Home Renovation Loan

Is your house in dire need of a renovation? Or maybe it needs a simple flip and fixes to increase its renting value? What will you do in such a situation?

No need to think further. With MoneyTap you can get approved for a line of credit and use the funds from it when you’re in need of home improvement.

MoneyTap’s Personal Loan for Home Makeover: Features and Benefits

Receive real-time approval on a credit line of up to ₹ 5 Lakh.

Withdraw as little as ₹ 3,000 or as high as your approved limit, the choice is yours to make.

Pay interest only on the amount you withdraw and not on the entire amount allocated to you.

MoneyTap’s credit card lets you enjoy 100% cash withdrawal as well as special rewards.

Repay in flexible EMIs by choosing a payment period that works for you which could be anywhere between 2 months to 36 months.

Your proof of address and ID proof are the only two documents we need to begin with.

Someone like you is happy with Pencil For Change

I purchased a pair of Peacock Bellies shoes for my wife from pencil for change website. The shoes are a work of art, everything about it is fabulous - the fit, the material, the hand painted peacock, and even the box that it came in! It was very evident from the get go that they care about what produce - I received a call asking me to measure an existing shoe (not her feet because it was going to be a surprise birthday gift) so as to get it right ... Om insisted for a video call to ensure that I measure it properly. No AI here ... good old Human Interaction!! Keep up the good work!!

Elton Pereira

Eligibility Criteria

  • Must be a full-time salaried employee with a minimum take-home salary of ₹ 30,000/month


    Must be a self-employed professional with an income of at least ₹ 30,000/month.

    (Only certain professionals like doctors, lawyers, or business owners qualify)
  • Must be above 23 years and below 55 years of age
  • Must be a resident of one of the following cities:

Required Documents

  • Pan Card Number
  • Professional Selfie
    (To be taken on the MoneyTap App)
  • Address Proof
    (Valid Driving License / Valid Passport / Aadhar Card)
  • ID Proof
    (Valid Driving License / Valid Passport / Voter’s ID / Aadhar Card / Pan Card)

Reasons You Are Here

  • Want to renovate your home but strapped for cash
  • Upgrade your existing home to a contemporary design
  • Furnish your new home and pay for fittings, furniture, etc.
  • Pay for your rent or down-payment
  • Want to get internal and external repairs
  • Want to expand your home
  • Need kitchen remodelling or fixing
  • Increase the resale value of your home with minor repairs

Home improvement is bound to pay off as it increases the property value of your home and can also help improve your lifestyle. Renovations can take up a lot of your cash and it isn’t wise to dip into your savings always. Instead, you can simply take advantage of home improvement loans and do the needful without impacting your overall financial liquidity using MoneyTap as we offer a line of credit that can be used as a personal loan or as a credit card for related purchases!

When to Consider a Personal Home Remodelling Loan?

  • You don’t have enough home equity to borrow against
  • You need a one-time loan for a smaller, single home improvement project
  • For minor or major renovations
  • You want to be able to budget for the same loan payments each month
  • You don’t want to utilize your existing savings on a home restoration project
What is a home improvement loan?

Home improvement loans are for people who need funds to add value and upgrade their homes in the form of major or minor home improvement projects, either repairs or a complete makeover.

What is the best way to finance home improvements?

The various alternatives to fund home improvements are:

  • A home equity loan
  • Personal savings
  • Personal loan
  • Personal line of credit
  • Credit cards
How does a home repair loan work?

MoneyTap’s personal loan 2.0 works as a quick and convenient option if you need a home remodelling loan. All you need to do is download the app and complete the paperless application and KYC documentation process. The loan is disbursed after a few days of approval.

Why is MoneyTap a good option for renovation loans for home?

With MoneyTap you get the flexibility to choose affordable EMIs for a convenient loan term that ranges from 2 months to 36 months.

The interest rates are comparatively low and will only be charged on the amount used. This feature makes it a perfect solution for renovating your home where you can never estimate the actual cost due to ongoing expenses.

How much loan for home renovation can I get from MoneyTap?

You can get approved for a credit line starting at ₹ 35,000 up to ₹ 5 Lakh given that you meet the eligibility requirements.

How is EMI calculated on my house restoration loan?

Whether you have opted for a house repair loan, home equity loans or loans for home refurbishment with no equity, your EMI amount will depend on the loan amount, the interest rate and the loan tenure.

You can also make use of MoneyTap’s personal loan EMI calculator to find out your EMI amount.

What is the home remodelling loan interest rate charged by MoneyTap?

The interest rate for unsecured personal loans taken for home remodelling charged by MoneyTap starts from 1.08% p.m, which is relatively lower than what a credit card would charge you.

Are home improvement loans tax deductible? Under which IT section can I claim it?

Yes, these loans are tax deductible. You can claim a deduction under section 24 of the Indian Income Tax Act, 1961 on the interest component which is capped at ₹ 30,000 per annum.