HDFC Home Renovation Loan
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Imagine getting a swanky new kitchen and cool furniture or giving your patio a facelift without stressing about money. Well, HDFC Bank's Home Renovation Loan is for that! It's easy – quick approval, not much paperwork, and you can choose how to pay it back. Urban Money has collected all the information and made it into an easy-to-understand format to make it even easier for you.
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Table of Content
Written By
Reviewed ByHDFC Home Renovation Loan – Highlights
| Existing Customer | |
| Loans up to and including ₹30 lacs | 100% of the renovation estimate (subject to loan / total exposure not exceeding 90% of the market value of the property as assessed by HDFC Bank) |
| Loans from ₹30.01 lacs to ₹75 lacs | 100% of the renovation estimate (subject to loan / total exposure not exceeding 80% of the market value of the property as assessed by HDFC Bank) |
| Loans above ₹75 lacs | 100% of the renovation estimate (subject to loan / total exposure not exceeding 75% of the market value of the property as assessed by HDFC Bank) |
| New Customer | |
| Loans up to and including ₹30 lacs | 90% of the renovation Estimate |
| Loans from ₹30.01 lacs to ₹75 lacs | 80% of the renovation Estimate |
| Loans above ₹75 lacs | 75% of the renovation Estimate |
HDFC Bank Home Renovation Loan Features
Here are some of the features of an HDFC home renovation loan:
- Quick and easy approval process, with loan approval in less than 4 hours for pre-approved customers.
- Helps improve the home’s value for future sale by financing renovation and refurbishment.
- Flexible EMI repayment options with loan tenure choices ranging from 1 to 5 years.
- Minimal paperwork for loan approval and even fewer documents may be required for pre-approved HDFC Bank customers.
- Enhances the aesthetic appeal of your home, providing a well-kept and visually pleasing living space.
HDFC Bank Home Renovation Loan Interest Rates
As of Jan 29, the interest rates for HDFC Bank’s Home Renovation Loan range from 10.50% to 25.00%. For the latest and specific details, check with our Urban Money experts.
HDFC Bank Home Renovation Loan Eligibility Criteria
The eligibility criteria for HDFC Bank’s Home Renovation Loan include:
- Salaried Employees
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- Employed at select private limited companies and public sector undertakings.
- Age between 21 and 60 years.
- Minimum job experience of 2 years, with at least 1 year with the current employer.
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- Self-Employed Individuals
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- Minimum specified income (varies with location).
- Financial documents demonstrating income stability may be required.
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- HDFC Bank Salary Account Holders
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- Minimum net monthly income of Rs 25,000.
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- Non-HDFC Bank Salary Account Holders
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- Minimum net monthly income of Rs 50,000
HDFC Bank Home Renovation Loan Benefits
Here are some benefits you can get with an HDFC home renovation loan:
- End-to-end digital process for the convenient loan approval in 4 simple steps.
- Customized repayment options to tailor the loan according to your requirements.
- Easy documentation, saving time and effort in the application process.
- 24×7 assistance through chat and WhatsApp for any queries or assistance.
- Online loan account for convenient management of your loan.
HDFC Bank Home Renovation Loan Documents Required
To apply for HDFC Bank’s Home Renovation Loan, you would need to provide:
- Identity and Address Proof
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- Copy of Passport
- Voter ID Card
- Driving License
- Aadhaar Card
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- Bank Statements
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- Bank statements for the previous 3 months or Passbook for the previous 6 months.
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- Proof of End Use
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- Documents indicating the intended use of the loan amount for home renovation.
HDFC Bank Home Renovation Loan Processing Fees and Other Charges
Here are all the fees and charges that you might get alongside your HDFC home renovation loan:
Processing Fees
| Name of the Product/Service | Amount in Rupees |
| Fees for Resident Housing Loan/ Extension/ House Renovation Loan/ Refinance of Housing Loan/ Plot Loans for Housing (Salaried, Self-Employed Professionals) | Upto 0.50% of the loan amount or Rs. 3000/- whichever is higher + applicable taxes / statutory levies.
Minimum Retention Amount: 50% of applicable fees or Rs. 3000/- +applicable taxes/statutory levies whichever is higher. |
| Fees for Resident Housing/ Extension/ Renovation/ Refinance/ Plot Loans for Self-Employed Non-Professionals. | Upto 1.50 % of the Loan amount or Rs. 4500/- whichever is higher + applicable taxes / statutory levies.
Minimum Retention Amount: 50% of applicable fees or Rs. 4500/- +applicable taxes/statutory levies, whichever is higher. |
| Fees for NRI Loans | Upto 1.25% of the Loan amount or Rs. 3000/- whichever is higher + applicable taxes / statutory levies and charges.
Minimum Retention Amount: 50% of applicable fees or Rs. 3000/-+applicable taxes/statutory levies, whichever is higher. |
| Fees for Value Plus Loans | Upto 1.50% of the Loan amount or Rs. 4500/- whichever is higher + applicable taxes / statutory levies and charges.
