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.

Loan Amount

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.

Eligibility Criteria

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
• Plumbing
• Plastering
• Electrical Work
• Painting
• 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.

Documents Required

• 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

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