MyMudra – Home Renovation Loan

Faster Disbursal | Easy Application Procedure | Higher Loan Amount

Easy application and minimum qualifications make this the most widely used loan. Apply today for all your unavoidable daily expenses. 

Apply Now Contact Us
Home Renovation Loan

 

Eligibility & Documentation


My Mudra's Home Renovation loan can help you design your home more customizable based on your choices which reflect your style, taste, and personality. With our easy-to-use online application, you can apply online, and the funds will be credited to your account once your loan is approved.

 

 

 

 

 

 

 

My Mudra Home Renovation Loan Eligibility Criteria

 

 

Salaried Individuals

Self-Employed Individuals

Entitled Borrowers

Government / Semi government / PSU / Private/MNCs/ Proprietorship/Partnership businesses

Proprietor /

Partners /Directors

Age

The person should be 21 years old at the time of loan application and his maximum age should be 65 years

Applicant must be a minimum of 21 years of age at the time of application and should be a maximum of 65 years at loan maturity.

Income

Net monthly salary should be Rs.20,000

Gross annual income should be of minimum Rs.2.5 lakh

 

Net monthly salary should be Rs.25,000 (if residents of the metro city)

Gross annual income should be of minimum Rs.3 lakh

Experience / Vintage

Minimum 2 years of work experience

Minimum 3 years in current business/profession

CIBIL score

Should have a minimum CIBIL score of at least 750.

Should have a minimum CIBIL score of at least 750.

Work History

No defaults in the previous 24 months.

No defaults in the previous 24 months.

Citizenship

Individuals with Indian citizenship

Individuals with Indian citizenship

 

Documents Required To Avail My Mudra’s Home Renovation Loan

 

 

Salaried Individuals

Self-Employed Individuals

Identity Documents

PAN Card, Aadhaar Card, Voter Identity Card, Driving License,

PAN Card, Aadhaar Card, Voter Identity Card, Driving License

 

Job Card issued by NREGA duly signed by an officer of the State Government

Job Card issued by NREGA duly signed by an officer of the State Government

Address Proof

· Recent Electricity bill

· Recent Telephone bill

· Ration Card

· Driving License with Photo

 

 

· Recent Electricity bill

· Recent Telephone bill

· Ration Card

· Driving License with Photo

Income Proof

· Last month’s pay slip

· Recent bank statement

· Form 16

· Last month’s pay slip

· Recent bank statement

· Form 16

Purpose of loan

For repairs / renovations / improvements of house/flat.

For repairs / renovations / improvements of house/flat.

 

Purchase of furniture/fixtures/ furnishing /other gadgets such as fans, geysers, air-conditioners, etc.

Purchase of furniture/fixtures/ furnishing /other gadgets such as fans, geysers, air-conditioners, etc.

Property document

Photocopy of Title Documents of the property, Property estimated repair cost.

Photocopy of Title Documents of the property, Property estimated repair cost.

 

Once your loan has been approved, it will be credited to your registered bank account immediately.

 

 

eligibility

How to improve your Home Renovation Loan Eligibility?

Follow these tips to improve your Home Renovation Loan Eligibility –

Get Rid of Debts

Maintain a good repayment history by paying off your existing loans and liabilities on time without defaulting

Maintain a good CIBIL Score

Try to build a CIBIL score above 750

Do not apply for multiple loans simultaneously

Apply for a loan that fits your needs, raising multiple loan applications can decrease your credit worthiness

Choose a longer loan tenure

Opt for a longer repayment tenure that will allow you to disburse the overall due amount over a longer time span. This will also help in reducing the EMI amount.

Add Co-applicants

A co-borrower (a spouse, or parent) with a good income and credit score will boost your eligibility for a bigger loan amount.

improve-eligibility

Here's what our customer have been saying about us

Our partners from across the industry

We collaborate with the best and biggest in the banking & financial world to get you relevant products at great rates.

Apply Now
indiabulls city-bankidfc-bank poonawala-fincorp
standard-charted bajaj indusind kotak chola lending-kart fullerton-india icici axis
partner-mobile

Your Data Is Secure With Us.

We employ best-in-class security practices and procedures to keep your information secure every time.

security-icon-1

Security

From taking regular backups to using stronger passwords, we strictly prohibit any kind of unauthorized access of your crucial data, corruption, or theft throughout its life cycle.

security-icon-2

Privacy

We identify all the different ways your privacy could be at risk and have prepared safeguards to help you protect yourself online with us. Your privacy is important to us.

security-icon-3

Compliance

We are ISO 27001:2013 and SOC2 Type 2 compliant which instills trust into the hearts of our customers. We are secured with SSL and a certified GSP (GST Suvidha Provider).

Recent Blogs

See More

Our blogs are where you get the latest news along with insights from industry experts.

Business Finance
Insurance

Business Finance

By My mudra

02-08-2022

Personal Loan
Insurance

Personal Loan

By My mudra

02-08-2022

loan against property
Insurance

loan against propert...

By My mudra

02-08-2022

Home Loan and Home Renovation Loan
Insurance

Home Loan and Home R...

By My mudra

20-07-2022

Teaching Personal finance to our kids 
Insurance

Teaching Personal fi...

By My mudra

07-06-2022