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 Renovation Loan from IIFL Home Loans.

The home improvement loan is useful for flooring, tiling, home extension, bathroom makeover, kitchen remodelling, garden design, 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 house renovation loan interest rate starts from 8.25% 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 the property type. Homeowners can opt for a longer tenure that can be up to 25 years to enjoy affordable EMIs.

To apply for a home renovation loan, you need to meet the eligibility criteria and provide the required documents for a hassle-free application.

IIFL Home Loans - Home Renovation Loan Features :

Avail Home Improvement Loan of up to Rs. 50 Lakhs

At IIFL Home Loans, we offer housing finance ranging from up to Rs. 50 Lakhs with flexible tenure options to help you repay the loan amount comfortably.

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 instant approval on the home improvement loan within 25* minutes.

Attractive Interest Rates:

The IIFL Home Loans’ house renovation loan interest rate starts from 8.25% p.a. To ensure that you experience precision in monthly instalments, you can use the Home Loan EMI Calculator and set your financial priorities accordingly.

Home Improvement Loan Benefits

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 remodelling.

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 & pay equated monthly instalments without worrying about the finances.

Approval within 25 minutes*

The loan gets approved within 25 minutes*. You can easily apply for the home renovation loan online by filling an application form and providing the required documents.

Home Improvement Loan Documentation

Planning to repair or refurbish your home? Apply for a home renovation loan with IIFL Home Loans. We want you to experience a hassle-free loan application process. Both salaried and self-employed individuals need to produce the required documents to qualify for a home improvement loan. The paperwork is as follows:

Document type	Salaried	Self-employed
Application Form	Yes	Yes
Identity Proof Valid Passport Voter Card Aadhar Card Pan Card Other documents as prescribed by the National Housing Bank	Yes	Yes
Address Proof Valid Passport Voter Card Aadhar Card Other documents as prescribed by the National Housing Bank	Yes	Yes
Income Proof Latest 3 months’ salary slips Last 6 months bank statement Latest Form 16 & IT Returns document	Yes	No
Property Documents Copy of complete chain of property ownership documents Copy of plans approved by Local Authorities Construction Estimate by Civil Engineer	Yes	Yes
Other Documents Document related to other running loans. Last 6 month’s bank repayment statements Appointment letter or Employment Contract document if the candidate is employed for less than a year Passport size photographs A cheque for processing fee in favour of IIFL Home Loans for loan processing	Yes	Yes

Home Renovation Loan Eligibility Criteria

The Home Renovation 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 house extension
Both salaried and self-employed candidates between the age 18 to 75 years
Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) holding foreign passports can also avail the loan.

Co-applicant for Home Renovation Loan

Candidates can also choose a co-applicant. The co-applicant needs to be a close family member
The age limit of 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.

How to get home renovation loan?

Below is the step-by-step online renovation loan process

Step 1: Click on “Apply Now” and fill 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

Why apply for Home Improvement Loan from IIFL Home Loans?

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 the online form, and our representatives will directly get in touch with you. Moreover, our team also provides expert counselling 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 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.
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IIFL Home Loans is one of the largest housing finance companies that has helped to fulfil the housing dreams of 1,25,000 families across the country.

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