A "low interest" loan shouldn't mean you have very little interest in paying it back!
  • Home Renovation Loan

    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.

    Bank Interest rate Best for
    Bank of Baroda Starts at 6.85% p.a. Low Interest Rates
    TATA Capital Starts at 10.99% p.a. Security/Collateral
    Canara Bank Starts at 6.90% p.a. Low Processing Fee
    PNB Housing Finance Ltd. Starts at 9.10% p.a. Higher Eligibility Criteria
    HDFC Bank Starts at 7.55% p.a. Flexible Repayment Options
    IIFL Starts at 8.70% p.a. Non-Resident Indians (NRIs)

    Home Renovation Loan Schemes and Offers

    1. Bank of Baroda Home Improvement Loan – Best for Low Interest Rates
      • Interest rate: Starts at 6.85% p.a.
      • Loan tenure: Up to 30 years
      • Processing fees: Up to 0.50% of the loan amount [Min. Rs.7,500 (payable upfront); Max. Rs.20,000]
      • Maximum loan amount: Rs.10 crore
      • Can be availed for renovation/improvement/repair of an existing property
      • 36-month moratorium period available
    2. TATA Capital Home Renovation Loan – Best for Security/Collateral
      • Interest rate: Starts at 10.99% p.a.
      • Loan tenure: Up to 6 years
      • Processing fees: Up to 2.00% of the loan amount
      • Loan borrowers need not provide any security or collateral to apply for the loan
      • Better loan eligibility
      • 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.
    3. Canara Bank Home Improvement Loan – Best for Low Processing Fees
      • Interest rate: Starts at 6.90% p.a.
      • Loan tenure: Up to 5 years
      • Processing fees: Up to 0.50% of the loan amount (Min. Rs.1,500; Max. Rs.10,000)
      • Can also be availed for furnishing the property such as purchase of furniture, home appliances, etc.
      • Simple documentation and quick processing
      • Prepayment Penalty: Zero prepayment charges on housing loans with floating rate of interest.
      • Plus Applicable Taxes
    4. PNB HFL Home Improvement Loan - Best for Higher Eligibility
      • Interest rate: Starts at 9.10% p.a.
      • Loan tenure: Up to 30 years
      • Processing fees: Up to 0.50% of the loan amount (Min. Rs.10,000)
      • Plus Applicable Taxes
      • Can be availed for complete renovation of your exiting property
    5. HDFC Bank Home Improvement Loan – Best for Flexible Repayment Options
      • Interest rate: Starts at 7.55% p.a.
      • Loan tenure: Up to 15 years
      • Processing fees For Salaried: Up to 0.50% of the loan amount or Rs.3,000 (whichever is higher)
      • Processing fees for Self-employed: Up to Rs.1.50% of the loan amount or Rs.4,500 (whichever is higher)
      • Home renovation loans at the same interest rate as of home loans
      • Plus Applicable Taxes
      • *Prepayment Penalty:
        • No prepayment charges on both full and part prepayments for loans sanctioned to individual borrowers
        • For others, a fee of 2% of the amount being prepaid plus applicable taxes will be levied if the loan is being prepaid within six months from the first disbursement. If more than 25% of the outstanding principal is being repaid in a financial year, between the 6th and 36th month of the tenure, 2% of the amount being repaid will be charged as prepayment fee. The prepayments will have to be made from the borrowers’ own financial sources that the bank deems fit.
    6. IIFL NRI Home Improvement Loan – Best for NRIs
      • Interest rate: Starts at 8.70% p.a.
      • Loan tenure: Up to 20 years
      • Processing fees: 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.
      • Quick documentation and processing
      • Feature-filled improvement loan makes repayment easier

