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Home Renovation Loan

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Home Renovation Loan

Home Renovation Loan, also known as Home Improvement Loan, is offered to consumers seeking finance for upgrading, refurbishing or repairing their house property. Both existing home loan borrowers and new customers avail home renovation loans.

A home Renovation loan is provided to provide money for remodelling, fixing up, or enhancing an existing residential property. These loans are designed exclusively to pay for the costs related to home upgrades.

Home Improvement Loan is one of the easiest ways to fund your dream of giving your home a new look and renovating it as per your desire. And now this loan can be applied online with a few clicks with easy installment options.

Interest Rates

Lenders usually provide home improvement loans at floating interest rates. The interest rate for a loan applicant availing a home renovation loan depends on several factors including their monthly income, credit score, loan amount, employer’s profile and occupation profile. Home renovation loan interest rates are usually the same or slightly higher than the interest rates offered for regular home loans.

Eligibility Criteria for Home Improvement Loan

  • Resident Indians are eligible to apply for a home improvement loan. Some lenders also offer home renovation loan to NRIs
  • The minimum age of the applicant should be 18 years, and the maximum age should not exceed 70 years at the start of loan.
  • Both salaried and self-employed individuals/business owners can apply for a home improvement loan
  • The applicant should have a stable source of income to repay the loan.
  • The applicant should be the owner of the property that needs to be renovated.
  • Credit Score: Loan applicants having a credit score of 750 and above stand a higher chance of availing a home improvement loan. Many lenders also provide home improvement loans at lower interest rates for applicants with higher credit scores.

Documents Required For Home Renovation Loan

  • Age proof
  • Income proof
  • Proof of employment/business
  • Address proof
  • Property documents
  • Estimated repair cost quotation

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