Home Improvement Loan
Refurbish your home to its best
Get Home Renovation Loan up to ₹5 Lakhs
Do you think a personal loan needs too much effort ?
Getting a personal loan was never this easy
It just takes three simple steps to get an instant personal loan online!
Things to Know
Now get a loan on your own terms with our flexible EMI options and take control of what & when you pay
Over 2,56,664 loans disbursed-happy customers
With a continously growing community of happy customers we are disbursing more loans every minute.
- I was really in need of money and you guys saved me. I cant thank you guys enough.. excellent app awesome customer care..I am surely gonna recommend this app to my friends as well.
- My experience with paysense has been a seemless and a good one. Paysense helped a lot in clearing of my bills and at an affordable rate which i can manage per month. I would highly recommend this to my friends. Happy Paysensing 😁
- Excellent Service. Better than Banks ...easy documenation and less paper works and team also very supportive. I would suggest go for this app instead of any banks for loans
- This is my 1st ever app review and Paysense has earned it. They kept their word and within 5 hrs of my application I got my loan amount on my account. This was crazy, no hassle at all. Working at office and getting the loan done was like a magic
- I want to say you many many thanks to your app and your team. You are best loan provider and I wanna be your long time user/customer. Your customer support is awesome and loan process is excellent.
Disbursed till date
Available in 180+ cities
Frequently asked Questions
Now get a loan on your own terms with our flexible EMI options and take control of what & when you pay
Am I eligible for a home renovation loan if I am receiving my salary by cash/ cheque?
How can I get a home renovation loan without the salary ITR?
What if I realise that I need more funds once the renovation begins?
Can I use the loan amount to add another floor to my existing house?
Will I have to submit the documents to my house as collateral to get a home renovation loan from PaySense?
Can I receive the loan amount in my salary account?
How long is the loan application process, and when will I get the funds?
Am I eligible for a home renovation even if I have never taken a loan before?
What if I fail to repay my home renovation loan?
Will I get a tax benefit if I take the home improvement loan from PaySense?
What if I have further doubts regarding home renovation loans?
What is PaySense?
Which banks and NBFCs have you partnered with?
Is taking a personal loan a good idea?
What is the maximum amount of personal loan I can get from PaySense?
What can I use my personal loan for?
How would PaySense personal loan impact my credit score?
Am I eligible for a PaySense personal loan?
I am self-employed. Will you give me a PaySense personal loan?
I have zero credit score. Will you give me a PaySense personal loan?
How do you decide my credit line?
I need a loan of higher amount than you approved. Can my credit line be changed?
What documents are required to get a PaySense personal loan?
- PAN Card
- Net banking login information
How do I apply for a PaySense personal loan?
- Download the application.
- Check your eligibility.
- Upload a few documents.
- Get money in your account.
How much time would it take to complete my loan application once I have installed the app?
How much time would it take to get the loan approval once I have completed the loan application?
After uploading all the documents, why was my loan application rejected?
When can I get my money after loan approval?
Are there any hidden fees?
How much processing fees do you charge?
How much interest rate do you charge on personal loans?
Are there any extra charges on late payments?
What are loan foreclosure / pre-payment charges?
How can I pay back my loan?
What is a pre-EMI?
Can I reschedule my EMI date?
What happens if I miss my EMI on due date?
- You are sent reminders and notifications
- Your credit score is negatively affected
- A late payment charge is applied
While paying my EMI, the amount was deducted from my bank account, but it’s not showing on the PaySense app. Where did my money go?
I want to close my loan earlier than the schedule loan tenure. What is the loan foreclosure process?
What happens if I don’t pay back?
My loan has been paid successfully. How do I get my No Objection Certificate (NOC)?
Is PaySense safe?
You ask for my internet banking details? How safe is it?
I had checked my credit line from PaySense earlier but uninstalled the app. Now that I need a loan, do I have to start a fresh application?
My loan application process is incomplete, but my phone got switched off. Do I have to start the application process again?
I am getting a “Signature not verified” error after e-signing a document. What do I do?
My netbanking access has been temporarily disabled. What do I do?
How do I update my contact details (mail ID, phone number, address) in my PaySense account?
How can I contact your team if I need any assistance?
When will you support iPhone and Windows phones?
