Ujjivan Small Finance Bank Home Renovation Loan

Ujjivan Small Finance Bank helps people with different banking needs. One common need is money for home improvements, which can be expensive but important for making a home better and increasing its value. Ujjivan provides special loans that help people afford these improvements easily, letting them upgrade their homes without stressing too much about money. This guide will help you understand the details of the Ujjivan Small Finance Bank home renovation loan. You can also connect with our service providers to determine your eligibility. Let's start with some basic highlights. 

Ujjivan Small Finance Bank Home Renovation Loan – Highlights

Ujjivan Small Finance Bank Home Renovation Loan Benefits

• Loan Amount: Ranges from a minimum of ₹2,00,000 to a maximum of ₹25,00,000, allowing for significant flexibility depending on the scale of your renovation project.
• Rate of Interest (ROI): Starting from 8.75% to 17.75% per annum (reducing), which is competitive in the current market.
• Tenure Range: The loan can be availed of for periods ranging from 39 months to a maximum of 180 months, giving borrowers ample time to repay in manageable instalments.

Ujjivan Small Finance Bank Home Renovation Loan Interest Rates

The interest rates for the Home Renovation Loan from Ujjivan Small Finance Bank start at 8.75% and can go up to 17.75% per annum on a reducing balance basis. This range allows flexibility depending on the borrower’s credit profile, loan amount, and tenure chosen. 

Ujjivan Small Finance Bank Home Renovation Loan Eligibility Criteria

To be eligible for a Home Renovation Loan from Ujjivan Small Finance Bank, applicants need to meet the following criteria:

• Age: Between 21 and 60 years for salaried individuals and up to 65 years for self-employed individuals.
• Employment: Salaried individuals should have a stable job, and self-employed should have been in business for at least a few years.
• Income: Must meet the minimum income requirements set by the bank, which vary by location.
• Credit Score: A good credit score, usually above 650, will demonstrate creditworthiness.
• Property Ownership: Must own the property that is to be renovated.
• Documentation: Provide necessary documents such as ID proof, address proof, income proof, property ownership proof, and a detailed cost estimate for the renovation.

Ujjivan Small Finance Bank Home Renovation Loan Features

• Tailored for Various Needs: The loan can be used for a variety of renovation purposes, whether it’s upgrading the interiors, external works, or an overall structural uplift.
• Simplified Documentation: While the exact list of required documents can vary, the process is designed to be straightforward and clear.
• Flexible Repayment Options: The range of tenure and competitive interest rates allow flexibility in planning your finances.
• Quick Processing: The bank aims to provide quick loan approvals and disbursals.

Ujjivan Small Finance Bank Home Renovation Loan Documents Required

The following documents are required to apply for a home renovation loan:

• Proof of Identity: PAN card, Aadhaar card, Voter ID, Passport, or Driving License.
• Proof of Residence: Recent utility bills, Passport, Aadhaar card, or Voter ID.
• Proof of Income:
  • For salaried individuals: Recent salary slips, Form 16, and bank statements.
  • For self-employed individuals: Recent Income Tax Returns, profit and loss statements, and bank statements.
• Property Documents: Proof of ownership of the property to be renovated.
• Quotation for Renovation: Detailed cost estimate from the contractor or architect performing the renovation work.
• Photographs of the Property: Before the Start of Renovation.

Ujjivan Small Finance Bank Home Renovation Loan Processing Fees And Other Charges

Ujjivan Small Finance Bank Home Renovation Loan For Salaried Person

The Home Renovation Loan from Ujjivan Small Finance Bank is a good option for salaried individuals looking to upgrade their homes. The interest rates for this loan range from 8.75% to 17.75% per year, making it affordable for different budgets. Salaried people can borrow between ₹2,00,000 and ₹25,00,000, depending on how much they earn and other factors. The loan has to be paid back over a period between 39 months and 180 months, which makes the monthly payments manageable. The application process is simple, requiring mainly proof of income and job stability. 

Ujjivan Small Finance Bank Home Renovation Loan For Self-Employed

The Home Renovation Loan from Ujjivan Small Finance Bank is also well-suited for self-employed individuals who want to renovate their homes. This loan offers interest rates ranging from 8.75% to 17.75% annually, allowing flexibility based on different financial situations. Self-employed borrowers can apply for loans ranging from ₹2,00,000 to ₹25,00,000, depending on their income and other qualification criteria. The repayment period can be between 39 and 180 months, helping to spread the cost over time. This loan is a great option for self-employed people looking to increase the value or functionality of their homes while maintaining control over their finances.

Ujjivan Small Finance Bank Home Renovation Loan – Terms And Conditions

The terms and conditions for Ujjivan Small Finance Bank’s Home Renovation Loan include the following:

• Interest Rates: Ranges from 8.75% to 17.75% per annum on a reduced balance.
• Loan Amount: You can borrow from ₹2,00,000 to ₹25,00,000.
• Repayment Period: The loan must be repaid between 39 and 180 months.
• Processing Fee: A non-refundable fee of ₹3,350 plus GST.
• Additional Charges: This includes CLADUM charges (Credit, Legal, Administrative, Documentation, Upkeep, and Maintenance) of 2.0% of the loan amount plus GST.
• Insurance: Borrowers might need to secure life and property insurance as part of the loan agreement.
• Prepayment: Terms regarding the prepayment or early closure of the loan may include penalties or conditions.