MICRO HOME LOAN - ABRUS KRISHNA FINANCE
Service Overview
The Micro Home Loan from Abrus Krishna Finance is designed to support essential home improvement needs with small, manageable loan amounts. This loan is ideal for customers needing financial assistance for minor repairs, maintenance, safety upgrades, or essential home improvements such as painting, plumbing, wiring, tiling, or small-scale renovation activities.
As a registered money lender under the Kerala Money-Lenders Act, 1958, we ensure strict compliance, transparent documentation, and responsible lending practices. This product is exclusively meant for home-improvement activities and not for property purchase or large-scale construction.
Key Features
- Small-ticket home improvement loans
- Flexible Repayment Cycles based on customer income pattern
- Simple Interest Rates strictly within KML Act limits
- Quick Processing with minimal documentation
- Transparent Terms — no hidden fees
- Same-day approval (post verification)
- KML-Compliant Agreements for complete legal assurance
- Mandatory one-time branch visit for signing and disbursement
- Customer-centric, respectful, and confidential service
- Repeat loan eligibility for customers with good repayment discipline
Eligibility Criteria
Basic Eligibility
- Must be a resident of Kerala
- Age: 21–60 years
- Must have a steady source of income (salary, business, pension, rental income, etc.)
- Must provide proof of residence at the property where improvements are planned
- Must complete a branch visit for agreement signing, as mandated under the KML Act
Additional Eligibility Considerations
- Must clearly demonstrate the home improvement purpose (repair, wiring, plumbing, maintenance, painting, tiling, minor works, etc.)
- Applicant should have no overdue or defaulting loans with other lenders
- A co-applicant may be required based on income stability and loan amount
- Aadhaar Card
- PAN Card
- Address Proof
- Recent Photograph
- Signature Proof
- Property-related proof (ownership/rental/residence confirmation)
- Income Proof (any one):
- Salary slip
- Bank statement
- Business proof
- Pension proof
- Informal income proof (as per internal policy)
- Micro Home Loan Application Form
- KML-Compliant Loan Agreement
- Post-dated Cheques / Guarantee Form (if applicable under chosen scheme)
Allowed Home-Improvement Uses
- Minor home repairs and maintenance
- Plumbing and electrical upgrades
- Kitchen or bathroom improvements
- Roof patching, tiling, or leakage correction
- Wall painting, plastering, or flooring works
- Purchase of essential home fittings
- Utility upgrades (water tank, wiring, safety equipment)
Not Permitted
- Property purchase
- Large-scale construction or building expansion
- Commercial property-related expenses
- Unrelated personal or non-home-related uses
- Loan Amount: Small-ticket home improvement loans based on requirement
- Flexible Tenure Options tailored to repayment capacity
- Same-Day Processing after document verification
- Transparent Interest Structure following the Kerala Money-Lenders Act
- No hidden charges or unauthorized fees
- All processes follow KML norms for legal compliance
- Interest charged strictly within Kerala Money-Lenders Act, 1958 limits
- Simple interest only — no illegal compounding
- All applicable charges clearly communicated before sanction
- Borrower receives:
- Loan Agreement Copy
- Repayment Schedule
- Receipts for all payments
- All transactions recorded in statutory registers
- No hidden fees, unauthorized penalties, or misleading terms
Multiple schemes are offered under Micro Home Loan, and selection depends on:
- Customer income type
- Loan purpose
- Borrower profile
- Market conditions
- Internal company policies
Scheme details, interest structure, seasonal variations, and repayment flexibility are explained and finalized only during the branch visit. Schemes may change from time to time based on market and seasonal conditions.
Frequently Asked Questions
What is the minimum and maximum loan amount?
Small-ticket home improvement amounts based on eligibility.
Is property purchase allowed under this loan?
No. Only essential home repairs and improvements.
Do I need collateral?
No collateral required; scheme-based guarantees may apply.
How fast is the loan processed?
Same day after document verification.
What documents are needed?
Basic KYC, income proof, and residence-related proof.
Is a co-applicant required?
Only in specific cases based on income stability.
Is branch visit mandatory?
Yes. One-time mandatory visit for signing and disbursement under KML Act.
Can the loan be used for major construction?
No. Only minor and essential home improvements.
Can I foreclose early?
Yes, early closure is allowed without complications.
Can I renew or top up the loan?
Yes, based on repayment performance and eligibility.
Apply for a Micro Home Loan Today
Get secure, quick, and transparent home improvement financing with complete legal compliance from Abrus Krishna Finance.