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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
    • 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.

    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

    • Corporation Bank Home Loan
      "Best bank"
      0.5 5.0/5 "Blown Away!"
      I took my home loan from Corporation bank because compared to other bank interest rate is less. The documentation is less and got the loan easily. If I have a due on 5th of every month, they will send the reminder on 3rd of every month. Whenever i visit the branch the response is prompt and they are giving respect to the customer. They are explaining about their other product as well.
      Was this review helpful? 2
      , bangalore
      Reviewed on Feb 23, 2020
    • City Union Bank
      City Union Bank Home Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have taken my home loan from City Union Bank. My house owner pledged the property in same bank and he asked me to take the home loan from the same amount. I got the interest rate of 10.25% per annum. Bought the loan amount of Rs. 20L. I have selected the duration of 10 years. They have taken 30 days to sanctioned this loan.
      Was this review helpful? 0
      , chennai
      Reviewed on Feb 21, 2020
    • Indiabulls Home Loan
      "Fraud & Cheater Company (MC,BC)"
      0.5 0.5/5 "Unacceptable"
      THEY ARE NOT CABALE TO HANDEL A CUSTOMER EVEN THEY ARE DOING FRAUD TO EVERY ONE Fraud & Cheater Company (MC,BC) BANDH KARDO BANK SALE LOG CHUTIYA BANATE HAI KOI KAAM KE NAI INDIABULLS SE LOAN LENE SE ACHA GHAR LENE KA PLAN CHOD DOO WHO LOG BAHOUT CHEAT KARTE HAI
      Was this review helpful? 1
      , mumbai
      Reviewed on Feb 19, 2020
    • LIC Housing Home Loan
      "Quick process"
      0.5 4.5/5 "Excellent!"
      I have taken a home loan from LIC HOUSING FINANCE on 3 years back to purchase site and for construction my friend has suggested to take this loan. I got loan the loan amount around 27L with tenure period of 20 years. The rate of interest was 8.75% and processing fee was deducted around 8K. They have sanctioned the loan within 15 days. But they have disbursed the amount in installment. EMI need to pay of 28K. Pre closure charge is applicable at any time. There are some charge for enclosure and stamping are around of 2K.
      Was this review helpful? 1
      , bangalore
      Reviewed on Feb 18, 2020
    • HDFC Limited Home Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have applied for HDFC Ltd home loan through online .I was working in Cochin and my native was Patna so need loan on Patna since residing in Cochin at that time unable to get the loan .The rate of interest was very high and the agent gave all the information about the loan process as well as got proper response .
      Was this review helpful? 0
      , kochi
      Reviewed on Feb 17, 2020
    • UCO Home Loan
      "Good Loan Services"
      0.5 5.0/5 "Blown Away!"
      Taken my home loan from UCO bank because they have offered me a interest rate of 8.4%. Chosen UCO bank because one of my relative is working over there. They took 1 month to sanctioned this loan. I got the loan amount of Rs. 10 lakhs. I pay the EMI amount of Rs. 15000 for the duration of 8 years.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Feb 15, 2020
    • LIC Housing Home Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      Before 5 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. 12 lakhs and i am paying the EMI amount of Rs. 17000 per month. Total duration of the loan is 10 years. I got the interest rate of 8.35%.
      Was this review helpful? 1
      , junagadh
      Reviewed on Feb 13, 2020
    • ICICI Bank Home Loan
      "Good service"
      0.5 4.5/5 "Excellent!"
      I have taken home loan directly through ICICI Bank.I have taken this loan for house construction purpose.The rate of interest and the processing fee was less .This loan was sanctioned immediately and paying the premium on EMI basis .Everything was smooth and there was continuous callback and follow up from bank end.
      Was this review helpful? 2
      , pune
      Reviewed on Feb 10, 2020
    • review Home Loan
      "Average Service"
      0.5 2.0/5 "Expected more"
      I have take home loan directly through Aadhar Housing Finance Ltd. The rate of interest and the processing fee was high .They have taken 1.5 lakhs for insurance from me and told the rate of interest was 11% and later it was 14% which am not happy .The information should be appropriate this is my suggestion.
