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Aditya Birla Capital LimitedAditya Birla Capital Limited (“ABCL”) is a listed systemically important non-deposit 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 61,600 employees, the businesses of ABCL have a nationwide reach with over 1,690 branches and more than 200,000 agents/channel partners along with several bank partners.
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What is a Personal Loan forHome Renovation?
A personal loan for home renovation is a financing solution designed to help homeowners upgrade, repair, or remodel their homes without straining their savings. Whether you want to enhance your home’s aesthetics, improve functionality, or undertake essential repairs, this loan provides the necessary funds with convenient repayment options. Home renovation loans often come with competitive interest rates, flexible tenure, and minimal documentation. By taking this loan, you can increase your property's value while ensuring a comfortable living space. This loan is an ideal choice for homeowners looking to modernise their living spaces without financial burden.
Features of Personal Loan for Home Renovation
Affordable Interest Rates
Enjoy competitive rates tailored to your renovation needs.
Flexible Repayment Options
Choose a repayment tenure that aligns with your financial capacity.
Quick Loan Processing
Get fast approval and disbursal to start your home renovation without delay.
High Loan Amount
Get a substantial amount based on your home’s value and renovation costs.
Minimal Documentation
Experience hassle-free application process with basic income and property documents.
Tax Benefits
Avail tax deductions on interest paid under Section 24(b) of the Income Tax Act.
No Collateral Required
Unsecured options available for eligible applicants.
Reasons To Get a
Personal Loan for Home Renovation from ABC
Collateral-free
There is no need to pledge any asset to secure the loan. The funds are sanctioned based on your eligibility parameters—that’s all!
Flexible Repayment Period
Choose a repayment tenure of 84 months to ensure affordable EMIs for easy repayments.
Predictable EMIs
With a fixed interest rate, you can figure out your EMIs and plan your budget for hassle-free repayments
Quick Sanctions
Get the funds transferred to your account within 24 hours of application.
Facility to add a co-applicant
Adding a co-applicant to the Personal Loan for Home Renovation can increase your eligibility. For complete remodelling, you can get a higher loan amount.
Interest Rates Available for
Personal Loan for Home Renovation
Find out the interest payable on the Personal Loan for Home Renovation to plan your repayments effectively.
Loans up to 12 months| Loan Type | Interest |
|---|---|
| The Short Term Reference Rate (STRR) | 19.45% p.a. w.e.f.from March 1, 2024 |
Loans more than 12 months| Loan Type | Interest |
|---|---|
| The Long Term Reference Rate (LTRR) | 20.45% p.a. w.e.f. from March 1, 2024 |
Who Can Apply For
Personal Loan for Home Renovation?
Personal Loan for Home Renovation?
Find out if you are eligible to apply for a Personal Loan for Home Renovation
Salaried
Self-employed Professional
Self-employed Non - Professional
Get A Personal Loan for Home Renovation In 5 Easy Steps
Eligibility Criteria for
Personal Loan for Home Renovation
Are you eligible for a Personal Loan for Home Renovation? Check whether you meet the criteria.
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 incomeSalary slip for the last 3 months showing all deductions and Form 16
- Bank statement where income is credited Last 6 months
- Proof of other income Last 3 months' salary slips or Salary certificate. Last 6 months' bank statement where salary is credited directly. Latest Form 16
Eligibility criteria
* A higher age limit is applicable at the time of loan maturity.
