Can I get Home Loan for Renovation?

Hi there. I would like to start by saying yes, you can receive a loan for renovation purposes. The bank can give you a home improvement loan for this purpose. Now, you must be wondering how to get home improvement loan. Don’t worry, I will state all the information regarding this below. So, read along!

How can I get a Home Improvement Loan?

Here is the process with the help of which you’ll be able to apply and get a home improvement loan. As I got mine through ICICI, I’ll share the process for this particular bank. Currently, they do not offer any online process for the application, so I am sharing the offline method with you. The steps are as follows.

• Walk into the nearest ICICI bank branch and ask for an application form regarding a home improvement loan.

• Fill it up carefully and submit it alongside the needed documents.

• You will be asked to pay a non-refundable fee for the application login. This amount is 5000 rupees +18% GST.

• The team will review your application on the grounds of your age, property, income, EMIs, etc.

• After this, you will receive the confirmation for your loan approval. 

• You will need to pay a processing fee amounting to 0.75% of the loan amount or 11,000 rupees + applicable taxes, whichever value is higher.

• The loan amount will be transferred into your account depending on the stage of the renovation process.

That is it. By following these steps, you’ll be able to gain loan disbursement within 72 hours, as stated by the ICICI Bank. I hope this answer helps you learn how do I get a home improvement loan.

Receive home loan amount instantly through NoBroker!

Read More What Documents Required for SBI Home Renovation Loan?

Hey Pal,

If you want to get your home renovated, you might need to take financial help from a bank. When I was looking for loans, I had a major question to ask ‘can I get home loan for renovation’. I spoke to a bank customer care representative. He was kind enough to share details about the loan, interest rate, and application process. Keep reading to know everything that I learned. 

Can I get a home renovation loan ?

You can definitely get a home renovation loan. There are many banks that offer such loans to their customers. I think home improvement loans start from the range of ₹ 3 lakh up to ₹ 5 crores. This allows people to get different types of repairs in their house including painting, plumbing, tiling, sanitary reconstruction work, etc. 

Can you get loans for home renovations in private banks ?

Yes, private banks like HDFC Bank, ICICI Bank, Axis bank, etc give their customers home renovation loans. Similarly, there are many public banks that make it possible for people to  getting a loan for house renovations. 

You can read about the loan slab of a private bank in the table given below. 

Loan Slab	Home Loan Interest Rates (% p.a.)
For Women* (upto 30 Lakhs)	7.05 - 7.55
For Others* (upto 30 Lakhs)	7.10 - 7.60
For Women* (30.01 Lakhs to 75 Lakhs)	7.30 - 7.80
For Others* (30.01 Lakhs to 75 Lakhs)	7.35 - 7.85
For Women* (75.01 Lakhs & Above)	7.40 - 7.90
For Others*(75.01 Lakhs & Above)	7.45 - 7.95

This is all from my side on can I get home loan for renovation?

Get expert help as you design your house. Check out NoBroker Interior Decor Services to get a free quotation today !

Want to check loan eligibility from the comfort of your home ? Check out NoBroker Home Loan services

Read more :

What is refinancing a loan?   

What is hypothecation loan ?   

Can we get 100 percent home loan?   

Whether it is about buying a new home or home renovations, you can rely on banks and other financial institutions to provide you with the financial aid. I see that you are planning to renovate your home and need some financial assistance. Well to answer your question: Can I get home loan for renovation? I am here. Let us check out can you get loans for home renovations or not. Can you get a loan for home renovation? Absolutely!! Banks and many other financial institutions have taken a step forward to make home renovation an easy process. Now you can apply for home loan for renovations. In fact the process is not difficult and conditions put forward are not too tough. Let us check the eligibility criteria:

• Applicant must be in the age group of 21 years and 65 years
• He/ she must be salaried or self employed
• The applicant must be an Indian citizen

Here are the maximum disbursal amount for home loan for renovations are available in different banks:

Bank	Maximum disbursal amount
HDFC Bank	Up to Rs. 75 lakhs (75% to 100% of the renovation estimate)
Kotak Mahindra Bank	Starting at Rs. 30 lakhs (75% to 90% of the renovation estimate)
Tata Capital	Rs. 75000 to Rs. 25 lakhs
LIC housing	Up to Rs. 15 crores (75% to 90% of the renovation estimate)
PNB	Rs. 75 lakhs + (75% to 90% of the renovation estimate)

I hope now you have the answer to can I get home loan for renovation. You can check out your home loan amount for renovation through this, [widget_homeLoan_checkEligibility_form]