      Was this review helpful? 1
      , mumbai
      Reviewed on Feb 10, 2020
    • Indiabulls Home Loan
      "Fraudsters"
      0.5 0.5/5 "Unacceptable"
      Fraud bank. They increased the interest rate to 13% without notifying me. Even they removed that from their website. When I asked them my current interest rate, then I came to know that it's 13% So initiated BT immediately (It took long for BT in my case). They lost all my belief in them.
      Was this review helpful? 0
      , pune
      Reviewed on Feb 09, 2020
    • DCB Bank Home Loan
      "Average Service"
      0.5 2.0/5 "Expected more"
      I have taken home loan directly through Development credit Bank.This loan is still active on my account .The rate of interest and the processing fee was very high that was the issue.I have submitted the required documents through the agent .I have taken this loan to buy plot.
      Was this review helpful? 1
      , kolkata
      Reviewed on Feb 09, 2020
    • ICICI Bank Home Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have taken home loan directly trough ICICI bank.The rate of interest and the processing fee was quite nominal .The loan amount got sanctioned on time without any delay .This loan is still active on my account. Banking service was much comfortable and satisfactory.
      Was this review helpful? 2
      , surat
      Reviewed on Feb 08, 2020
    • HDFC Limited Home Loan
      "Good 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 really good .The home loan process was clearly explained by the agent .I have got this loan without any delay . Overall am really satisfied with the service so far .
      Was this review helpful? 1
      , bangalore
      Reviewed on Feb 08, 2020
    • DHFL Home Loan
      "Good Service"
      0.5 3.0/5 "Satisfactory"
      I have taken home loan directly through DHFL and everything was good to me so far .This loan is still active and am paying the EMI via ECS. Their rate of interest and the processing fee was medium . Even there is no extra charge for late payments.
      Was this review helpful? 2
      , thane
      Reviewed on Feb 06, 2020
    • SBI Home Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have taken a Home Loan from SBI through bank directly. The loan amount was 12L and the rate interest was 8.25% normal. Total amount I am paying of 11,400 rupees. 11K is EMI and the 400 rupees is for insurance with the tenure period of 20 years and I received the amount within 30 days.
      Was this review helpful? 5
      , vizianagaram
      Reviewed on Feb 04, 2020
    • SBI Home Loan
      "Good Service"
      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 .For constructing home i have taken this loan .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 and i am really satisfied with the service .
      Was this review helpful? 2
      , bellary
      Reviewed on Feb 04, 2020
    • LIC Housing Home Loan
      "Easy loan approval"
      0.5 5.0/5 "Blown Away!"
      From LIC Housing Finance, i have taken a home Loan because the document submission is very less where in other bank, there are lots of documentation process. They have sanctioned the loan within 1 month . I got the loan amount of Rs. 27 lakhs. The total tenure period was 20 years and the rate of interest was 8.8% which is good.
      Was this review helpful? 4
      , hyderabad
      Reviewed on Feb 04, 2020
    • LIC Housing Home Loan
      "Best loan with good rate of interest "
      0.5 5.0/5 "Blown Away!"
      I have taken Home Loan directly through LIC Housing Finance. The rate of interest was 5% because i am a LIC employee so they have provided me the loan quickly and it was sanctioned with in week. I had given all required documents during verification process.
      Was this review helpful? 1
      , chennai
      Reviewed on Feb 02, 2020
    • Bajaj Finserv Home Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken Home loan through Bajaj Finserv before 2 years.The rate of interest and the processing fee was nominal.I am paying the premium on ECS and the loan process was clearly shared by the agent. I am paying the premium on exact time without any delay. The process was very quick, smooth and satisfied.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 31, 2020
    • Punjab National Bank Home Loan
      "Good service "
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan from PNB bank before 1 year and i have applied through online. The loan was processed through bank . The process was smooth and loan got sanctioned on time. The loan amount was sufficient for the tenure of 34 years and the amount was Rs. 21L. The rate of interest was nominal 8.5% .
      Was this review helpful? 7
      , coimbatore
      Reviewed on Jan 30, 2020
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