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Home Renovation Loan: Overview_WC

Home Renovation Loan: Overview

A Loan Against Property is a type of mortgage finance option through which the funds availed can be utilised to meet several financial requirements. Since home renovation can mean substantial expenses, a Loan Against Property serves as a perfect financing solution for this purpose.

The Bajaj Housing Finance Home Renovation Loan can meet a variety of expenses related to home extension or remodelling. Since these funds do not have end-use restrictions, individuals can ensure that their home renovation needs are fulfilled without any hassle.

Loan Against Property for Home Renovation: Features and Benefits

Loan Against Property for Home Renovation: Features and Benefits

When one applies for a Loan Against Property for the purpose of home renovation, below is what they stand to gain.

Sizeable Loan Sanction

Taking a Loan Against Property for one's home renovation will allow applicants to benefit from a sizeable loan amount sanctioned by us, worth Rs.5 Crore* or higher, basis of one’s eligibility. It allows one to address all the costs related to home renovation without budget constraints.

Speedy Disbursal

A remarkable thing about the property loan feature is that one doesn’t have to wait too long for the funds once their application has been approved. The money is disbursed into the account within 72 hours* of approval, ensuring that nothing comes in the way of your renovation progress.

Minimal Documentation

Applicants who seek a loan against their properties for the purpose of home renovation also experience our easy and fuss-free documentation requirements, aimed to make the loan approval process as smooth and hassle-free as it can be.

Loan Against Property for Home Renovation: Documents Required_WC

Loan Against Property for Home Renovation: Documents Required

Bajaj Housing Finance requires minimal documentation for a home renovation loan application. Following are the documents required to avail of this loan option.

  • Identity Proof

    Salaried, professional, and self-employed applicants need to submit their KYC documents such as Aadhaar card, Voter ID, Driving License, Passport, or other government-approved photo identity or address proof.

  • Income Proof

    Salaried applicants need to submit their current salary slips, last three months’ bank account statements, PAN card, Form 60, and Income Tax Returns.

  • Self-employed individuals have to submit their last 6 months' bank statements, and balance sheets and other financial documents, such as P&L statements and proof of Income Tax Returns.

  • Proof of Employment

    Salaried individuals are required to submit identity cards issued by their workplace. Self-employed borrowers must submit their business credentials, such as a partnership agreement and business registration certificate.

  • Property Documents

    Both salaried and self-employed individuals must submit the following property documents to be eligible for a home renovation loan:

    • Title documents as needed by the legal team
    • Copies of property tax receipts

    These are the basic documentation requirements. Applicants may be asked to provide additional documents as and when required.

Home Renovation Mortgage loan Eligibility Requirement_WC

Home Renovation Mortgage loan: Eligibility Requirement

Bajaj Housing Finance lays down a few eligibility parameters, which individuals must meet to avail of a Loan Against Property for home renovation.

  • Employment Status

    A salaried applicant must be employed with a public, private, or multinational organisation. For a self-employed borrower, a regular source of income from the current business is mandatory to qualify for a home mortgage renovation loan.

  • Residential Status

    Both salaried and self-employed applicants must be resident Indians to qualify for this home renovation Loan Against Property.

  • Age Criteria**

    Salaried applicants must be between 28 and 58 years of age. Self-employed individuals must be between 25 and 70 years of age to avail of the loan.

  • ** The maximum age is considered as age at the time of loan maturity.

  • Experience

    Salaried applicants must have a minimum 3 years of experience, while self-employed individuals must have 5 years of business vintage to become eligible.

Loan Against Property for Home Renovation: How to Apply

Home Renovation Loan: How to Apply

After meeting the eligibility parameters, follow the below-mentioned steps when applying for a home renovation loan:

  1. Visit the online application form page
  2. Provide information such as name, date of birth, contact number, residential address
  3. Enter income details and select the best credit deal based on the income status
  4. Submit the application form

Once the online application form is submitted, a representative from Bajaj Housing Finance will contact the applicant for further proceedings.

*Terms and conditions apply

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