Is it possible to get a home renovation loan if my credit score is low?

Getting a home renovation loan with a credit score below 700 is challenging but not impossible. While most mainstream loan providers prefer a score of 750+, some banks and NBFCs may approve your loan if your score is between 600 and 700.

However, this will be subject to meeting their other eligibility criteria, such as a stable income, moderate loan amount, satisfactory bank statements, and co-applicant provision. Due to the perceived higher credit risk, you will likely be charged a higher interest rate.

If your score is lower than 650, very few loan providers may be willing to finance your renovation. Instead, focus on improving your score first. Make timely repayments on existing loans, maintain low credit utilization, check for errors in your credit report and gradually build a good credit profile."