Home Renovation Loan: Apply for Home Improvement Finance

What is a Home Improvement Loan?

A home improvement loan provides easy financing for home repairs, renovations or upgrades. You can get a house repair loan from Aditya Birla Capital to modernise or renovate any corner of your home, whether it is your kitchen, bathroom, roof, or simply adding a new room. The loan is multipurpose and comes with affordable interest rates ranging from 7.75% to 15.50% per annum.

● Home loan for home renovation, repairs, and remodelling.
● Attractive interest rates.
● Flexible repayment options.
● Hassle-free application process.

Features & Benefits of Home Improvement Loan

Attractive Interest Rates

Benefit from competitive interest rates that make home repair loan more affordable. Lower borrowing costs can help reduce your EMIs and the overall cost of the loan, making it easier to manage repayments.

Minimal Documentation

Apply with a simple documentation process designed to save time and effort. With fewer paperwork requirements, you can complete your application quickly and conveniently.

Quick Processing

Get faster loan processing so you can begin your home improvement project without unnecessary delays. Once your application is approved, funds are disbursed promptly,

No Prepayment Charges

Repay your loan ahead of schedule without worrying about prepayment charges. This gives you the flexibility to reduce your interest outgo and become debt-free sooner.

Balance Transfer

Transfer your existing home loan from another lender and enjoy competitive interest rates along with improved repayment terms. A balance transfer can help reduce your EMI or lower your overall borrowing cost, subject to eligibility.

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

How to Apply for a Home Improvement Loan?

STEP

Check your eligibility for the Home Improvement Loan

STEP

Calculate your need and the EMI you can afford conveniently using the home loan EMI calculator.

STEP

Gather the required documents

STEP

Read the loan terms and conditions

STEP

Apply for the Home Improvement Loan

Interest Rates Available

Discover home renovation loan interest rates and know at what rate you can avail a home improvement loan. Home renovation loan rate of interest vary as per categories

For Salaried Individuals

Loan Type	Interest
Floating/ Fixed	7.75% p.a. to 15.50% p.a.

For Self Employed Individuals

Loan Type	Interest
Floating/ Fixed	8.00% p.a. to 16.00% p.a.

Home Improvement Loan Eligibility and Documents

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

Eligibility Criteria for Home Improvement Loan

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.

Home Improvement Loan Documents

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

Home Improvement Loan Fees and 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.

Home Extension Loan 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

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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. You can check your eligibility using the home eligibility calculator. 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.