Personal Loan for home renovation

A home should reflect your style, taste, and personality. There are a lot of new trends and designs that can make your home more customizable based on your choices. Home improvements usually happen close to a family function when you expect a lot of guests or when the home is in bad shape. You can redecorate your home, spruce up your space and make it feel like your happy place againemergency is simple and fast, and we will disburse the funds once the proper approval is in place. Our personal loan for medical emergency (emergency loans) ensures that you receive your money in a satisfactory and hassle-free manner.


Renovations in the form of carpentry work, a new coat of paint or just getting new furniture are costly and discourage you from improving your home. It is for this very reason that people take loans in the form of personal loans. You can renovate your home however you want and not worry about the renovation expenses, the cost of contractors, interior designers, and purchasing raw materials weighing on your monthly budget. Hence, a personal loan for home renovation (house renovation loan) will relieve you from the financial burden.


Kotak offers unmitigated financial assistance on personal loans for home improvement. We offer you an attractive rate of interest. With an easy application process for personal loans, you can finance your home renovation expenses and redesign your home, giving it a new look without blowing up all of your savings.


Features & Benefits of Personal loan for home renovation (house renovation loan):      
    

 

  • Get a personal loan for house renovation up to Rs.15 Lakhs
  • Fast customer service and minimal documentation
  • An attractive low-interest rate of 10.99% p.a. to 24% p.a.
  • Quick disbursal of the personal loan for house renovation
  • Attractive interest rate and convenient repayment option for personal loan for house renovation.
  • Use funds for all home renovation related expenses


Find out more about Kotak’s personal loan and get a step closer to fulfilling your needs.

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Frequently Asked Questions

How can I reschedule or postpone my EMI?

Rescheduling or postponement of EMI is not possible on your personal loan account.

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When can I foreclose the Personal loan? What is the procedure for full prepayment?

Following are the procedures:

  • We do not allow prepayments for a period of 12 months from the date of your first EMI. 30 days foreclosure intimation period is mandatory.
  • You need to inform us in writing or via email about your request for full prepayment.
  • Once your intimation period is complete, the foreclosure statement of your loan will be issued to you from our end.
  • You need to submit this full prepayment cheque at our branch at least 7 working days before your next EMI date.
  • You can make the foreclosure payment either via DD/cheque/cash, cheque or DD in favor of "Kotak Mahindra Bank " after the intimation period is over.
  • Once your foreclosure cheque is cleared your loan closure will happen in the banks records.
  • We will send the No Objection Certificate (NOC) and the balance Post Dated Cheques (if any) to your correspondence address within 15 working days post termination of your loan account.
  • After the 12 + 1 month intimation period, the foreclosure charges applicable would be 5% + service tax on principal outstanding.

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What is the procedure for personal loan part prepayment?

We do not offer a part prepayment facility on your personal loan account.

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Is it possible to change my personal loan Installment date? Are there any charges applicable?

Yes, it is possible to change the Installment date. The dates are available between 5th and 10th of every month.

Changing of EMI date will attract rescheduling charges and PDC Swap charges* per instance plus applicable service tax. You would need to provide a written request mentioning the reason for the EMI date change and send the rescheduling charges to us 7 working days pre/7 working days post the EMI date.

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When can I swap my PDC's and what are the charges?

PDC's need to be swapped at least 7 working days pre/7 working days post the Installment date.

 Charges* applicable would be Rs.500/- per instance plus applicable service tax.

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