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
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I am using the home loan with the LIC HOUSING FINANCE since from last 2 years the loan amount given was satisfactory also the documentation process was simple and easy to get the loan with this bank. the rate of interest was nominal which is satisfactory in this loan.
      Was this review helpful? 1
      , hyderabad
      Reviewed on May 19, 2019
    • United Bank Home Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      The documentation process was simple and easy to get the home loan with the UNITED BANK OF INDIA. The loan amount was good and the rate of interest was 10% which was fixed and now changed into flexible rate of interest was applicable which is higher.
      Was this review helpful? 0
      , kolkata
      Reviewed on May 19, 2019
    • Indian Bank Home Loan
      "BAD CUSTOMER SUPPORT"
      0.5 2.5/5 "Just OK"
      The customer support is not good, the documentation process was not easy it took time get the loan. The approval also it took time to get the loan. The loan amount was good, rate of interest was higher than others, there was a processing fee with this loan.
      Was this review helpful? 0
      , thane
      Reviewed on May 19, 2019
    • DHFL Home Loan
      "BETTER"
      0.5 3.0/5 "Satisfactory"
      I have applied for the home loan with the DHFL and the rate of interest was higher with this loan also it is a floating where the rate of interest was increase higher within 6 months. The documentation process was not good and it took to get the loan.
      Was this review helpful? 0
      , kolkata
      Reviewed on May 19, 2019
    • HDFC Limited Home Loan
      "Good bank to apply for home laon"
      0.5 4.0/5 "Great!"
      I have taken a home loan in HDFC LTD before 3 months ago. The process was done on smooth and received a loan amount as per my expectation for the duration of 15 years. 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? 0
      , chennai
      Reviewed on May 18, 2019
    • Canara Bank Home Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have taken Home Loan directly with CANARA bank past 5 years. I received the loan amount as per my expectation for the tenure of 17 years ,still the loan is on process,I have got the loan amount on time without any delay. At a verification process was good and smooth. The rate of interest and processing fee is nominal.
      Was this review helpful? 0
      , coimbatore
      Reviewed on May 18, 2019
    • ICICI Bank Home Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      I had applied for a Home loan with ICICI BANK at the time when i was looking for Home loan. There was no delay in my application and it took few days to get things done. The interest rates to be nominal . The loan amount which they gave was satisfactory .
      Was this review helpful? 1
      , hyderabad
      Reviewed on May 18, 2019
    • Axis Bank Home Loan
      "BETTER"
      0.5 3.5/5 "Pretty good"
      I have applied for the home loan with the HOME LOAN with the AXIS BANK where th banking process was good get the loan the documentation process was simple and easy to get the loan. The rate of interest was nominal also the loan amount given was good.
      Was this review helpful? 1
      , kolkata
      Reviewed on May 17, 2019
    • DHFL Home Loan
      "Interest rate shoud be reasonable"
      0.5 3.0/5 "Satisfactory"
      In DHFL the housing loan interest is currently 10.30% for the loan amount of Rs. 40 lakhs . I took for the duration of 25 years, initially they gave me 9.4% of interest now they revised higher as per the RBI norms. When I apply for the loan I have to run behind them, the process was not smooth.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 17, 2019
    • L&T Housing Home Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have been taken a home loan in L&T FINANCE LIMITED for the past 2 to 3 months. The loan amount was sufficient as per my expectation for the duration of 30 years. The rate of interest is nominal.The customer service is good and responsiveness on time.
      Was this review helpful? 1
      , pune
      Reviewed on May 17, 2019
    • ICICI Bank Home Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken my Home loan from ICICI Bank a long time back where the experience i had was quite comfortable. They did not took much time for the process, and the disbursement was made on the right time. The loan amount has been fine, the interest rate has been quite nominal and they had not made any sort of additional charges. Overall it had been quite a good experience.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on May 17, 2019
    • Punjab National Bank Home Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken my Home loan from PNB HOUSING FINANCE LIMITED a while back and the process in getting the loan was pretty much easy. The loan amount has been sufficient and the interest rate which they had made has been nominal, the processing fee and charges where not high and there has not been any issues faced with their services.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on May 17, 2019
    • Allahabad Bank Home Loan
      "Need improvement on the customer support"
      0.5 5.0/5 "Blown Away!"
      I took home loan from ALLAHABAD BANK they gave me lowest interest in the market, it was around 8.7% for the loan amount of Rs.33.5 lakhs for the duration of 25 years., the process was easy but the customer support is not that great they need improvement on that part.
      Was this review helpful? 0
      , noida
      Reviewed on May 17, 2019
    • SBI Home Loan
      "Excellent Service"
      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 got the loan amount for the duration of 20 years. The rate of interest is nominal. Fee charges was applicable. The customer service is good and responsiveness on time.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 16, 2019
    • LIC Housing Home Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I have directly applied with LIC Housing Finance Ltd Home ,rate of interest and the processing fee was nominal .I have applied for the loan amount of 30lakhs for the tenure of 15years ,still the loan is on process .I have got the loan amount sanctioned on time ,it was sufficient ,the agent gave all the information about the housing loan ,started paying and completed 3years so far .
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 16, 2019
    • HDFC Limited Home Loan
      "Processing should be reduced"
      0.5 4.0/5 "Great!"
      They took lots of processing fee from HDFC home loan from my end, I availed Rs. 36 lakhs and they charged me Rs.30,000 processing fee. I got all the information through online. HDFC limited has balance transfer option, it was quickly processed.
      Was this review helpful? 0
      , pune
      Reviewed on May 16, 2019
    • SBI Home Loan
      "Excellent "
      0.5 5.0/5 "Blown Away!"
      My home loan is running with SBI, the interest rate is very low but they gave me longer duration. I took the amount Rs.17 lakhs for duration of 20 years, the process fee was nominal around Rs.10,000 including insurance fee. The documentation are very simple, bank staff gave me nice response as well.
      Was this review helpful? 0
      , vadodara
      Reviewed on May 16, 2019
    • ICICI Bank Home Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      I had taken my Home loan from ICICI Bank a while back and the process in getting this loan has been pretty much simple. The loan amount has been sufficient and the interest rate has been nominal as well. The loan is still running and the they had not taken any sort of additional charges so far.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 16, 2019
    • Bank Bazaar Home Loan
      "Better"
      0.5 5.0/5 "Blown Away!"
      Thanks to Bank Bazaar Team . I am using bank bazaar site last few years. My experience is very good about Bank Bazaar.The process was good and overall am satisfactory. It gives better idea about interest rate on online comparison..........
      Was this review helpful? 0
      , chandigarh
      Reviewed on May 16, 2019
    • IDBI Home Loan
      "Need overall improvement"
      0.5 2.0/5 "Expected more"
      I have housing loan in IDBI, the interest rate was very higher around 9.1% but still its floating if we see other bank they are charging only 8.7% , I took Rs.30 lakhs for the duration of 20 years, they taken insurance fee and processing fee. The customer support is not transparent, the interface is very difficult to understand.
      Was this review helpful? 1
      , coimbatore
      Reviewed on May 16, 2019
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