A home renovation loan is a loan that is availed to repair, update, renovate, or do some other activity on a house. In simple terms, a home renovation loan is a loan that is obtained to renovate a property. Its interest rate varies from one bank to another. The HDFC home renovation loan interest rate starts at 8.70% p.a. and upwards. To know the eligibility or other related details, read this answer till the end.
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What is the HDFC renovation loan interest rate and processing fee?HDFC Bank’s home renovation loan’s interest rate starts at 8.70% pa and goes up to 9.60% p.a. As for the processing fee, let me tell you that it can go up to 0.50% of the loan amount or Rs 3,000, whichever is higher, along with some other charges. I hope this clarifies what is the interest rate of renovation loan in HDFC.
What are the eligibility criteria to apply for a home renovation loan in HDFC?There is a set of rules that need to be followed for applying for a home renovation loan in HDFC and those are-
The applicant must be an Indian citizen
He/she must be between 21 to 65 years of age
The applicant can be a self-employed person or even a salaried employee
The documents that you will need to furnish to avail of a home renovation loan in HDFC are-
KYC
Income proof
Identity proof
Residence proof
Home renovation-related documents
These details should be enough to help you know the HDFC home renovation loan interest rate and its eligibility criteria as well.
Read More: How to write letter to society for home renovation? How much does a full house renovation cost?Your Feedback Matters! How was this Answer?
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What is the Interest Rate of Renovation Loan in HDFC?
Krushal
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2023-04-13T10:07:26+00:00 2023-04-14T10:14:46+00:00Comment
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