    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

    • ICICI Bank Home Loan
      "Excellent Loan"
      0.5 5.0/5 "Blown Away!"
      I have taken home loan from ICICI Bank, my loan was sanction on time and its going to be disbursed soon. The amount of the loan is 18 lakh . the bank informed me that for construction plan I have to pay for 3 lakh. The interest rate is 8.65% but the bank will be reducing the rate by 1.5% from next month.
      Was this review helpful? 19
      , new delhi
      Reviewed on Mar 21, 2020
    • IndusInd Bank
      IndusInd Bank Home Loan
      "Not good loan"
      0.5 3.0/5 "Satisfactory"
      I have taken INDUSIND home loan because my friend suggested it to me.The tenure of the loan is for 17 years with an interest rate of 11.5%. For submission of documents i have to run up and down apart from that it was fine.But it would have been good if the procedure is little short and not to deduct any installment from account without clearing the check first.
      Was this review helpful? 6
      , ahmedabad
      Reviewed on Mar 20, 2020
    • LIC Housing Home Loan
      "Best housing loan "
      0.5 5.0/5 "Blown Away!"
      Before 4 years ago, purchased my home loan from LIC Housing finance. Due to the low interest rates, i have selected LIC Housing. Taken the loan amount of Rs. 14 lakhs and i am paying the EMI amount of Rs. 12940 per month. Total duration of the loan is 15 years.
      Was this review helpful? 41
      , tirupur
      Reviewed on Mar 20, 2020
    • Tamilnad Mercantile Bank Home Loan
      "Average Service"
      0.5 2.0/5 "Expected more"
      I have taken home loan directly through Tamilnad Mercantile Bank.The rate of interest and the processing fee was high .This loan was sanctioned on time and i have uploaded the documents through online . The service was average according to my concern.
      Was this review helpful? 8
      , surat
      Reviewed on Mar 15, 2020
    • Syndicate Bank Home Loan
      "Easy loan approval"
      0.5 5.0/5 "Blown Away!"
      I have taken home loan directly through SYNDICATE BANK. The rate of interest and the processing fee was nominal.This loan was processed on faster basis without any hassles.They gave a clear picture about the loan process .There was proper notification from bank end and i am satisfied with the service .
      Was this review helpful? 7
      , bangalore
      Reviewed on Mar 14, 2020
    • ICICI Bank Home Loan
      "Disappointed with ICICI"
      0.5 0.5/5 "Unacceptable"
      I hand applied for the Home construction loan @ Rabakavi Branch, Karnataka. We provided all the legal & Income documents. Loan got approved but they dragged it for 4 Months for the final steps and did not disburse finally saying legal issues which are absurd.
      Was this review helpful? 10
      , rabkavi banhatti
      Reviewed on Mar 14, 2020
    • review Home Loan
      "Supporting finance"
      0.5 5.0/5 "Blown Away!"
      Long back ago, i have taken the home loan from GIC Housing finance. Its because of the immediate process, i have selected this bank. Interest rates were normal because it was 8.35%. I bought the loan amount of Rs. 2.5 lakhs and the documentation process was hassle free. I have chosen a duration of 10 years to close this loan. I have already close the loan 5 years before and they have given me a NOC letter also.
      Was this review helpful? 7
      , chennai
      Reviewed on Mar 13, 2020
    • SBI Home Loan
      "Easy loan approval"
      0.5 4.0/5 "Great!"
      I have taken home loan directly through SBI .The rate of interest was nominal and this loan is still active .Everything was good to me when availed this loan .The loan process was clearly shared by the agent .I am really satisfied with the service . Without any hassles got this loan.
      Was this review helpful? 47
      , indore
      Reviewed on Mar 13, 2020
    • Indiabulls Home Loan
      "Need to improve customer service "
      0.5 2.0/5 "Expected more"
      At an Initial I took home loan from DHFL on sudden from their end transferred the process to INDIA BULLS without any intimation. But one issue was faced that my documents not submitted to INDIA BULLS hence I have submitted again. The amount sufficient was fine. EMI need to pay of 36K. The rate of interest is started with 8.35% gradually increased hence on last months was 8.90%. Their service is not good coordination with me.
      Was this review helpful? 13
      , thane
      Reviewed on Mar 12, 2020
    • review Home Loan
      "Home loan closer conditions"
      0.5 1.0/5 "Really Bad"
      Hi All, If any of the builder suggest to go for this bank don't ever go for it... For every 6 months they increase the ROI even RBI is decreasing... Pre closer is a hell for me ...bi have provided a cheque after 15 days they started processing the request to close... From my pocket I paid 30000 rs extra for closing...
      Was this review helpful? 27
      , bangalore
      Reviewed on Mar 11, 2020
