What other charges would I incur on a Home Renovation Loan?

If you’ve always dreamed of fixing up your house according to your taste and requirements, a Personal Loan could be just what the interior decorator ordered.

Generally, these types of loans carry interest rates of between 10 and 15 per cent. But you should also remember that there are other charges on such loans that could push up costs.

While taking a Personal Loan, you should always consider these other charges. Banks usually charge a processing fee for the loan which could range from 1.5 per cent to 3 per cent. Some banks or finance companies charge a flat rate.

Another thing that you should remember is that some banks may insist that you bear part of the home renovation cost on your own. Usually this is around 10 per cent.

Some of the advantages of Personal Loans are:

  • You will be able to use it to enhance your home in many ways – replacing worn out tiles, modernising your kitchen, painting work and so on.
  • Easy monthly instalment payments
  • Loans are quickly disbursed
  • Minimal documentation
  • Competitive interest rates

HDFC Bank offers Personal Loans for home renovation. If you are an existing HDFC Bank customer, the loan could be disbursed in a short time. For selected pre-approved customers, the loan could be credited into their accounts in a matter of 10 seconds. For non – HDFC Bank customers, the funds will be disbursed in a matter of 4 hours*. You can also take advantage of flexible EMIs of Rs. 2,162 per lac, to repay the loan.

If you were wondering how to pay for the extensive home repairs and renovation you had planned, worry no more.

Apply for an HDFC Bank Personal Loan here  now and Jio Shaan Se!

* Terms & conditions apply. Personal Loan disbursal at sole discretion of HDFC Bank Ltd.