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  • Home Renovation Loan

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  • If you are looking to repair/renovate/alter the structure of your existing property, home improvement/renovation loan is the product for you. These loans also come with longer loan repayment tenures and attractive interest rates. 
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    Bank Interest rate Best for
    Bank of Baroda Starts at 8.65% p.a. Low Interest Rates
    TATA Capital Starts at 10.99% p.a. Security/Collateral
    Canara Bank Starts at 11.10% p.a. Low Processing Fee
    PNB Housing Finance Ltd. Starts at 9.10% p.a. Higher Eligibility Criteria
    HDFC Bank Starts at 8.70% p.a. Flexible Repayment Options
    IIFL Starts at 9.50% p.a. Non-Resident Indians (NRIs)

    Bank of Baroda Home Improvement Loan – Best for Low Interest Rates

    Key Highlights
    • Can be availed for renovation/improvement/repair of an existing property
    • 36-month moratorium period available
    • Maximum loan amount: Rs.10 crore
    Interest rates Loan tenure EMI Processing fees
    Starts at 8.65% p.a. Up to 30 years Rs.780 per lakh Up to 0.50% of the loan amount [Min. Rs.7,500 (payable upfront); Max. Rs.20,000]

    *Plus Applicable Taxes

    TATA Capital Home Renovation Loan – Best for Security/Collateral

    Key Highlights
    • Loan borrowers need not provide any security or collateral to apply for the loan
    • Competitive rates of interest
    • Better loan eligibility
    Interest rates Loan tenure EMI Processing fees
    Starts at 10.99% p.a. Up to 6 years Rs.1,903 per lakh Up to 2.00% of the loan amount

    *Plus Applicable Taxes

    *Prepayment Penalty: No prepayment penalty on partial repayment of the loan after 6 months from the date of availing the loan. However, if more than 25% of the outstanding loan amount is being prepaid, a fee of 2.00% of the amount being prepaid + GST shall be applicable

    Canara Bank Home Improvement Loan – Best for Low Processing Fees

    Key Highlights
    • Can also be availed for furnishing the property such as purchase of furniture, home appliances, etc.
    • Simple documentation and quick processing
    • Attractive interest rates
    Interest rates Loan tenure EMI Processing fees
    Starts at 11.10% p.a. Up to 5 years Rs.2,179 per lakh Up to 0.50% of the loan amount (Min. Rs.1,500; Max. Rs.10,000)

    *Plus Applicable Taxes

    *Prepayment Penalty: Zero prepayment charges on housing loans with floating rate of interest.

    PNB HFL Home Improvement Loan - Best for Higher Eligibility

    Key Highlights
    • Can be availed for complete renovation of your exiting property
    • Extended loan repayment tenure up to 30 years
    • Better eligibility criteria
    Interest rates Loan tenure EMI Processing fees
    Starts at 9.10% p.a. Up to 30 years Rs.2,179 per lakh Up to 0.50% of the loan amount (Min. Rs.10,000)

    *Plus Applicable Taxes

    HDFC Bank Home Improvement Loan – Best for Flexible Repayment Options

    Key Highlights
    • Home renovation loans at the same interest rate as of home loans
    • Simple repayment schemes through Equated Monthly Instalments (EMIs)
    • Attractive interest rates
    Interest rates Loan tenure EMI Processing fees
    Starts at 8.70% p.a. Up to 15 years Rs.996 per lakh For Salaried: Up to 0.50% of the loan amount or Rs.3,000 (whichever is higher)
    For Self-employed: Up to Rs.1.50% of the loan amount or Rs.4,500 (whichever is higher)

    *Plus Applicable Taxes

    *Prepayment Penalty:

    • No prepayment charges on both full and part prepayments for loans sanctioned to individual borrowers

    IIFL NRI Home Improvement Loan – Best for NRIs

    Key Highlights
    • Affordable monthly instalments
    • Quick documentation and processing
    • Feature-filled improvement loan makes repayment easier
    Interest rates Loan tenure EMI Processing fees
    Starts at 9.50% p.a. Up to 20 years Rs.932 per lakh Up to 0.75% of the loan amount or Rs.3,000 (whichever is higher)

    *Plus Applicable Taxes

    *Prepayment Charges: No charges for individuals. However, a fee up to 5% of the loan amount being prepaid shall be applicable depending on the duration after which the last disbursement was made.