Fees and Charges for
Personal Loan for Home Renovation
| Charge Type | Amount |
|---|---|
| Cheque Return charges | ₹500 + GST per instance |
| Default Penal charges | 3% of the pending amount per month |
| Charges for cancellation of Loan | 4% of loan amount disbursed + applicable taxes |
| CIBIL report retrieval fees | ₹100 + GST per instance |
| Charge for Exchanging PDCs / ECS | ₹750 + GST per instance |
| Loan reschedule charges | ₹5000 + GST per instance |
| Stamp Duty | As per Actual if applicable |
| Insurance Premium | As per Actual, if applicable |
| Pre-closure Quote | ₹1000 + GST per instance |
| Any other charges | As per Actual, if applicable |
| Part - Pre-Payment Charges | Charges:
A) Nil Charges - If Part prepayment is equal to 20% of the total disbursed amount in a year B) 3% + GST on Remaining Loan amount - If part payment is greater than 20% of the total disbursed Conditions: A) No pre-payment is allowed in the first 6 months from the date of disbursement B) Part Pre-Payment amount should be equal to OR greater than a total of 3 EMIs. C) Part-prepayment is allowed only once in the first year of loan tenure. |
| Foreclosure Charges |
4% of the Principal outstanding amount + GST
Condition: Foreclosure is allowed only after 12 months from the date of loan disbursal. |
ABC Of Calculators
Your estimated EMI amount
₹ 0Total Interest
₹ 0Total Payout
₹ 0You are eligible for a loan of
₹ 0*EMI @ 9% Interest Rate
₹ 0*
BALANCE TRANSFER LOAN
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Reduced Interest Rates. -
Lower Monthly Payments.
TOP UP LOAN
- Easy application process
- Borrow up to 80% of property value
Different financial needs, different loans, one app - ABCD
For weddings, travel, vehicle purchases, or any other obligation, fulfil any need with personal finance solutions offered by the ABCD app.
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Range of loan options for different needs
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Quick sanctions and disbursals
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Instant Personal Loan INSTANT PERSONAL LOAN SHORT TERM PERSONAL LOAN LONG TERM PERSONAL LOAN
Customer Satisfaction Stories
Hear from our happy customers what they have to say about their experience with us.
Seamless onboarding experience and great support provided by the Relationship Manager during the documentation process.
Aditya Birla Housing Finance Customer
Hyderabad, India
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.
Aditya Birla Housing Finance Customer
Belapur, India
Call 1800 270 7000 OR write to us at care.finance@adityabirlacapital.com.
For more details, to know your personal loan eligibility, access the product brochure or to set a meeting with our relationship manager.
The information presented on this page is intended solely for general informational purposes and does not constitute financial, investment, or professional advice. This content has not been authored by, nor does it represent an official communication from, Aditya Birla Capital Digital Limited. It is compiled from publicly available secondary sources, which may be subject to change without prior notice. Readers are strongly advised to conduct their own independent research and seek guidance from licensed financial advisors before making any investment decisions. All investments carry inherent risks, including the potential loss of principal. Past performance is not indicative of future results.
FAQs on
Personal Loan for Home Renovation
Personal Loan for Home Renovation
A personal loan for home renovation is an unsecured loan which does not require any collateral security.
Yes, you can include the cost of appliances in the loan and use the loan to buy the home appliances you need.
The interest rate of a personal loan for home renovation depends on the following factors -
• The rates fixed by the lender
• The macro interest rates
• Your credit score
You don’t have to be an owner of the property to apply for a personal loan for home renovation. You can get the loan even as a tenant.
You can use the loan eligibility calculator that Aditya Birla Capital offers online to check your eligibility for a loan. The calculator will tell you whether you qualify for the loan and, if you do, the maximum loan you can get.
You can jointly apply for a Personal Loan for Home Renovation. Adding a co-application increases your eligibility, and you can even get a higher loan amount.
You do not have to pledge your home as collateral for the loan. A personal loan for home renovation is a collateral-free loan.
After application, Aditya Birla Capital sends regular updates on loan processing. You can also check your application status online on the company’s website or mobile application.
You can apply for a Personal Loan for Home Renovation even if you already have a Home Loan. However, the available loan amount would be reduced when you have an existing debt.
A Personal Loan for Home Renovation can be used to purchase furniture and do anything else. It is a multipurpose funding solution that can be used for multiple needs.