HDFC Sales Home Renovation Loan

Renovating your home year on year can be exciting and expensive. However, there is a way to secure the necessary funds for home renovation. This is where the HDFC home renovation loan comes into play, featuring competitive rates and attractive terms. Whether you are a salaried employee or self-employed, the bank ensures eligible applicants can expect an interest rate somewhere between 8.75% and 9.95% per annum. It will be based on their financial profile and creditworthiness. This guide details the applicable eligibility, required documentation, associated fees, and other pertinent features of an HDFC home improvement loan. For more detailed information, continue to scroll down.

HDFC Home Renovation Loan – Highlights

Have a close look at the important parameters of an HDFC home renovation loan:

HDFC Home Renovation Loan Features & Benefits

Here are the expected features and benefits of an HDFC home improvement loan:

• Completely digital process
• Attractive interest rate
• Personalised repayment plans
• Moderate eligibility criteria
• Minimal documentation 
• Quick fund disbursement 

HDFC Home Renovation Loan Interest Rates

The applicable HDFC home improvement loan interest rates are as follows:

HDFC Home Renovation Loan Eligibility Criteria

The eligibility criteria to apply for an HDFC home renovation loan are mentioned below:

• Age: Applicants must be at least 18 years old at the time of loan application and not more than 70 years old at loan maturity.
• Income: The minimum income requirement varies based on the loan amount and the applicant’s profile.
• Credit Score: A good credit score is crucial for approval; preferably, a score of 700 or above is considered ideal.
• Property Ownership: The property to be renovated should be in the applicant’s name.

HDFC Home Renovation Loan Documents Required

The following are the required documents for an HDFC home improvement loan:

• Identity Proof: Aadhaar card, voter ID, PAN card, driving license, passport, etc.
• Address Proof: Utility bills, voter ID, aadhaar card, passport, ration card, etc.
• Salary Proof: Last 3-month salary slips, 6-month bank statements, latest Form-16, and income tax returns.
• Business Proof: Last 2-year income tax returns, balance sheet and profit & loss account statement, and 1-year bank statements.
• Property Proof: Title deed, property tax receipts, encumbrance certificate, no objection certificate (NOC) from housing society or builder.

HDFC Home Renovation Loan Processing Fees and Other Charges

In addition to the HDFC home improvement loan interest rates, here are the applicable fees and charges for this loan –

HDFC Home Renovation Loan – Terms and Conditions

HDFC home renovation loan is a secured credit option. You must use your assets as collateral, typically the property you want to renovate. The property’s value should be equivalent to or higher than the loan amount. However, it is crucial to pay your EMIs on time. This helps you maintain a good credit score, avoid penalties, and ensure financial discipline.

On the other hand, late payments can lead to several issues. You may face penalties and a negative impact on your credit score. And if you keep failing to repay, HDFC could take legal action and take your property to cover their loss.