    Foreclosure Charges: Applicable on the entire loan amount while prepaying the loan completely

    Eligibility Criteria

    Eligibility Criteria Requirement
    Age Applicant:
    • Minimum Age: 18 years
    • Maximum Age: 65 years
    Resident Type The applicant must be (any one):
    • Resident Indian
    • Non-Resident Indian
    Employment The applicant can be (any one):
    • Salaried
    • Self-employed
    Residence The applicant must have (any one):
    • A permanent residence
    • Or a rented residence where the applicant has resided for at least 12 months before applying.
    Credit score A good credit score of at least 700 or more issued by a recognised credit bureau

    Documents required for Home Improvement Loans

    Eligibility Criteria Requirement
    List of Documents required from all applicants
    • Proof of Identity (any one):
    • Aadhar Card
    • Valid Driving License
    • Voter ID
    • Valid Passport
    • PAN Card
    Proof of Residence (any one)
    • Copy of Electricity Bill/Water Bill/Telephone Bill
    • Valid Passport
    • Aadhar Card
    • Driving License
    • Voter ID Card
    • Duly filled loan application form affixed with 3 passport size photographs of all the applicants/co-applicants and signed across
    Proof of Income for Salaried Applicants/Co-applicants
    • Salary slips or salary certificate for the previous 3 months
    • Bank statements showing salary credits for the previous 6 months
    • Income Tax Returns and latest Form 16
    Proof of Income for Self-employed Applicants/Co-applicants
    • Balance Sheet and Profit & Loss account statements along with the Schedules/Annexures of the applicant and the business entity for the last 3 years (attested by a certified CA)
    • IT Returns and the computation of income for the previous 3 assessment years of both the applicant and the business entity (attested by a certified CA)
    • Bank account statements of the individuals and the business entity for the last 6 months
    Proof of Income for Salaried Non-Resident Indian (NRI) Applicants/Co-applicants
    • Copy of Employment Contract
    • Salary slips or certificates for the last 3 months
    • Bank statements showing salary credits for the last 6 months
    • Bank statements of the Non-Resident External (NRE)/Non-Resident Ordinary (NRO) accounts in India for the last 6 months
    • Consumer Credit Check Report
    Proof of Income for Self-employed Professional NRI Applicants/Co-applicants
    • IT Returns and the computation of income for the previous 3 assessment years of both the applicant and the business entity (attested by a certified CA)
    • Balance Sheet and Profit & Loss account statements along with the Schedules/Annexures of the applicant and the business entity for the last 3 years (attested by a certified CA)
    • Bank statements of the applicant current NRE/NRO account in India for the last 6 months
    • Account statements of the business entity for the last 12 months
    • Consumer Credit Check Report
    Proof of Income for Self-employed Non-professional NRI Applicants/Co-applicants
    • Copy of the current valid contract
    • Savings Proof
    • Memorandum and Articles of Association
    • Bank statements of the current, savings and NRE/NRO accounts in India for the last 6 months
    • Qualification certificates
    • IT Returns along with computation of income of both the individual and the business entity for the last 3 years (attested by a certified CA)
    • Balance Sheets and P&L account statements along with Schedules and Annexures for both the applicant and the business entity for the last 3 years (attested by a certified CA)
    Property/Home Improvement related documents
    • Property/Home Improvement related documents:
    • Original Title Deeds of the property
    • Proof of no encumbrances on the concerned property
    • An estimate of the improvement project received from a Civil Engineer/an Architect
    Other Documents
    • Own Contribution proof
    • Memorandum and Articles of Association of the Company (for self-employed)
    • Copy of valid resident visa stamped on the Passport (for NRIs)
    • Bank statements indicating any ongoing loan repayments for the last 6 months
    • Letter of Appointment/Employment Contract in case the applicant has not completed one year of employment under the current employer
    • Bank account statements for all the bank accounts owned by the applicant for the last six months
    • Processing Fee Cheque favouring the bank

