I don’t have PAN card. Can I still get a home improvement loan?
A PAN card comes under the KYC category. Expanded as Know Your Customer, KYC documents serve as
a way to identify and verify a customer for banks and lending institutions Availing a loan through loan
aggregators can suffice your financial needs with a PAN card. It is mandate that any loan is to be
approved over PAN details. Moreover, Buddy Loan encourages the borrowers to keep their PAN card
handy while applying for a loan.
Documents that come under KYC are ration card, driving license, PAN card, passport, AADHAR card etc.
So, a home improvement loan can be got even without providing a PAN card.
Documents required for home improvement loan
Different banks have different requirements. The following is a list of the general set of documents
that may be required by all banks for furnishing your Home improvement loan.
• Application form for the home improvement loan. Passport size photographs.
• Salary receipts of past 3 months along with Income Tax Return or Form 16.
• Bank statements for the last 6 months.
• For self-employed people, IT/ITAO copies.
• Property title copies
• Renovation estimates. A qualified and registered architect’s estimation of renovation certificate.
The certificate covers types of expenses and overall estimated expense (including labor).
• Address proof and identity proof. Can be any of the documents from the KYC list. For address
proof, passport copy can be given. For identity proof, AADHAR card or voters ID can be given.
Is there a minimum and maximum age for availing home renovation loans?
Most banks want the applicant to be at least 21 years of age and not more than 65 years of age. The
upper limit is however dependent on the bank. Few banks could have a higher upper limit such as 70
years.
How to be use a home improvement loan
Home renovation apply no restrictions on how the loaned money is utilized. This is unlike home loans or
home construction loans. In these loans, the amount is given only in phases sometimes. That too after
providing images of the completed construction.
In case of home renovation loans, the money can be used for flooring, re-tiling, re-roofing, re-painting,
extending the home, and even purchasing decorative items. Repair, restoration and any sort of
refurbishment activities can be done with this loan.
The best way to use this loan is to avoid purchasing non-essential decorative items.
It is best to focus on repair, restorative work first. Making the home strong, durable and safe
should be given the utmost priority.
If there are surplus funds, consider planning a repayment rather than wasting money on
decorative items.
Logic has it said that decorative items must be purchased with one’s surplus income and not
from a home improvement loan!
a way to identify and verify a customer for banks and lending institutions Availing a loan through loan
aggregators can suffice your financial needs with a PAN card. It is mandate that any loan is to be
approved over PAN details. Moreover, Buddy Loan encourages the borrowers to keep their PAN card
handy while applying for a loan.
Documents that come under KYC are ration card, driving license, PAN card, passport, AADHAR card etc.
So, a home improvement loan can be got even without providing a PAN card.
Documents required for home improvement loan
Different banks have different requirements. The following is a list of the general set of documents
that may be required by all banks for furnishing your Home improvement loan.
• Application form for the home improvement loan. Passport size photographs.
• Salary receipts of past 3 months along with Income Tax Return or Form 16.
• Bank statements for the last 6 months.
• For self-employed people, IT/ITAO copies.
• Property title copies
• Renovation estimates. A qualified and registered architect’s estimation of renovation certificate.
The certificate covers types of expenses and overall estimated expense (including labor).
• Address proof and identity proof. Can be any of the documents from the KYC list. For address
proof, passport copy can be given. For identity proof, AADHAR card or voters ID can be given.
Is there a minimum and maximum age for availing home renovation loans?
Most banks want the applicant to be at least 21 years of age and not more than 65 years of age. The
upper limit is however dependent on the bank. Few banks could have a higher upper limit such as 70
years.
How to be use a home improvement loan
Home renovation apply no restrictions on how the loaned money is utilized. This is unlike home loans or
home construction loans. In these loans, the amount is given only in phases sometimes. That too after
providing images of the completed construction.
In case of home renovation loans, the money can be used for flooring, re-tiling, re-roofing, re-painting,
extending the home, and even purchasing decorative items. Repair, restoration and any sort of
refurbishment activities can be done with this loan.
The best way to use this loan is to avoid purchasing non-essential decorative items.
It is best to focus on repair, restorative work first. Making the home strong, durable and safe
should be given the utmost priority.
If there are surplus funds, consider planning a repayment rather than wasting money on
decorative items.
Logic has it said that decorative items must be purchased with one’s surplus income and not
from a home improvement loan!
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