What Is SBI Home Renovation Loan Interest Rate?

The State Bank of India (SBI) offers home renovation loans specifically for customers looking to renovate, repair, or upgrade their existing homes. You should know that the interest rates may vary depending on your credit score, loan amount and many other factors. Here are more details for you on

SBI home renovation loan interest rates.

What is the Home Renovation Loan Interest Rate SBI?

• The renovation loan interest rate SBI is competitive and varies based on factors like the borrower’s credit profile, loan amount, and repayment tenure. Here’s a detailed overview of SBI’s home renovation loan interest rates and related information:

• The SBI renovation loan interest rate typically ranges from 9.00% to 9.95% per annum. The rate can vary depending on the applicant’s credit score, the loan amount, and whether the applicant is a salaried or self-employed individual.

• SBI offers both floating and fixed interest rates. Generally, floating rates are more common and linked to the bank’s Marginal Cost of Funds based Lending Rate (MCLR) or Repo Rate Linked Lending Rate (RLLR).

Eligibility Criteria:

1. Salaried and Self-Employed Individuals: Both categories are eligible for the loan, provided they meet SBI’s income and documentation requirements.

2. Property Ownership: The property being renovated should be owned by the loan applicant or co-applicant.

Borrowers can avail of tax benefits under Section 24(b) of the Income Tax Act for interest paid on the loan. Once the loan is approved, disbursement is generally quick, ensuring timely renovation.

A higher credit score (750+) can help secure a lower interest rate. Shorter tenures may come with slightly better interest rates. Current SBI customers may be eligible for preferential rates.

Be sure to check the latest rates and terms, as they may vary based on market conditions and individual eligibility. This is all about

SBI home renovation loan interest rate

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Home improvement loans are provided for remodeling, fixing, or enhancing residential property. The SBI home renovation loan interest rate is 9.15% to 9.55% for a maximum tenure of 30 years. The lowest possible EMI on this home improvement loan is ₹662. You can refer to this

for more details. 

To avail of the Home improvement loan, you need the following documents. 

Documents Needed For SBI Home Improvement Loan 

These are the documents applicable to all applicants when it comes to SBI home improvement loans. 

• Fill out the loan application form along with 3 passport-size photographs. 

• For proof of identity, you can provide a copy of either an Aadhaar card, Driving license, or Voter ID card.

• As address proof, you can submit a copy of either an electricity bill, water bill, passport, aadhaar card, etc. 

• You also need to submit your employer identity card. 

• A copy of your approved plan and registered development agreement of the builder. 

• Payment receipts or bank statements showing all payments made to the builder. 

• Last 6 months' bank account statement for all bank accounts of the applicant. 

• Copy of form 16 for the last 2 years or IT returns of the past 2 financial years. 

• Last 3 months salary slips for salaried individuals. 

• Business address proof, IT return for last 3 years for non-salaried individuals. 

Hopefully, now you know about the home renovation loan interest rate SBI. You can also learn about the SBI home improvement loan interest rates from the official bank website.