Home Renovation/Improvement Loans

Home Renovation/Improvement Loans

https://www.fundstiger.com/home-improvement-loans/

A home is usually said to be a reflection of its owner. You can now spruce up your home and make renovation a milestone as memorable and enjoyable as home buying. With Home Renovation Loans you can upgrade your existing home to a contemporary design and a more comfortable living space.

Loan Amount

The maximum Home Improvement Loan amount can go up up to 90% of the market value of the property. Loan repayment tenure can be up to 30 years.

Eligibility Criteria

Eligibility factors for home improvement loans are similar to that of a housing loan. You can apply for house renovation loans either individually or jointly.

• All owners of a home or property for the renovation of which the loan is availed must be co-applicants.
• The minimum age limit to apply for loan should be 21 years.
• Repayments have to be completed before the age of 60 years (salaried employees) and 65 years (self employed) .
• Any salaried, self-employed or self employed professional can apply for a home renovation loan.
• The maximum loan amount can go up to 90% of the market value of the property. Loan repayment tenure can be up to 30 years.

Purpose of taking a Home Renovation Loans

You can avail of a Home Renovation loan for various purposes as mentioned below:

• Flooring or Roofing
• Plumbing
• Plastering
• Electrical Work
• Painting
• Grills and Sliding Doors & windows
• Parapet wall & Boundary wall Underground or Overhead water tank
• Replacement of doors & windows or Non-movable Assets viz. etc.
• And complete renovation of existing house.

Documents Required

1. The completely filled and signed home improvement loan application form.
2. Proof of identity (Copy of Passport/ Voter ID/PAN Card/Driving License).
3. Proof of address (Copy of electricity bill/ telephone bill/ water bill, Voter ID/ Property tax receipt/ Passport/ Aadhaar Card).
4. Proof of age (PAN card/ birth certificate/ 10th class marksheet/ Driving license/ Passport).
5. Recent passport size photographs.
6. In case of salaried employees: Form 16, last 3 months’ salary slips, Copy of IT Returns for the last 2 financial years.
7. In case of self-employed – Last 2 years financials are required this includes ITR saral copy, with the computation of income statement, Balance Sheet, Profit & loss statement that have been certified by a Charted Accountant.
8. In addition to the above, property documents such as original title deeds, proof of no encumbrances on the property, a proper budget document from the architecture of the proposed work and expected renovation or repair cost from a civil engineer or an architect is required to be submitted to the bank.

Top Lenders Offering Home Improvement/Renovation Loans

ICICI Bank

One of the top private banking institutions in the country, ICICI Bank offers a Home Renovation Loan and also specially offer personal loan especially for refurbishing your home. Borrowers can avail this loan to give their homes a new makeover without having to worry about insufficient funds. Some of the main features of the bank have been listed below:

• Applicants can avail this loan online for quick approval and disbursal of loan. The entire process will take less than 72 hours.
• Borrowers need not provide any security to avail this loan.
• The home renovation loan from ICICI Bank comes at affordable interest rates starting from 11.25% p.a.
• The documentation required to avail this loan is minimal and borrowers can apply for this loan even from their smartphones by downloading the mobile application.

HDFC Home Loan

HDFC offers housing loan to people who want money to purchase a house, home renovation and home extension etc. The house itself acts as a security to the loan. Taking a loan from HDFC has the following benefits:

• Special rates for women borrowers
• Loan up to 90% of property value
• Flexible repayment options
• Nil prepayment charges for floating rates
• Pan India presence

SBI Home Loan

SBI offers housing loan to people who want money to purchase a house, home renovation and home extension etc. The house itself acts as a security to the loan. Taking a loan from SBI has the following benefits:

• Special rate for women applicants
• Loan up to 90% of property value
• Nil prepay charges for floating rates
• Flexible repayment options

FundsTiger is an Online Lending Marketplace where you can search for and avail Fast and Easy loans from almost all the leading Banks and NBFCs. You can Apply for Loans with Best possible Rates of Interest and terms for Personal Loan, Business Loan , Home Loan and Car Refinance Loan.