Home Renovation Loan: Apply for Home Improvement Finance

Download

Download the ABCD app

Unlock Financial Tools, Investment Insights, And Expert Guidance – All In One Convenient App !

Visit Our ABCD Page

PLAY STORE Discover Convenience Like Never Before

APPSTORE

1800 270 7000

Payments

About Us

Aditya Birla Capital Limited (“ABCL”) is a listed systemically important nondeposit taking Non-Banking Financial Company (NBFC) and the holding company of the financial services businesses. ABCL and its subsidiaries/JVs provides a comprehensive suite of financial solutions across Loans, Investments, Insurance, and Payments to serve the diverse needs of customers across their lifecycles. Powered by over 68,400 employees, the businesses of ABCL have a nationwide reach with over 1,740 branches and more than 200,000 agents/channel partners along with several bank partners.

Nationwide Branches

1,740

No. of Employees

68,400

Agents/Channel Partners

2,00,000+

Aggregate Assets

INR 5.91 Lakh Cr

Consolidated Lending Book

INR 2 Lakh Cr

GET IN TOUCH

Loans

Investments

Insurance

Loans

Investments

Insurance

Advisor

Select Advisor

Health Insurance

Housing Finance

Life Insurance

Mutual Funds

Personal Insurance

SME Finance

Stock & Securities

All You Need To Know About Insurance Policy

All You Need To Know About Insurance Policy

All You Need To Know About Insurance Policy

Home Loan

Find customised home loan solutions for your unique needs

Balance Transfer

Find a better interest rate for your existing home loan

Top up Home Loan

Get a loan on your existing home loan to meet your needs

Loan Against Property

Turn your assets into a financial ally

Credit Track

Discover your financial fitness - check your credit score

Check Now

Home Loan EMI Calculator

Get an estimate of your Home Loan EMI now

Calculate Now

Mortgage Calculator

Calculate your Loan amount for your Current property

Know More

Home Loan Eligibility Calculator

Are you eligible for a Home Loan? Find out now!

Calculate Now

Reasons To Get a
Home Improvement Loan

Attractive Interest Rates

Benefit from appealing interests matching home loans, a better choice than higher-interest personal loans commonly used for home renovations.

Minimal Documentation

Get a loan with just a few essential documents. If you already have a home loan, the documentation is further simplified.

Quick Processing

Benefit from a fast and transparent loan processing system, ensuring a smooth and efficient experience.

No Prepayment Charges:

Enjoy the freedom to make additional payments or prepay your floating-rate home loan without incurring any prepayment charges.

Balance Transfer

Seamlessly transfer your existing home loan to ABHFL and take advantage of lower interest rates without any hassle.

Who Can Apply For Home Improvement Loan?

Find out if you are eligible for applying for a home improvement loan

Salaried

Self-employed Professional

Self-employed Non-Professional

Get A Home Improvement Loan In 5 Easy Steps

STEP

Assess your financial needs for renovation

STEP

Compare your loan options for the lowest interest rate

STEP

Check your eligibility

STEP

Determine loan repayment tenure

STEP

Apply for the loan

Interest Rates Available

Every responsible person is beholden to buy insurance for himself and his family in today's uncertain times.

For Salaried Individuals

Loan Type	Interest
Floating	7.75% to 15.75% p.a.

For Self Employed Individuals

Loan Type	Interest
Floating	8.00% to 16.25% p.a.

Home Improvement Loan Eligibility

Explore our hassle-free housing finance solutions, tailormade to help you build your dream home

Eligibility criteria

Nationality Indian citizen
Minimum age for applying 21 years
Maximum age at loan maturity Salaried - 60 years Self-employed - 70 years
Good credit history A CIBIL Score of 650 or new to credit
Employment Salaried or self-employed

*Disclaimer - All loans will be at the sole discretion of ABHL.

Upto 30 Lakhs

30 Lakhs to 75 Lakhs

More than 75 Lakhs

90%

80%

75%

*Disclaimer - All loans will be at the sole discretion of ABHFL.

