HDFC Ltd Home Renovation Loan

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The HDFC home renovation loan scheme is designed for individuals who wish to improve their existing homes, make renovations, or enhance comfort. With loans of up to 10 crores, individuals can avail of a home improvement loan at an attractive interest rate starting at 8.75% per annum. Salaried and self-employed individuals are eligible for this home renovation loan scheme and can repay budget-friendly EMIs over 15 years. Continue exploring the HDFC home renovation loan further and check the required documents to experience a hassle-free loan disbursement process.

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Table of Content

1. HDFC Home Renovation Loan Features & Benefits

2. HDFC Home Renovation Loan Interest Rate

3. HDFC Home Renovation Loan Eligibility Criteria

4. HDFC Home Renovation Loan: Documents Required

5. HDFC Home Renovation Loan Fees & Charges

6. HDFC Home Renovation Loan Terms & Conditions

Written By

Satyam Sachdeva

Satyam has always been interested in saving money and realising its worth. He created a Demat account when he turned 18 and has been a keen equity and mutual fund investor. Currently, a writer for Urban Money, he uses his skills to guide his readers in the right direction. Satyam strives to make financial complexities easy for everyone to understand with a pinch of creative salt.

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Amit Prakash Singh

Co-Founder, Square Yards & Chief Business Officer, Urban Money

Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

HDFC Home Renovation Loan Features & Benefits

Factors that make the HDFC home improvement loan a viable option for the enhancement of your living space are given below:

Tax benefits under Income Tax Act, 1961
Loan amounts of up to 10 crores
It can be used for the purchase of furniture and fixtures
Quick and hassle-free disbursement of loan amount
Low processing fee

HDFC Home Renovation Loan Interest Rate

The table below mentions the applicable interest rates and other key details about the HDFC home renovation loan:

Interest Rates	Starting at just 8.75% per annum
Processing Fees	Very low. Up to 0.50% of the loan amount
Loan Amount	Up to 10 crores
Loan Tenure	15 years

HDFC Home Renovation Loan Eligibility Criteria

If an applicant wants to avail of an HDFC home renovation loan, the applicant must be between 18 and 70 years of age. Salaried and self-employed individuals are eligible for this home loan. The applicant’s nationality must be Indian, and they must earn a decent income from a reliable source.

HDFC Home Renovation Loan: Documents Required

The table below lists the required documents for an HDFC home renovation loan:

KYC Documents

PAN Card or Form 60, Passport, Driving License, Voter ID Card, Aadhar Card, etc

Income Documents

For Salaried Individuals: Last three months’ salary slips, last six months’ bank statements, Form 16; and IT returns

Self-Employed Professionals & Non-Professionals: IT returns of at least two assessment years, Balance sheet, P&L statements, etc

Property Documents

All original title deeds of the property, proof that there are no encumbrances and an estimate of the proposed work from an architect or civil engineer.

HDFC Home Renovation Loan Fees & Charges

The pointers given below mention the fees & charges applicable to the HDFC home improvement loan:

Fees for Home Renovation Loans (Salaried, Self-Employed Professionals):

Maximum charge: 0.50% of the loan amount or Rs. 3000/- (whichever is higher)
Minimum retention: 50% of the applicable fees or Rs. 3000/- (whichever is higher)

Fees for NRI loans:

Maximum charge: 1.25% of the loan amount or Rs. 3000/- (whichever is higher)
Minimum retention: 50% of the applicable fees or Rs. 3000/- (whichever is higher)

Fees for Value Plus Loans:

Maximum charge: 1.50% of the loan amount or Rs. 4500/- (whichever is higher)
Minimum retention: 50% of the applicable fees or Rs. 4500/- (whichever is higher)

Fees for loans under the HDFC Bank Reach Scheme:

Maximum charge: 2.00% of the loan amount, plus applicable taxes/statutory levies
Minimum retention: 50% of the applicable fees or Rs. 3000/- (whichever is higher)

Re-appraisal of the loan after six months from the date of sanction:

Charge: Rs. 2000/- plus applicable taxes/statutory levies

HDFC Home Renovation Loan Terms & Conditions

The loan’s security typically involves a security interest on the financed property and/or any additional collateral or interim security that HDFC Bank may require.

Please note that the information above is meant to raise awareness and provide customer convenience, serving as an indicative guide for HDFC Bank’s products and services.

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