Can I get a home loan for renovation?

Yes, financial institutions in India offer home improvement or renovation loans to finance repairs, renovations or upgrades to your existing home.

The key benefits of a home renovation loan include:

• Customised Loan Amount - You can avail a loan as per your renovation requirements.
• Attractive Interest Rates - Interest rates are competitive for salaried individuals.
• Flexible Repayment Tenure - Your repayment tenure can be extended up to a reasonable number of years, making your EMIs manageable.
• Minimal Documentation - Only your basic KYC documents, proof of income, and property papers are required.
• Flexible Repayment Options—You can choose the monthly EMIs you’ll comfortably be able to pay.

However, your credit score and income eligibility will impact the loan amount, interest rate and other terms. Overall, a home renovation loan can help you revamp your home without straining your savings, with attractive terms and conditions. The process is hassle-free if you meet the eligibility criteria.