    • Indiabulls Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I took home loan from INDIA BULLS, some people suggested to take a loan from this bank so chosen it. They have sanctioned the loan amount of 15L with tenure period of 15 years. Rate of interest is nominal. EMI need to pay of 17K. The processing fee is applicable. Since I am going to buy a plot so taken this loan offer.
      Was this review helpful? 7
      , hyderabad
      Reviewed on Mar 11, 2020
    • LIC Housing Home Loan
      "Very good home loan and need to improve the interest rate"
      0.5 5.0/5 "Blown Away!"
      My home loan was taken from LIC Housing because their processing time and charges are less but interest rate is little bit high when i compared to other Government banks. They have taken 1 week to sanctioned the loan. Documentation process is as usual like other banks. They have provided me a interest rate of 8.45%.
      Was this review helpful? 20
      , kolkata
      Reviewed on Mar 10, 2020
    • Union Bank of India Home Loan
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I have taken home loan directly through Union Bank Of India .The rate of interest and the processing fee was nominal and submitted documents through the agent ,This loan is still active and i have taken this loan for home construction. There are more hidden charges which was informed later this was the only issue. I have been informed that will receive Rs.7000 to 8000 due to good credit score but it was not happened.
      Was this review helpful? 15
      , chennai
      Reviewed on Mar 09, 2020
    • HDFC Limited Home Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      HDFC people guided to take Pradhan Mantri scheme for the home loan. The amount was sanctioned of 25L and subsidiary amount of 2.67L. The tenure period of 20 years. An interest rate was fine of 8.5%. Pre closure is applicable with nominal charge. The process was good hence they have sanctioned the loan within 20 days. EMI need to pay of 22413 rupees.
      Was this review helpful? 59
      , kanchipuram
      Reviewed on Mar 09, 2020
    • LIC Housing Home Loan
      "Need to decrease the interest rate"
      0.5 4.0/5 "Great!"
      From LIC, they offered a home loan and the loan amount was Rs. 27,00,000. The rate of interest was high 9.15% with the duration period of 20 years and i am paying EMI of Rs.24,000 and they given this loan very faster . LIC have a good customer service.
      Was this review helpful? 14
      , lucknow
      Reviewed on Mar 09, 2020
    • HDFC Limited Home Loan
      "Comfortable process "
      0.5 5.0/5 "Blown Away!"
      I got home loan offer from HDFC Limited on one year back. I applied via online, the amount was sufficient with tenure period of 15 years. The rate of interest is moderate. I took this loan to buy an apartment. EMI need to pay of 36K. Pre closure is applicable but there is locking period of 6 months. Their service is good.
      Was this review helpful? 8
      , alleppey
      Reviewed on Mar 07, 2020
    • HDFC Limited Home Loan
      "Best Service"
      0.5 4.0/5 "Great!"
      I have taken home loan directly through Hdfc Ltd.The rate of interest and the processing fee was nominal.This loan was processed on faster basis without any hassles.The agent gave a clear picture about the loan process .There was proper notification from bank end and i am satisfied with the service .
      Was this review helpful? 10
      , chennai
      Reviewed on Mar 06, 2020
    • review Home Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I took home loan from MAGMA HOUSING FINANCE on 6 months back , the loan duration of 20 years for the amount of 18L. The amount was sanctioned by one month. To buy the flat taken this loan. EMI need to pay of 15,600 rupees. There is pre closure is applicable. The customer service is good.
      Was this review helpful? 8
      , vadodara
      Reviewed on Mar 06, 2020
    • review Home Loan
      "Average Loan Service"
      0.5 3.0/5 "Satisfactory"
      I bought my home loan from Fullerton but an interest rates are high. In the call centre, there is no proper response for any kind of inquiry and if I sent a mail only they will send the reply after 48 hours. They have sanctioned the loan amount of Rs. 10L and they have not provided the loan as per their committed time.
      Was this review helpful? 9
      , chennai
      Reviewed on Mar 06, 2020
    • HDFC Limited Home Loan
      "Good Loan Service"
      0.5 5.0/5 "Blown Away!"
      In HDFC, they were forcing me to taking a home insurance when i availed my home loan. Its just because of my landlord person since he was having their existing loan with HDFC hence have continued the same. They have offered me an interest rate of 9.25% and i need to pay the EMI amount of Rs. 10000 for the loan amount of Rs. 10 lakhs.
      Was this review helpful? 27
      , rajkot
      Reviewed on Mar 05, 2020
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