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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 66,000 employees, the businesses of ABCL have a nationwide reach with over 1,742 branches and more than 200,000 agents/channel partners along with several bank partners.
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Personal Loan for Home Renovation
- Attractive interest rates
- Easy & flexible repayment options
- Easy application process with quick sanctions
What is a Personal Loan for Home 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.
Eligibility Criteria for Personal Loan for Home Renovation
Before opting for a Personal Loan, ensure you qualify by checking your eligibility here.
Documents Required for Personal Loan for Home Renovation
- Identity Proof: Aadhaar Card, PAN Card, Passport, Voter ID.
- Address Proof: Utility bills, Aadhaar card, passport, or rental agreement.
- Income Proof: Salary slips (last 3 months) or income tax returns (for self-employed).
- Bank Statements: Last 6 months' statements showing salary credits.
- Property Ownership Proof: Sale deed, property tax receipt, or loan agreement.
- Renovation Estimate: Detailed cost breakdown from a licensed contractor or architect.
Eligibility Criteria for Personal Loan for Home Renovation
- Age: Applicants must be between 21 and 65 years.
- Employment Type: Available for salaried and self-employed individuals.
- Income: Minimum monthly income as per lender’s requirements.
- Property Ownership: The applicant must own the house to be renovated.
- Credit Score: A CIBIL score of 650 or above is preferred for easy approval.
- Work Experience: Minimum 2 years for salaried employees and 3 years for self-employed individuals.
How to Apply for Personal Loan for Home Renovation Home Renovation
Check Eligibility
Review the lender’s eligibility criteria and loan terms.
Gather Documents
Prepare necessary documents, including income and property proof.
Submit Online Application
Fill out the loan application form on the lender’s website.
Verification & Approval
The lender reviews your application and verifies submitted documents.
Loan Disbursal
Upon approval, funds are disbursed directly to your bank account.
Revision of Reference Rates for determining Interest Rates on loans given
ABCL has increased its Long-Term Reference Rate (LTRR) by 20 bps to 20.45% p.a. with effect from March 1, 2024. The interest rate on the floating rate loans of tenor greater than 12 months that are linked to the LTRR will be revised upwards by 20 bps. The spread / margin on the said loans will remain unchanged.
ABCL has increased its Short-Term Reference Rate (STRR) by 20 bps to 19.45% p.a. with effect from March 1, 2024. The interest rate on the floating rate loans of tenor up to 12 months that are linked to the STRR will be revised upwards by 20 bps. The spread / margin on the said loans will remain unchanged.
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. |
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Customer Satisfaction Stories
Hear from our happy customers what they have to say about their experience with us.
Mr. Hiralkumar Ashokbhai Patel
Aditya Birla Finance Customer
Seamless onboarding experience and great support provided by the Relationship Manager during the documentation process.
Aditya Birla Housing Finance Customer
Hyderabad, India
Mr. Pramod Kumar Saini
Aditya Birla 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.
Aditya Birla Housing Finance Customer
Belapur, India
Instant Personal Loan INSTANT PERSONAL LOAN SHORT TERM PERSONAL LOAN LONG TERM PERSONAL LOAN
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.
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.