows:

Indian Bank Home Renovation Loan Eligibility Criteria

Here are the applicable eligibility criteria for an Indian Bank home improvement loan:

• Nationality: Applicant should be an Indian citizen.
• Age: Applicant should be between 18 to 70 years old.
• Income: Applicant should have a regular source of income to cover the loan EMIs.
• Employment: Applicant should be employed or in business for at least 2 to 3 years. 
• Credit Score: Applicant should have a good credit score, preferably 700 or above. 

Indian Bank Home Renovation Loan Documents Required

Here are the applicable documentation for an Indian Bank home renovation loan:

• Identification Proof: Aadhaar card, PAN card, Voter ID, or driving license.
• Residence Proof: Recent utility bills, passport, or rental agreement.
• Income Proof: Recent salary slips, bank statements for the last six months, income tax returns for the last two years, etc.
• Property Proof: Relevant documents related to the property ownership you plan to renovate.

Indian Bank Home Renovation Loan Fees and Other Charges

In addition to the Indian Bank home improvement loan interest rate, there are certain fees and charges you must be aware of:

Indian Bank Home Renovation Loan – Terms and Conditions

The Indian Bank Home Renovation Loan is a secured credit option. You must pledge your residential property as collateral or security before receiving the funds. If you fail to repay the loan, the bank has the right to take possession of the collateral to recover the loan amount. So, it is prudent to meticulously assess your repayment capacity before finalising your decision.