Renovation Loan
Upgrade your residence with home renovation loans from your desired bank through your trusted channel partner i.e. Money Bells. Renovating your home can be a costly affair, but a home improvement loan can make your dream home a reality. Transform your home into a modern living space for you and your family with the help of our Services. You can use the funds from this loan for not only repairs and renovation to your existing house/flat but also to purchase new furniture, fittings and furnishings, be it sofas or electronics. Home Improvement Loans are affordable, with easy processing and minimal documentation. Take the first step towards transforming your home with our Home Improvement Loan. Apply now to get the best interest rates.
Our home improvement loan is customer-friendly, with speedy processing and minimal documentation.
Who can apply?
Resident and non-resident individuals are eligible for our Home Improvement Loan. They can be salaried or self-employed. However, HUFs cannot apply for this loan.
How much can you get?
The loan can be availed up to a maximum limit of Rs.50.00 laks subject to fulfilment of eligibilty.
6-month EMI holiday:
Home Improvement Loan allows for a moratorium period, during which you are not required to make any payment in the form of EMIs. The maximum moratorium period on this loan is 6 months. The maximum tenure of Home Improvement Loan is 15 years, including the moratorium period.
Floating rates:
We offer a floating interest rate on Home Improvement Loan. This interest rate is linked to Baroda Repo Linked Lending Rate (BRLLR) of the bank and is reset monthly.
Home Improvement Loan – Insurance of the House:
House mortgaged with the Bank is to be insured. Insurance modalities are similar to the Home Loan scheme.
Home Improvement Loan : Eligibility
- Resident Indians
- Non-resident Indians (NRIs) holding Indian passport or Persons of Indian Origin (PIOs) holding foreign passport or Overseas Citizens of India (OCI).
Purpose
- For repairs/renovation/improvement of existing house/flat.
- Purchase of furniture/fixtures/furnishing/other gadgets such as fans, geysers, air-conditioners, water filters, air purifiers, heaters, desert coolers, etc.
Home Improvement Loan : Interest rates & charges
| Conditions | Repo Rate + Spread | Effective Rate of Interest |
|---|---|---|
| For Salaried* | BRLLR – 0.75% to BRLLR + 1.45% | From 8.40% to 10.60% |
| For Non-Salaried* | BRLLR – 0.75% to BRLLR + 1.45% | From 8.40% to 10.60% |
* Note:
- Rate of Interest is dependent upon Loan limit and CIBIL Score of the applicant/s.
- Risk Premium of 0.05% will be levied for customers not obtaining credit insurance cover
Basic Documents required for Home Loan
To check out the documents required for Home Improvement Loan. Click here..
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Frequently Asked Questions
It is a loan for renovating(without altering the structure/carpet area) your home in ways like tiling ,flooring, internal / external plaster and painting etc.
Any person who wishes to carry out renovation in their Apartment/Floor/Row house. Existing home loan customers can also avail a House Renovation Loans.
You can avail a House Renovation Loans for a maximum term of 15 years or till your age of retirement ,whichever is lower.
Interest rates applicable on house renovation loans do not differ from the interest rates of home loans.
House Renovation Loans can only be used to fund the purchase of immovable furnitures and fixtures
Yes. You are eligible for tax benefits on the principal components of your house renovation loan under the Income Tax Act, 1961. As the benefits could vary each year, please do check with our Loan Counselor about the tax benefits which you could avail on your loan.