Fees & Charges

TRANSACTIONS	CHARGES
Loan Processing/Administration Fee	Home Loans : Up-To 1% Of The Loan Amount Other Loans : Up-To 2% Of The Loan Amount
Part Payment/Pre-Closure Charges:	Floating Rate Loans Given To Individuals, Where All Applicants And Co-Applicants Are Individuals: Nil Home Loans (Other Than Floating Rate Home Loans To Individuals): 2% Of Principal Outstanding Loan Against Property & Lease Rental Discounting: 4% Of Principal Outstanding Loan Against Property Or Lease Rental Discounting (Other Than Floating Rate Loans To Individuals): 4% Of Principal Outstanding
Other Charges: Default Penal Interest Rate / Non Conformance With Any Covenants / Stipulated Conditions	24% P.A. I.E. 2% Per Month

TRANSACTIONS	CHARGES
NACH Failure Charges	₹750/- per instance
Accrued Interest	As applicable based on actual delayed status or as communicated by the lender from time to time
CERSAI Charges	When the facility amount is equal to ₹5 Lakh or lesser – ₹50 per property When the facility amount is greater than ₹5 Lakh – ₹100 per property
Pre-closure Quotes	₹1,000/- per instance
Request for Any Copies of Any Collateral	₹750/- per instance
Duplicate Statement/Repayment Schedule	₹200/- per instance

TRANSACTIONS	CHARGES
Stamp Duty, Legal and other Statutory Charges, Insurance Premium, Creation Charges with ROC	As per actual, where applicable

TRANSACTIONS	CHARGES
Cheque Return Charges	₹750/- per instance
CIBIL Report Retrieval Fee	₹50/- per instance for Consumer and ₹500/- for Commercial CIBIL
Loan Re-Schedulement (at the discretion of ABHFL) Charges	0.50%
NOC Issuance Charges	₹500/-
Cancellation Charges (if any)	4.00% of the loan amount disbursed
Swap Charges (Fixed or semi-fixed rate to floating and vice-versa)	2% of the loan outstanding
Fees and Other Charges	Applicable GST @ 18% will be levied

Disclaimer: The above charges constitute the rack rate for all customers. Actual charges for any customer, if different, will be as communicated at the time of loan sanction and disbursal and will be subject to changes from time to time.

Documents Needed

Proof of Identity and Address

Passport/ Aadhaar Card/ Voter's ID/ Driving License/ Job Card issued by NREGA/ Registration certificate/ PAN card (PAN Card only as identity proof)

Proof of Income

Latest 3 months salary slip showing all deductions and Form 16

Bank statement showing salary

Latest 6 months

Proof of Other Income:

Rental receipts or documents showing receipt of income

Property Documents:

Copy of Title documents and approved sanction plan

Proof of Identity and Address

Passport/ Aadhaar Card/ Voter's ID/ Driving License/ Job Card issued by NREGA/ Registration certificate/ PAN card (PAN Card only as identity proof)

Proof of Income

IT Returns or financial documents for the last 2 years and computation of income certified by a CA for the last 2 years

Bank statement showing salary

Latest 6 months

Proof of Other Income:

Rental receipts or documents showing receipt of income

Property Documents:

Copy of Title documents and approved sanction plan

ABC Of Calculators

VIEW ALL CALCULATORS

HOME LOAN AMOUNT

Tenure (1 to 30 Years)

Rate of Interest (7 to 25%)

I CAN PAY EMI OF

Tenure (1 to 30 Years)

Rate of Interest (7 to 25%)

Your estimated EMI amount

₹ 0

Total Interest

₹ 0

Total Payout

₹ 0

Apply Now

Salaried
Self Employed

CURRENT AGE

MONTHLY INCOME

YOUR CURRENT MONTHLY OBLIGATIONS

You are eligible for a loan of

₹ 0*

For a tenure of0 years

EMI @ 9% Interest Rate

₹ 0*

Apply Now

Customer Satisfaction Stories

Mr. Mohammad Moosa Azmi

Aditya Birla Housing Finance Customer

Seamless onboarding experience and great support provided by the Relationship Manager during the documentation process.