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    Home Loan Reviews

    • IIFL Home Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      From IIFL, i have taken the home loan and the process was not lengthy and the follow up was good. IIFL people approach was prompt and they offered me a low interest rate of 8.35% and the loan amount also they have increased what I'm looking for. Earlier they offered me only Rs. 15 lakhs after that they have sanctioned more than 16 lakhs.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 17, 2019
    • HDFC Limited
      HDFC Limited Home Loan
      "Hassle Free Loan"
      0.5 5.0/5 "Blown Away!"
      HDFC is a hassle free and quick loan services. Everything was done through online so no paper work required. I had applied the loan amount of Rs. 30 lakhs. They have sanctioned the loan in 5 days. Its floating interest rates and there was no hidden charges. I have chosen the tenure period of 15 years. If the RBI is reducing the interest rate but they decreased the same after 1 year but increment is happening immediately.
      Was this review helpful? 1
      , thane
      Reviewed on Oct 17, 2019
    • LIC Housing Home Loan
      "Good Loan service"
      0.5 4.0/5 "Great!"
      I got the good interest rate of 8.5% from the LIC housing with minimal documents. Overall process also very fast and good so i have chosen this bank. I had applied the loan amount of Rs. 17 lakhs and i have chosen the tenure period of 10 years. Totally, i'm satisfied with the loan service provided by LIC.
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 17, 2019
    • SBI Home Loan
      "It's okay"
      0.5 4.0/5 "Great!"
      I had a home loan with State Bank of India and it was closed without any issues. They took longer time for the verification and lot of paper works. The interest rate is flexible and fine. There are charges for processing fee and plus insurance fee.
      Was this review helpful? 0
      , thiruvananthapuram
      Reviewed on Oct 17, 2019
    • Corporation Bank Home Loan
      "Best Service"
      0.5 4.0/5 "Great!"
      I have taken Home loan directly through Corporation Bank .I have applied for the loan amount of 12 lakhs for the tenure of 18years .More documents collected for this home loan and got the loan amount on time and it was really sufficient .There was no drawbacks faced so far .I am satisfied with the service .
      Was this review helpful? 0
      , mumbai
      Reviewed on Oct 16, 2019
    • HDFC Limited Home Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I had applied for home loan with HDFC limited on few months before, they have sanctioned a loan for 22 lakhs but due to some problem of my builder from my end I kept on hold for the loan process. They have detected for the processing fee of 11 thousands but they refunded 9 thousands rupees. The tenure of 15 years. Interest rate was nominal of 8.55%.
      Was this review helpful? 0
      , kanchipuram
      Reviewed on Oct 15, 2019
    • HDFC Limited Home Loan
      "Good"
      0.5 4.0/5 "Great!"
      With HDFC limited I have taken home loan on 8 months before which was processed through them directly. They have approved for 8 lakhs but as of now I have taken only for 5 lakhs remaining 3 lakhs I will get later from their end. Due to shop will come in commercial loan so I have split the loan amount to get it. For the tenure of 15 years. The processing fee for 5000 rupees. The rate of interest 8.8%, they have sanctioned the loan within one month.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Oct 15, 2019
    • Punjab National Bank Home Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have availed Home loan directly through Punjab National Bank .The rate of interest and the processing fee was very high ,I have got the loan amount on delay basis and i have applied for 26 lakhs for the tenure of 15 years.I have not faced any difficulties until i have received the loan .
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 14, 2019
    • SBI Home Loan
      "Excellent Loan Service"
      0.5 5.0/5 "Blown Away!"
      SBI Home Loan is excellent because I've a salary account with them. They offered me a interest rate of 9.5% approximately. I took the loan amount of Rs. 23 lakhs so far i have got only Rs. 16 lakhs since my building is under construction. My EMI is not yet started. They sanctioned the loan in 2 working days.
      Was this review helpful? 1
      , dindigul
      Reviewed on Oct 14, 2019
    • SBI Home Loan
      "Easy and best loan"
      0.5 5.0/5 "Blown Away!"
      SBI is a best bank and they had a better option. There is only simple documentation required and executive came to my place for collecting all the documents. I got the loan within 7 days. SBI did not taken any processing charges and they gave better and cheap interest. They take minimal time and better response from the customer care so i had chosen SBI for my home loan.
