What is Home Improvement Loan?
We know that not just buying a house but keeping it well maintained, modifying it to the changing needs, and upgrading it from time to time are some additional milestones that you may not want to miss.
There are so many interior design trends that can help you refurbish your space into a beautiful abode. You don’t have to wait for the arrangement of funds to get a makeover for your home. All your dreams of transforming the space can be fulfilled with the help of a Home Improvement Loan from IIFL Home Loans.
The Home Improvement Loan is useful for flooring, tiling, home extension, bathroom makeover, kitchen remodeling, garden design, and plastering, among others. The loan amount also covers expenses pertaining to contractors, purchase of raw materials, interior designers, etc. It aims to relieve you from the financial burden.
The Home Improvement Loan interest rate starts from 8.90% p.a. onwards. The interest rate is bound to vary as per borrower profile considering various parameters such as the credit score, repayment history, loan amount, and property type. Homeowners can opt for a longer tenure can be up to 25 years to enjoy affordable EMIs.
Key Features
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Avail home improvement loan of up to ₹ 50 Lakhs
At IIFL Home Loans, we offer housing finance ranging from up to ₹ 50 Lakhs with flexible tenure options to help you repay the loan amount comfortably.
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Quick loan sanction with minimum documentation
Redesign your house with a hassle-free home renovation application process. There is no lengthy paperwork involved, and you can avail of instant approval on the home improvement loan within 30* minutes.
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Attractive interest rates
The IIFL Home Loans’ house renovation loan interest rate starts from 8.90% p.a. To ensure that you experience precision in monthly installments, you can use the Home Loan EMI Calculator and set your financial priorities accordingly.
Covers all costs related to home renovation
Whether you want to do the flooring of the home, refurbish your kitchen area, or do the overall makeover of the home, the Home Improvement Loan covers all expenses related to repair or remodeling.
Available to all homeowners
Both salaried individuals like government & corporate employees and self-employed individuals like CAs, doctors, contractors, traders, etc., are eligible to apply for the home extension loan. The housing finance company is committed to making your dream home a safe place
Flexible repayment terms
The loan tenure of up to 25 years enables borrowers to repay the loan conveniently and pay equated monthly installments without worrying about the finances.
Home Improvement Loan Eligibility Criteria
The Home Improvement Loan is the best financing option to manage the expenses related to re-designing your home. To qualify for the loan, you need to meet the following eligibility criteria:
- Any resident Indian can apply for a loan for a house extension
- Both salaried and self-employed candidates between the ages of 18 to 75 years
- Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) holding foreign passports can also avail of the loan
Co-applicant for Home Improvement Loan
- Candidates can also choose a co-applicant. The co-applicant needs to be a close family member
- The age limit for co-applicants should be between 18 years to 75 years
- Adding a co-applicant helps you apply for a larger loan amount
- IIFL Home Loans provides better interest rates to women co-applicants. You can apply for the home improvement loan jointly with your wife or mother, even if they are not earning
| Document Type | Salaried |
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Identity Proof
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Address Proof
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Income Proof
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Property Documents
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| Document Type | Self-employed |
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Identity Proof
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Address Proof
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Income Proof
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Property Documents
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Other Documents
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Below is the step-by-step online Home Improvement Loan process:
- Step 1: Click on “Apply Now” and fill out the online application form
- Step 2: Enter the basic details (including name, mobile number, and property city)
- Step 3: Click on “Submit”
- Step 4: You will soon receive a call from the IIFL Home Loans representative to guide you on the product application process and support
- A rewarding experience
One of the biggest advantages of IIFL Home Loans is that you can send a request for a Home Improvement Loan by filling out the online form, and our representatives will directly get in touch with you. Moreover, our team also provides expert counseling and technical assistance for a smooth loan processing experience.
- Quick support for your needs
When you apply for a loan with us, you become a part of the IIFL Home Loans family. Buying a loan for a home extension or renovation is not just an investment. We believe in providing quick support, whether you need guidance with the loan application, documentation, or other services. You can get in touch with our customer support @ 1800-267-3000 Or Whatsapp @ 730 444 7444.
- Best in housing finance
IIFL Home Loans is one of the largest housing finance companies that has helped to fulfill the housing dreams of 1,25,000 families across the country.
FAQs
The home improvement loan is specially targeted for those homeowners who are planning to refurbish the home, be it flooring, tiling, or any kind of remodelling.
Indian residents, NRIs, and PIOs can avail the loan for a home extension. The candidates can be either salaried and self-employed individuals.
You can avail of a maximum home renovation loan of up to Rs.50 lakhs.
The house renovation loan interest rate is the same as those applicable on the home loan.
As per Section 24 of the Income Tax Act, 1961, you can be eligible for the home renovation loan tax exemption whether you want to do home repair, remodelling or refurbishment.
You need to provide identity proof, address proof, income, property and other documents to apply for the loan.
The home renovation loan can be used only for immoveable furniture & fixtures
