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Muthoot Finance Home Renovation Loan
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Are you thinking about making some improvements to your home? The Muthoot Finance Home Renovation Loan is designed to help homeowners finance upgrades and enhancements without stress. This loan can be used for home improvement projects such as repainting, remodelling kitchens, or adding new rooms. It offers a straightforward application process and flexible repayment options, making it easier for homeowners to bring their dream home renovations to life. This loan is an excellent choice for those looking to enhance the comfort and value of their homes.
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Reviewed ByMuthoot Finance Home Renovation Loan Highlights And How Does This Work?
When making your house feel like a home, the Muthoot Finance Home Renovation Loan provides the necessary financial support with attractive terms. Here’s how it works and what it offers:
| Feature | Details |
| Application | Online, instant for various renovation needs |
| Loan Amount | Rs. 2,00,000 to Rs. 25,00,000 |
| Interest Rates | Fixed and variable options, 12%-16% p.a. |
| Repayment Tenure | Flexible, ranging from 3 to 20 years |
| Subsidy Benefits | Available under Pradhan Mantri Awas Yojana up to Rs. 2.67 lakhs |
Muthoot Finance Home Renovation Loan Features & Benefits
Muthoot Finance Home Renovation Loans are tailored to help you renovate your home to your taste and comfort. Here are some standout features and benefits:
- Diverse Loan Amounts & Interest Rates: Loans range from INR 2 Lakh to INR 25 Lakh, with flexible tenure options from 3 to 20 years. Interest rates vary between 12% % and 16%, both fixed and variable, ensuring a plan fits your budget.
- Versatility for Various Needs: These loans cover many renovation projects, including refurbishing your kitchen, upgrading your bathroom, or extending a living room. They are designed for various renovation requirements, including flooring, tiling, plumbing, and electrical work.
- Streamlined Process: Muthoot Finance prides itself on offering simple and efficient loan processing. From easy documentation to broad eligibility criteria and swift loan disbursement, the aim is to ensure you can start your home improvements without unnecessary delays.
Muthoot Finance Home Renovation Loan Interest Rates
Here’s a summary of the interest rates for the Muthoot Finance Home Renovation Loan:
| Loan Amount | Interest Rate |
| Minimum: INR 2,00,000 | 12% p.a. (variable or fixed) |
| Maximum: INR 25,00,000 | 16% p.a. (variable or fixed) |
Muthoot Finance Home Renovation Loan Eligibility Criteria
Muthoot Finance makes it straightforward to qualify for a home renovation loan. Here are the key criteria:
- Age Requirements: Applicants must be at least 21 years old when they apply and not older than 65 at the time of loan maturity.
- Employment: Both salaried and self-employed individuals are eligible.
- Bank Account: Applicants need to have an active bank account.
- Location: The applicant’s city must have a Muthoot Blue branch.
- Co-ownership: If the property is co-owned, the co-owner must be involved in the financing.
Muthoot Finance Home Renovation Loan Documents Required
For a smooth application process for the Muthoot Finance Home Renovation Loan, here are the essential documents you’ll need to provide:
- For Self-Employed Individuals, please provide Bank statements from the last three months showing transactions, along with identity and address proof.
- For Salaried Individuals, please provide three recent salary slips, Income Tax Return (ITR) or Form 16, identity proof, and address proof.
Muthoot Finance Home Renovation Loan Terms And Conditions
For the Muthoot Finance Home Renovation Loan, terms and conditions cover eligibility, loan amount, interest rates, tenure, repayment, and required documents, all tailored to facilitate the renovation process. These terms include flexible repayment options and eligibility criteria for various financial situations.
