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

    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. 
    More
    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] + 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 + 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) + 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) + applicable taxes 

    HDFC Bank Home Improvement Loan – Best for Flexible Repayment Options   

    Key Highlights
    • Home renovation loans at the same interest rate as that of the regular 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) + applicable taxes 

    For Self-employed: Up to Rs.1.50% of the loan amount or Rs.4,500 (whichever is higher) + 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) + 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

    • LIC Housing Home Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken holding my housing loan with LIC housing finance long back, they had given me good sufficient loan amount as per my requirement, the rate of interest they have charged me was nominal, so far i did not face any issue, i closed the loan amount my additional charges got waived off.
      Was this review helpful? 0
      , jaipur
      Reviewed on May 25, 2019
    • Axis Bank Home Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have taken Home Loan directly through Bank.The loan amount was 33.25 lakhs for the tenure of 20yesrs ,This loan still is active ,The rate of interest and processing fee was nominal ,The agent gave all the information about the loan process clearly ,The loan got sanctioned on time ,the loan amount was sufficient.
      Was this review helpful? 0
      , chennai
      Reviewed on May 25, 2019
    • LIC Housing Home Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan in LIC HOUSING FINANCE for more than 1 year. As per my requirement I received a loan amount for the duration of 20 years. The rate of interest is nominal and the processing fee is applicable. On time the loan got sanctioned from the bank.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 25, 2019
    • Allahabad Bank Home Loan
      "Customer friendly with low interest charges & great service"
      0.5 5.0/5 "Blown Away!"
      I have home loan with Allahabad bank, the process was customer friendly. They sanctioned the loan amount within 10 days, the rate of interest is nominal as compared to other banks. I took the loan amount of Rs.25 lakhs for the duration of 15 years.
      Was this review helpful? 0
      , vadodara
      Reviewed on May 25, 2019
    • LIC Housing Home Loan
      "Good loan services"
      0.5 2.0/5 "Expected more"
      LIC home loan service is not so good. The interest rate is low in LIC. They have sanctioned the loan very late. They have broker to sanctioned the loan and the LIC employee don't deal with the customers directly. The brokers will get money from the customer. If the customer applies the loan directly, the LIC people will reject the loan.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 24, 2019
    • review Home Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken my housing loan with Bajaj finance limited , the loan amount which they have given to me was sufficient , it was as per my requirement, they have help me out when it was on emergency case, they ask for the documents and quick they sanction my loan, the rate of interest i had some confusion, like every time they use to increase interest , now it is 11.5% which is nominal,i has been 5-6 months only i have taken this loan.
      Was this review helpful? 0
      , pune
      Reviewed on May 23, 2019
    • HDFC Limited Home Loan
      "Easy processing loan"
      0.5 5.0/5 "Blown Away!"
      I have bought home loan in HDFC Ltd since i know the people working over there, i have chosen this bank. There is a very quick loan process. I applied the loan amount of Rs. 62 lakhs which is a joint home loan and they have sanctioned the same. The processing fee and the interest rates are nominal. I used to pay the EMI through auto deduction.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 23, 2019
    • Canara Bank Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I had applied for a home loan with CANARA BANK and to get my application processed it has not took a long time. There was no delay. The interest rates moderate because they keep on changing the rates . Customer service is very good they are very professional .
      Was this review helpful? 1
      , ghaziabad
      Reviewed on May 22, 2019
    • HDFC Limited Home Loan
      "Good home loan service"
      0.5 5.0/5 "Blown Away!"
      Taken my home loan from HDFC ltd. Bought my loan 10 years back. I had a salary account with them, hence i have selected this bank. I have bought the loan amount of Rs. 5.50 lakhs. I am paying the EMI amount of Rs. 6800. I have selected the tenure period of 20 years. I have paid the processing fee of Rs. 6000.
      Was this review helpful? 0
      , vadodara
      Reviewed on May 22, 2019
