Curious about Home Renovation Loan
What are the eligibility criteria for a home renovation loan?
The eligibility criteria for a home renovation loan may vary slightly among different lenders. However, here are some common eligibility criteria that you may need to fulfill:
1. Age: You should be at least 21 years old at the time of loan application and not exceeding the maximum age limit set by the lender (usually around 6570 years).
2. Income: You should have a regular and stable source of income to demonstrate your repayment capacity. Lenders usually require a minimum income level, and it may vary depending on the loan amount and your location.
3. Credit History: Lenders will assess your creditworthiness based on your credit score and credit history. A good credit score improves your chances of loan approval. A healthy credit history with no defaults or outstanding debts is generally preferred.
4. Property Ownership: You should be the owner of the property for which you are seeking the renovation loan. Some lenders may also consider loans for properties coowned with immediate family members.
5. Documentation: You will need to provide necessary documents such as identification proof, address proof, income documents (salary slips, bank statements, etc.), property documents, and any other documents specified by the lender.
It's important to note that these are general eligibility criteria, and specific requirements may vary among lenders. It is advisable to check with the lenders directly to understand their specific eligibility criteria for a home renovation loan.