      Was this review helpful? 1
      , agra
      Reviewed on Oct 11, 2019
    • Central Bank of India Home Loan
      "Highly recommendable bank"
      0.5 5.0/5 "Blown Away!"
      My home loan was purchased from Central bank of India. The branch offer was approved the loan immediately and they had a good behavior with the customer. I got the better clarity about the loan process as well as the rate of interest in central bank of India is less than compared to others so i have chosen this bank and the Branch Manager helped me in a better way.
      Was this review helpful? 3
      , bhubaneshwar
      Reviewed on Oct 05, 2019
    • DHFL Home Loan
      "Need to decrease interest charges"
      0.5 5.0/5 "Blown Away!"
      From DHFL I have taken a home loan almost more than a year. One of my cousin's friend working there he recommend to apply for a home loan. The process was smooth and sanctioned a loan within 6 days with sufficient amount of 20 years. The rate of interest was high.
      Was this review helpful? 4
      , vijayawada
      Reviewed on Oct 05, 2019
    • ICICI Bank Home Loan
      "Average Loan service"
      0.5 3.0/5 "Satisfactory"
      ICICI bank has provided me a home loan at the time of i want on a immediate basis. Since the necessity is over they have provided me a timeliness loan. I taken the loan amount of Rs. 10 lakhs and the have charged me a higher interest rates which i'm not comfortable with.
      Was this review helpful? 1
      , mumbai
      Reviewed on Oct 05, 2019
    • HDFC Limited Home Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have balance transfer for a home loan with existing finance to HDFC LIMITED. One month before only I have a transfer of a loan. They have outstanding amount of 10 lakhs for the tenure period of 10 years. The rate of interest is 8.6% only for mortgage charges for 8 thousands need to pay for it.
      Was this review helpful? 1
      , goa
      Reviewed on Oct 04, 2019
    • review Home Loan
      "Need to decrease charges & improve customer service "
      0.5 1.0/5 "Really Bad"
      I have taken a home loan with SUNDARAM FINANCE on 10 years before which was processed through them directly. The amount which was given for 13 lakhs for the tenure period of 20 years. There was lot of issues I faced with them customer service is not good response. The rate of interest was high of 14% compare to other.
      Was this review helpful? 1
      , goa
      Reviewed on Oct 04, 2019
    • SBI Home Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken home loan directly through State Bank Of India .The rate of interest and the processing fee was nominal ,I have got the loan amount on time and got a clear picture about the loan process ,I have availed this loan for the tenure of 20 years .I have completed only 2 years of EMI so far .,
      Was this review helpful? 5
      , vizianagaram
      Reviewed on Oct 04, 2019
    • Central Bank of India Home Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have taken Home loan directly through Central Bank OF India ,I have got the loan on exact time ,The rate of interest and the processing fee was nominal ,I have got all the details about this loan very clearly through bank agent.The process was very easy and still this loan is active .
      Was this review helpful? 1
      , ramanathapuram
      Reviewed on Oct 04, 2019
    • SBI Home Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      Nearly 11 years before I had taken a home loan with STATE BANK OF INDIA which was processed directly to them.The loan amount was sufficient for the tenure period of 15 years. The rate of interest and processing fee are nominal. They have sanctioned a loan within few days and the process was good.
      Was this review helpful? 2
      , itanagar
      Reviewed on Oct 04, 2019
    • Central Bank of India Home Loan
      "Easily accessible bank"
      0.5 4.0/5 "Great!"
      I have just applied the home loan from Central bank of India. I had a reference over there hence i applied the home loan from Central Bank of India. Documentation process was hassle free. They have offered me a interest rate of 10.1% and the processing fee was 1% of the interest amount +18% GST charges. They have dispatched the loan 20 days. The staffs are so friendly
      Was this review helpful? 2
      , bangalore
      Reviewed on Oct 01, 2019
    • HDFC Limited Home Loan
      "Customer friendly loan service"
      0.5 4.5/5 "Excellent!"
      HDFC was the only bank which is offering for the home loan in the area where i have purchased the house so i opted with HDFC LIMITED. I had applied the loan amount of Rs. 28 lakhs and the given interest rate is 8.5% and they charged me a processing fee of nominal one. I took the loan 3 years ago and they took 40 to 50 days to sanctioned the loan.
      Was this review helpful? 2
      , ambala
      Reviewed on Oct 01, 2019
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