    • HDFC Limited Home Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken Home loan through HDFC LTD which i have directly applied with bank The .rate of interest and the processing fee was nominal .I have applied for the loan amount of 25lakhs for the tenure of 12years ,still loan is active ,The agent gave all the information about the loan process .
      Was this review helpful? 1
      , bangalore
      Reviewed on May 21, 2019
    • HDFC Limited Home Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan in HDFC LTD. The process was done on smooth and received a loan amount 12 lakhs for the duration of 10years. The rate of interest and processing fee is nominal in this bank.The good which I would like to share is documentation process was done on easy.
      Was this review helpful? 1
      , chennai
      Reviewed on May 21, 2019
    • review Home Loan
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I had taken my Home loan from GIC HOUSING FINANCE LTD and the process in getting the loan was pretty much simple where it just took two weeks for the disbursement of the loan amount. The interest rate with them is also pretty good but after getting loan the response from their end has not been that good. They don't have a mobile application or a website to do things online.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 21, 2019
    • HDFC Limited Home Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan in HDFC bank for more than a year. As per my expectation I received a loan amount for the duration of 15 years. The customer service is good and support on time. The rate of interest is good and low when compare to other bank. The fee also applicable and nominal.
      Was this review helpful? 0
      , indore
      Reviewed on May 21, 2019
    • review Home Loan
      "Need to decrease charges"
      0.5 3.0/5 "Satisfactory"
      I am using the home loan with GIC HOUSING FINANCE LTD since from last last year, as per my expectation I received a loan amount for the duration of 24 years. The rate of interest is high when compare to other.The fee is nominal. On time I received a loan amount.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 20, 2019
    • ASPIRE HOME FINANCE CORPORATION LIMITED Home Loan
      "Best Service"
      0.5 2.0/5 "Expected more"
      I have taken Home loan through Aspire Home Finance corportation Limited .I have applied for the loan amount of 4 lakh for the tenure of 10years ,The rate of interest and processing fee was high ,loan amount got sanctioned on time it was sufficient,The agent gave all the relevant details and also submitted documents on time .
      Was this review helpful? 0
      , thane
      Reviewed on May 20, 2019
    • HDFC Limited Home Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have taken Home loan through HDFC Ltd through Online .The service is good so far i have taken the loan amount of 50lakhs for the tenure is 30yearrs ,still the loan is active ,The rate of interest and processing fee was nominal ,I have submitted documents and the agent gave all information about the loan process .The agent was good ,loan amount got on time,it was sufficient as welll.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 20, 2019
    • LIC Housing Home Loan
      "Percentage should be reduced"
      0.5 3.0/5 "Satisfactory"
      I have housing loan from LIC, as per my experience the interest rate is huge as compared to others. In 2014 I took the loan amount around Rs 30 lakhs, the agent came to my place and completed the documentation process, it would be if they reduce the interest.
      Was this review helpful? 0
      , lucknow
      Reviewed on May 20, 2019
    • DHFL Home Loan
      "Interest rate should be reduced"
      0.5 3.0/5 "Satisfactory"
      Taken my housing loan from DHFL. So far i never had a chance to speak with their call centre people. When i had sanctioned my loan the interest was 10.35% which is a floating interest rate. They have charged me some processing fee. Total tenure period of the loan is 20 years. Within a month, they have sanctioned the loan. Initially, sanctioned the loan was a quick enough but disbursing the amount is took some time. The loan is easy to get sanctioned.
      Was this review helpful? 0
      , thane
      Reviewed on May 20, 2019
    • HDFC Limited Home Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been taken my housing loan with HDFC LIMITED a while ago, the loan amount which they have given to me was sufficient, the rate of interest they have charged me was sufficient, the processing fee they have charged me up to 8000 which was minimal, still this loan is running, so far i did not face any issue.
      Was this review helpful? 0
      , gurgaon
      Reviewed on May 20, 2019
    • SBI Home Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan in SBI bank for more than a year. As per my expectation I received a loan amount for the duration of 15 years. The rate of interest was nominal. Only the drawback which I felt was need to visit often to office for further process.
      Was this review helpful? 1
      , coimbatore
      Reviewed on May 20, 2019
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