Can I get Home Loan for Renovation?

A house is more than just a place to live. Its state and atmosphere influences your guests\' first impression of your home. Now, you must be thinking, can I get home loan for renovation? Yes, you can now get a home renovation loan so you don\'t have to wait till you have enough money saved up to make the required improvements to your house.

Can I Get a Loan for Home Renovation?

Yes. Many banks and financial institutions like HSBC India, HDFC Bank or ICICI Home Finance offer specific loans designed to meet the needs of homeowners looking to renovate or improve their properties. These loans are Home Renovation Loans or Home Improvement Loans.

To qualify for a home loan for renovation, you must meet the following general criteria:

1. Typically, the applicant should be between 21 and 60 years.

2. The applicant should have a steady income from a salaried or self-employed source, with a minimum income requirement (usually Rs.25,000 to 30,000 per month, depending on the lender).

3. A good credit score (750+) increases your chances of loan approval and getting a favorable interest rate.

4. The applicant must be the owner of the property being renovated. The property must have valid documents, such as title deeds, and should not have any legal disputes.

5. The loan amount for renovation can range from Rs.50,000 to 25 lakh, depending on the lender’s policies and the applicant’s eligibility.

To get a home renovation loan, you can directly apply for the same from the official website of your bank. I hope you understand how to get a loan for renovations.

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How do Home Renovation Loans Work

 

Hi there. I would like to start by saying yes, you can receive a loan for renovation purposes. The bank can give you a home improvement loan for this purpose. Now, you must be wondering how to get home improvement loan. Don’t worry, I will state all the information regarding this below. So, read along!

How can I get a Home Improvement Loan?

Here is the process with the help of which you’ll be able to apply and get a home improvement loan. As I got mine through ICICI, I’ll share the process for this particular bank. Currently, they do not offer any online process for the application, so I am sharing the offline method with you. The steps are as follows.

• Walk into the nearest ICICI bank branch and ask for an application form regarding a home improvement loan.

• Fill it up carefully and submit it alongside the needed documents.

• You will be asked to pay a non-refundable fee for the application login. This amount is 5000 rupees +18% GST.

• The team will review your application on the grounds of your age, property, income, EMIs, etc.

• After this, you will receive the confirmation for your loan approval. 

• You will need to pay a processing fee amounting to 0.75% of the loan amount or 11,000 rupees + applicable taxes, whichever value is higher.

• The loan amount will be transferred into your account depending on the stage of the renovation process.

That is it. By following these steps, you’ll be able to gain loan disbursement within 72 hours, as stated by the ICICI Bank. I hope this answer helps you learn how do I get a home improvement loan.

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Read More What Documents Required for SBI Home Renovation Loan?

Hey Pal,

If you want to get your home renovated, you might need to take financial help from a bank. When I was looking for loans, I had a major question to ask ‘can I get home loan for renovation’. I spoke to a bank customer care representative. He was kind enough to share details about the loan, interest rate, and application process. Keep reading to know everything that I learned. 

Can I get a home renovation loan ?

You can definitely get a home renovation loan. There are many banks that offer such loans to their customers. I think home improvement loans start from the range of ₹ 3 lakh up to ₹ 5 crores. This allows people to get different types of repairs in their house including painting, plumbing, tiling, sanitary reconstruction work, etc. 

Can you get loans for home renovations in private banks ?

Yes, private banks like HDFC Bank, ICICI Bank, Axis bank, etc give their customers home renovation loans. Similarly, there are many public banks that make it possible for people to  getting a loan for house renovations. 

You can read about the loan slab of a private bank in the table given below. 

Loan Slab	Home Loan Interest Rates (% p.a.)
For Women* (upto 30 Lakhs)	7.05 - 7.55
For Others* (upto 30 Lakhs)	7.10 - 7.60
For Women* (30.01 Lakhs to 75 Lakhs)	7.30 - 7.80
For Others* (30.01 Lakhs to 75 Lakhs)	7.35 - 7.85
For Women* (75.01 Lakhs & Above)	7.40 - 7.90
For Others*(75.01 Lakhs & Above)	7.45 - 7.95

This is all from my side on can I get home loan for renovation?

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Whether it is about buying a new home or home renovations, you can rely on banks and other financial institutions to provide you with the financial aid. I see that you are planning to renovate your home and need some financial assistance. Well to answer your question: Can I get home loan for renovation? I am here. Let us check out can you get loans for home renovations or not. Can you get a loan for home renovation? Absolutely!! Banks and many other financial institutions have taken a step forward to make home renovation an easy process. Now you can apply for home loan for renovations. In fact the process is not difficult and conditions put forward are not too tough. Let us check the eligibility criteria:

• Applicant must be in the age group of 21 years and 65 years
• He/ she must be salaried or self employed
• The applicant must be an Indian citizen

Here are the maximum disbursal amount for home loan for renovations are available in different banks:

Bank	Maximum disbursal amount
HDFC Bank	Up to Rs. 75 lakhs (75% to 100% of the renovation estimate)
Kotak Mahindra Bank	Starting at Rs. 30 lakhs (75% to 90% of the renovation estimate)
Tata Capital	Rs. 75000 to Rs. 25 lakhs
LIC housing	Up to Rs. 15 crores (75% to 90% of the renovation estimate)
PNB	Rs. 75 lakhs + (75% to 90% of the renovation estimate)

I hope now you have the answer to can I get home loan for renovation. You can check out your home loan amount for renovation through this, [widget_homeLoan_checkEligibility_form]