Mr. B. Narsimulu

Aditya Birla Housing Finance Customer

Hyderabad, India

Mr. Kiran Narhari Deshmukh

Aditya Birla Housing Finance Customer

I appreciate the online documentation process which helped in ease of my loan process. I could get loan information through WhatsApp and other digital platforms.

Mr. Vikram Balu Gavali

Aditya Birla Housing Finance Customer

Belapur, India

Different financial needs, different loans,

Looking for a home loan? Apply online with the ABCD app and get a quick loan. Move into your dream home with a hassle-free loan process.

Seamless digital application
Check your EMIs to assess the affordability
Different loan options for different needs

Download our mobile app now

PLAY STORE

APP STORE

Scan the QR code to download our Mobile App

Download our mobile app now

PLAY STORE

APP STORE

Secured Business Loan

Secure business loans for you

Low interest, flexible payments
One app, quick dispersals

View Plans

Fixed Deposit

Guaranteed returns with Fixed Deposit

Flexible deposit tenures
₹5 lakh deposits insured by DICGC

Know More

FAQs on
Home Improvement Loan

A home improvement loan is a type of financing specifically designed to help you repair, renovate, or upgrade your existing home. These loans can be used for various projects, such as repairing or replacing damaged roofs, walls, or floors, adding a new room, remodelling a kitchen or bathroom, or installing new flooring. The only limitation is that you cannot use the loan to purchase movable items such as furniture.

There are many different things you can use a home improvement loan for, including:

• Renovating your kitchen or bathroom

• Adding a new room or expanding an existing one

• Replacing your roof or windows

• Installing new flooring or appliances

• Making energy-efficient upgrades

• Fixing up your landscaping

Attractive Interest Rates: ABHFL offers competitive interest rates on home improvement loans, allowing you to finance your home improvement project without incurring excessive interest costs. These lower interest rates translate into more affordable monthly payments, making it easier to manage your finances while transforming your living space.

Loan Tenure up to 15 Years*: ABHFL provides flexible loan tenure options of up to 10 years*, giving you the freedom to spread out your repayments comfortably over a longer period. This extended tenure reduces the financial burden of your monthly EMIs, making your home improvement dreams more achievable and manageable.

Quick & Transparent Processing: ABHFL is committed to providing a quick and transparent loan approval process for your home improvement loan application. You'll receive regular updates on the progress of your application, ensuring you stay informed and confident throughout the process. The efficient processing minimizes delays and gets you the funds you need to start your home improvement project promptly.

No Prepayment Charges for Floating-Rate Home Loans Given to Individuals: ABHFL allows you to make additional payments towards your home improvement loan without incurring any prepayment charges. This flexibility empowers you to reduce your loan balance faster and save on interest costs if your financial situation improves.

Attractive Balance Transfer Option Available: If you have an existing home loan with another lender, consider transferring your balance to ABHFL and take advantage of the competitive interest rates. The balance transfer process is simple and hassle-free, allowing you to consolidate your loans and potentially save significant amounts of money over the loan term.

Doorstep Services: ABHFL understands the value of your time and convenience. That's why we offer personalised doorstep services to streamline the loan application process. Our dedicated team will guide you through every step, ensuring a smooth and stress-free experience from the comfort of your home.

The maximum loan amount for a home improvement loan will vary depending on the lender, the borrower's credit history, and the equity in their home. However, being a completely secured loan, borrowers can enjoy a higher loan-to-value ratio, that can go up to 90% of the property's value.

Interest rates for home improvement loans can vary depending on the lender, the loan amount, and the borrower's credit history. However, they are typically lower than interest rates for other types of unsecured loans, such as personal loans.

ABHFL offers low home loan interest rates starting from 8.60*% p.a. This rate of interest is applicable to Home Loans, Balance Transfer Loans, Home Improvement Loans, and Home Extensions Loans.

ABHFL offers an adjustable-rate loan also known as a floating rate loan, as well as a trufixed loan in which the interest rate on the home loan remains fixed for a specific tenure (say the first two years of the entire loan tenure) after which it converts into an adjustable-rate loan.

* Disclaimer - All loans will be at the sole discretion of ABHFL.