Why Home Improvement Loans in India are Gaining Popularity
- Affordable Interest Rates
Due to an increase in the number of companies offering unsecured personal loans, there is stiff competition in the industry. This has, however, benefited the customers as they can pick between several lenders that offer low interest rates. It is important to note that since online personal loans are unstructured in nature and require zero collateral, their interest is naturally higher than that of bank loans – which offer secured loans by submitting collateral, but in the past few years, the interest rates for unsecured personal loans have reduced significantly.
- Ease of Application
Applying for a loan has always been a lengthy and time-consuming process. In addition to a plethora of paperwork, the entire process usually requires visiting the bank several times. However, the arrival of online lenders, like PaySense, has rewritten the rules of applying for a loan. Most online lenders have their mobile apps and tools that help customers in getting a loan easily and finish the application process in just a few minutes. The PaySense mobile app, for instance, has been downloaded over a million times on the app store and has been used by countless first-time borrowers in applying for a loan in just a few minutes.
- Increase in Financial Knowledge
Indians usually turn to their friends and family in times of financial emergencies and refrain from approaching banks and other financial institutions. However, the increasing ease and affordability of personal loans have helped people become financially aware and prudent.
Benefits of a Home Improvement Loan from PaySense
- No limitations on the usage of the loan amount
Unlike loans from banks, which can be used for specified purposes – like buying a house or a car – personal loans from PaySense can be used in a variety of ways. The best part is that you have complete control over how the loan amount is used. So, post the repair work, if you have some funds left and feel that you also need to repaint your house or change the decor, you can do so without any hesitation.
- Instant approval and speedy sanctions
Upon successfully completing the application process for a home renovation loan, PaySense will analyse it and approve it the same within two working hours on the same day. This means that you won’t have to undergo multiple rounds of verification to get your loan application approved – which is usually the case with banks. Furthermore, upon successful approval, your loan amount will be credited to your bank account within 3-5 working days.
- No collateral or guarantor required
Since PaySense offers unsecured loans to its customers, there is no need to submit any kind of collateral or security while taking a loan from PaySense. We establish the creditworthiness of our customers only by the regularity in their income. .
- Flexible Repayment Schedule
PaySense offers you the freedom to choose your own EMI amount and loan tenure. Depending on your other monthly expenses, you can decide upon an EMI amount that you can pay each month easily. We also have a very easy-to-use EMI calculator that can help you select the EMI and loan tenure easily. Depending on the loan amount, you can choose a repayment plan varying between 3 months and 60 months.
- Low and Fixed Interest Rates
As mentioned earlier, the current interest rates for home renovation loans at PaySense vary from X% to Y% per month. However, that’s not all – these rates also remain fixed during the loan tenure, which means that your EMI amount remains consistent as well.
- Tax Benefits
Under Section 24B of the Income Tax Act, you get tax deductions up to rupees two lakhs if you use the loan amount for the renovation of your home, down payment for your home loan or the construction of a new house. However, in order to avail this tax benefit, you have to submit relevant documents to prove that you have used the funds for the same purposes.
Challenges faced while availing home renovation loans from banks
- High loan rejection rates
The eligibility conditions for taking a loan from a bank are usually very strict and rigid. If you do not fulfil even a single condition, your loan application will be rejected right away. What’s more, the entire process is long and complicated, with a high margin of committing an error, especially for a first-time borrower.
- Insufficient Loan Amount
Several times, banks offer a loan for an amount that is much lesser than needed. Based on the credit score, income, credit history and other factors, banks may decide to reduce the loan and you will not have any say in the process. What’s more, many a time, loan applications for smaller amounts – say a few thousand rupees – are also usually not entertained by banks.
- High Processing fees and other charges
Many banks and financial institutions charge a high processing fee and additional charges, which can be a deterrent for borrowers. The charges on missing an EMI or foreclosing the loan are also usually high.
- Lack of credit score and history
Several banks consider the credit score and credit history as a definitive parameter while judging a loan application. This means that if you have a bad credit score or are a first-time borrower, you might find it very tough to get a loan. However, online lenders, like PaySense, offer unsecured loans, which means that your current credit score and history do no matter.
Things to keep in mind while taking a home improvement loan from PaySense
- The loan amount should be decided carefully
No matter what your credit line (the maximum loan amount that you can borrow) is, you should always borrow the amount that you need. Thus, if you are eligible for a loan of ₹5,00,000 from PaySense and require ₹1,20,000 to renovate your house, apply for a loan of ₹1,20, 000 only. In addition to helping your curb preventable expenditure, a lower loan amount will also be paid off much more comfortably.
