Apply Loan for Home Improvement at Low Interest Rates

Do you feel like remodeling your kitchen, replacing that age-old furniture around the house, or even sprucing up the patio? Or does your home need a changed electrical wiring, and the house looks like it is in need of some new fixtures and fitting to spice things up a bit? Then maybe it is time you stop putting these things off by another month or season or year.

Home renovation can often be a costly affair, especially if the changes are fairly extensive. Not everyone may have ready cash to afford a renovation when they want to, and for this, an easy solution is a Home Renovation Loan. You can take a Personal Loan for Home Renovation from HDFC Bank and give your home that much-needed makeover. With this, you not only improve the aesthetic appeal but also improve the value of your home for future sale.

All You Need To Know

Features:

Quick, easy approval process: You can get a Home Renovation Loan from HDFC Bank in less than 4 hours, with the process being almost instant for pre-approved HDFC Bank customers.

Helps improve home value for future sale: Home improvement loans have made renovation and refurbishment easier. As real estate prices keep soaring, investing in home improvement only helps add to the value of your house in case you may wish to sell it in future.

Flexible EMI repayment and loan tenure options: A Personal Loan for home improvement come with loan tenure options of 1-5 years, and you can repay the amount in equated monthly installments (EMIs).

Minimal paperwork, maximum ease: You only need basic documents to get loan approval, and even those may not be required if you are already a pre-approved HDFC Bank customer.

Improve aesthetic appeal: Coming to an aesthetically soothing, well-kept home after a hectic work day is something most people wish to have. And with remote working becoming common these days, people are likely to spend more time at home.

Eligibility:

Salaried employees at select private limited companies and public sector undertakings (including central, state and local bodies)
Must be between 21 years and 60 years of age
Must have had a job for at least 2 years, with a minimum of 1 year with the current employer
For self-employed: Applicants must have a specified minimum income (may vary with location). Financial documents to show stability of income may also be required by the bank.
For an HDFC Bank Salary Account holder: must have a minimum net monthly income of Rs 25,000.
For a non-HDFC Bank Salary Account holder: must have a minimum net monthly income of Rs 50,000

*Government taxes and other levies as applicable will be charged over and above the Fee and Charges. Loan disbursal is at the sole discretion of HDFC Bank Ltd.

Documents:

Identity proof (copy of passport/voter ID card/driving license/Aadhaar)
Address proof (copy of passport/voter ID card/driving license/Aadhaar)
Bank statement for the previous 3 months (Passbook for previous 6 months)
Two latest salary slips/current dated salary certificate with the latest Form 16
Proof of end use

Interest Rates & Charges:

Rate of Interest	10.85% to 24.00% (Fixed Rate)
Processing Fees	Upto ₹ 6,500/- + GST
Tenure	03 Months to 72 Months
Documents Required	No Documents for Pre-approved Personal Loan
Documents Required	For Non Pre-approved - Last 3 Months Bank statements, 2 Latest Salary Slip and KYC
	Updated on 23rd October 2024

Frequently Asked Questions

What is home renovation loan?

A Personal Loan for Home Renovation, or Home Renovation Loan, is one that is used to finance the necessary renovation, improvements or refurbishment of a house.

How to apply for home renovation loan?

To apply for HDFC Bank Personal Loan for home renovation, click here. You can also use the bank’s mobile app, NetBanking facility or visit the branch to apply for a Personal Loan for home renovation.

What are the eligibility criteria for home renovation loan?

Please refer to ‘Eligibility Criteria’ section for more information.

What is the tenure for home renovation loan?

You can get a Home Renovation Loan for a tenure of anywhere between 1-5 years.

What is the interest rate for home renovation loan?

Please refer to the ‘Interest and Charges’ section to check out the interest rates applicable on a Personal Loan for Home Improvement.

What are the benefits of home improvement loans?

Please refer to the ‘Features and Benefits’ section for more information.

How quickly can I get home improvement loans?

You can get a Home Improvement Loan almost instantly, if you are an existing HDFC Bank customer. For non-HDFC Bank customers too, the loan is approved by the bank within 4 hours of application.

How much loan can I take for home improvement loans?

If you apply for a Personal Loan for home improvement from HDFC Bank, you can avail of a loan of up to Rs 40 lakh (subject to terms and conditions).

Can I avail tax benefit on a personal loan for home renovation?

Yes. If you use the Personal Loan amount for home improvement or renovation, then you can avail of a tax rebate under Section 24(b) of the Income Tax Act, 1961.The interest paid on such a loan is tax deductible, for up to Rs 30,000 per annum.