Minimum Retention Amount: 50% of applicable fees or Rs. 4500/-+applicable taxes/statutory levies, whichever is higher. |
| Fees for Loans under HDFC Bank Reach Scheme | Up to 2.00% of the loan amount + applicable taxes / statutory levies. Minimum Retention Amount: 50% of applicable fees or Rs. 3000/-+applicable taxes/statutory levies, whichever is higher |
| Re-appraisal of the loan after 6 months from the date of sanction | Rs. 2000/- + applicable taxes / statutory levies. |
Conversion Fees
| Name of the Product/Service | Amount in Rupees |
| Switch to Lower Rate in Variable rate Loans (Housing/ Extension/ Renovation) | Upto 0.50% of the Principal Outstanding and undisbursed amount (if any)at the time of Conversion or a cap of Rs.50000/-+applicable taxes/statutory Levies whichever is lower. |
| Switching to a Variable Rate Loan from a Fixed Rate Loan (Housing/Extension/ Renovation) | Upto 0.50% of the Principal Outstanding and undisbursed amount (if any) at the time of Conversion or a cap of Rs.50000/- + applicable taxes / statutory levies whichever is lower. |
| Switch from Combination Rate home loan fixed rate to Variable rate | 1.75% of the Principal Outstanding and Undisbursed amount (if any)+ applicable taxes / statutory levies at the time of Conversion. |
| Switch to Lower Rate (Plot Loans)- Variable Rate | 0.5% of principal outstanding and undisbursed amount (if any) + applicable taxes/statutory levies at the time of Conversion. |
| Switch to Lower Rate (Loans under HDFC Bank Reach)- Variable Rate | Upto 1.50% of the principal outstanding and undisbursed amount (if any) + applicable taxes/statutory levies at the time of conversion. |
Miscellaneous Receipts
| Name of the Product/Service | Amount in Rupees |
| Payment Return Charges | Rs. 300/- Per Dishonor. |
| Photocopy of Documents | Upto Rs. 500/- + applicable taxes / statutory levies |
| Fees on account of External Opinion – such as legal/technical verifications. | As per actuals. |
| List of documents | Upto Rs. 500/- + applicable taxes / statutory levies. |
| Repayment Mode Change Charges | Upto Rs. 500/- + applicable taxes / statutory levies. |
Property Document Retention Charges
| Name of Fee/ Charge levied | Amount in Rupees | |
| Custody charges | Rs 1000/- per month for non-collection of collateral documents beyond 60 days, from the date of closure of all loans/facilities linked to the collateral. | |
Pre Mature Closure/ Part Payment
| Name of the Product/Service | Amount in Rupees |
| A. Adjustable Rate Loans (ARHL) and Combination Rate Home Loan (“CRHL”) during the period of applicability of the Variable Rate of interest | For loans sanctioned to individual borrowers with or without co-applicants, no prepayment charges shall be payable on account of part or full prepayments made through any sources* except when the loan is sanctioned for business purposes**. |
| B. Fixed Rate Loans (“FRHL”) and Combination Rate Home Loan (“CRHL”) during the period of applicability of the Fixed Rate of interest | For all loans sanctioned with or without co-applicants, the prepayment charge shall be levied at the rate of 2%, plus applicable taxes/statutory levies of the amounts being so prepaid on account of part or full prepayments except when part or full prepayment is being made through own sources*. |
Other Charges
| Name of Fee/ Charge levied | Name of the Product/Service | Amount in Rupees |
| Delayed Instalment Payment Charge | Delayed Payment Charges | A maximum of 18% P.A. on overdue instalment amounts. |
| Incidental Charges | Expenses to cover costs | Incidental charges and expenses are levied to cover the costs, charges, expenses and other monies as per actuals applicable to a case. |
| Stamp Duty/ MOD/ MOE/ Registration | Statutory Charges | As applicable in the respective States. |
| Fees/Charges levied by entities such as CERSAI | Fees/Charges levied by Regulatory bodies | As per actual charges/fees levied by Regulatory bodies + applicable taxes/ statutory levies |
| Fees/Charges levied by such third parties such as mortgage guarantee company | Fees/charges payable to any third party(ies) whose services have been availed | As per actual fee/ charges levied by any third party(ies) + applicable taxes/ statutory levies |
HDFC Bank Home Renovation Loan For Salaried Person
HDFC Bank’s Home Renovation Loan is like a friend for those looking to upgrade their homes. If you’re working in private or government companies, aged between 21 and 60, and have been on the job for at least 2 years (with 1 year at your current workplace), you’re good to go. This loan is all about quick approval and minimal paperwork. If you have an HDFC Bank Salary Account, you just need a monthly income of Rs 25,000; for those without, it’s Rs 50,000.
HDFC Bank Home Renovation Loan For Self-Employed
HDFC Bank’s Home Renovation Loan for self-employed folks is a great way to upgrade your home. You can apply whether you’re a doctor, lawyer, architect, or run your own business. There’s a minimum income requirement, but that might vary depending on where you live. You might need to show some documents proving your income stability. The loan approval is quick and straightforward; you won’t be buried in paperwork.
HDFC Bank Home Renovation Loan – Terms And Conditions
It’s important to carefully review the loan agreement before applying, including terms like prepayment penalties, interest rate calculation, and disbursement conditions. HDFC Bank’s Home Renovation Loan makes making your dream home a reality easier than ever. Visit their website or Urban Money App for more information, and get started on your renovation journey today!
