A home is usually said to be a reflection of its owner. You can now spruce up your home and make renovation a milestone as memorable and enjoyable as home buying. With Home Renovation Loans you can upgrade your existing home to a contemporary design and a more comfortable living space
The maximum Home Improvement Loan amount can go up up to 90% of the market value of the property. Loan repayment tenure can be up to 30 years.
- Pan Card Number
- Passport Photo
- Address Proof
(Valid Driving License / Valid Passport / Aadhar Card)
- ID Proof
(Valid Driving License / Valid Passport / Voter’s ID / Aadhar Card / Pan Card)
- Home documents
Eligibility factors for home improvement loans are similar to that of a housing loan. You can apply for house renovation loans either individually or jointly.
- All owners of a home or property for the renovation of which the loan is availed must be co-applicants.
- The minimum age limit to apply for loan should be 21 years.
- Repayments have to be completed before the age of 60 years (salaried employees) and 65 years (self employed).
- Any salaried, self-employed or self employed professional can apply for a home renovation loan.
- The maximum loan amount can go up to 90% of the market value of the property. Loan repayment tenure can be up to 30 years.
Purpose of taking a Home Renovation Loans
You can avail of a Home Renovation loan for various purposes as mentioned below:
- Flooring or Roofing
- Electrical Work
- Grills and Sliding Doors & windows
- Parapet wall & Boundary wall Underground or Overhead water tank
- Replacement of doors & windows or Non-movable Assets viz. etc.
- And complete renovation of existing house.
Home Renovation Tips
- Consult an Architect
- Increase Efficiency, Not Size
- Do Your Own Demo
- Consider Long-Term Costs, Not Just Short-Term Gains
- Don’t Overspend on Wall Prep
- Make Decisions Early
- Small Rooms don’t have to Look Small