- Select the EMI repayment plan wisely
Use the PaySense EMI calculator to choose the EMI plan that works best for you. Remember, a lower EMI amount means that your loan will be spread over several months, whereas a higher EMI amount will mean that the number of instalments will be lower. Thus, pick a repayment plan that is easily manageable with your other monthly finances.
- Calculate the benefit of foreclosure
In case you get an unexpected infusion of cash – say in the form of a bonus at your job or unexpected profits from your business – you may choose to close the loan before its term. Remember, you can choose to prepay the loan after paying three EMIs, and a foreclosure charge of 4% will be levied on the outstanding loan amount at the time of the foreclosure. Thus, make sure you calculate the benefit of the loan before foreclosing it and confirm that the numbers work in your favour.
- Read the loan agreement document thoroughly
Please go through the loan agreement document carefully before signing it. The loan agreement document contains all the terms and conditions of the loan – the interest rate, the processing fee, the foreclosure charges and the late penalties. In case you have any doubts or questions, please clarify them before signing the agreement.
- Never miss an EMI
Since the auto-deduction facility will be activated once you sign the NACH form, make sure that you maintain sufficient balance in your account to ensure that the EMI is deducted smoothly every month. Remember, missing an EMI will result in the imposition of a late fee penalty of ₹500 + GST and also negatively impact your credit history with PaySense.
Need for a Home Renovation Loan
Is your home in dire need of a renovation? Renovating your home can be a burden on your pocket and bank account. Different parts of the house can require different work which will be carried by different labour workers and raw materials - all of this is very expensive. In a scenario where a home renovation is much-needed, a home renovation loan can help you achieve your goal.
PaySense offers instant home renovation loan online to its customers at attractive interest rates and without any collateral. Read on to learn more about how you can also apply for home renovation loan online from PaySense.
Important Factors to Consider While Getting a Home Renovation Loan
- Ease in Process: You don’t want to run around applying for the home renovation loan and then waste your time waiting for an approval, right? You need to go for an option which can make the whole process of getting a home renovation loan very easy.
- Consider Your Savings: How much of the home renovation expenses can you pay from your pocket? Applying for a big home renovation loan amount means you will have to repay bigger amounts or repay for a longer time.
- Eligibility: While applying for a home renovation loan online, there are many eligibility factors to play a role - monthly salary, age, residence, credit score, etc.
Features & Benefits of Home Renovation Loan
To apply for home renovation loan is to make a smart choice. The EMI plans available to ensure that you are not spending too much at one time and it’s being paid off in installments. There are some benefits and features of a PaySense home renovation loan that you must know about:
- Instant Home Renovation Online Approval: When you apply for home renovation loan, you will get prompt approvals for upto ₹5 lakh.
- EMI Plans: Try the EMI Calculator on PaySense to get a better understanding of how much you will be required to repay every month against the home renovation loan amount you want to apply for.
- Zero Credit History: Don’t have a credit history to back up your home renovation online application? Don’t worry! PaySense offers a hassle-free experience to even those who are new to the credit and lending system.
- Quick Subsequent Home Renovation Loan: Sometimes, one home renovation loan may not be enough and you may have to apply for another. The best part about getting a home renovation loan online from PaySense is that its one-time documentation process makes getting subsequent loans so much quicker!
How to Apply for a Home Renovation Loan on PaySense
To apply for home renovation loan on PaySense, some steps need to be followed. Here’s what you need to know:
- Check Eligibility: You need to ensure that you fit the below mentioned criteria to get a home renovation loan.
- Should be a resident of India
- 21 years to 60 years
- Mention employment type (salaried or self-employed)
- Minimum Monthly Income should be ₹12,000 for salaried and ₹15,000 for self-employed
- Location (PaySense is available in 40+ cities)
- Upload required KYC Documents: The documents that you will need to submit or upload for the home renovation loan are
- Proof of Identity (PAN Card or Aadhaar Card)
- Proof of Address (Aadhaar card, Rental agreement, Utility or Postpaid bills)
- Proof of Income (Last 3 months bank statements)
- A Selfie (Clear photograph)
- Link bank account for loan disbursement: Once your home renovation loan is approved and the application procedure is complete, the money will be transferred to your account in no time.