IDFC First Bank Home Renovation Loan

IDFC First Bank offers home loans for those planning to renovate their home. One can avail up to Rs. 5 Crores with the IDFC FIRST Bank home renovation loan. Salaried and self-employed individuals are eligible for the IDFC FIRST Bank home renovation loan. The digitalised application process ensures a hassle-free experience, and exclusive balance transfer programmes and specialised insurance products further enhance the offering. Advanced offerings and flexible repayment options make IDFC FIRST Bank's home loan a preferred choice for individuals seeking to renovate their homes.

Key Features of IDFC FIRST Bank Home Renovation Loan

Following is the table highlighting the key features of IDFC FIRST Bank home renovation loan:

IDFC FIRST Bank home renovation loan Features & Benefits

Below are the features and benefits of IDFC FIRST Bank home renovation loan

• Competitive Interest Rates
• Wide Range of tailored loan variants for needs such as new residential purchases, plots and construction, renovation, etc.
• Higher loan amounts range from Rs. 1 lakh to Rs. 5 crores. 
• Flexible tenure options range from 1 year to 30 years. 
• The digitalised application process for a seamless and faster experience. 
• Special programs allow borrowers to transfer existing home loans with waived-off legal charges.
• Offering insurance products to provide additional security for the borrower and their home.

IDFC FIRST Bank Home Renovation Loan Interest Rates

Below are the details of the interest rates of IDFC FIRST Bank home renovation loan:

IDFC FIRST Bank Home Renovation Loan Eligibility Criteria

Now, let’s examine the eligibility criteria for obtaining the IDFC FIRST Bank home renovation loan for salaried individuals.

IDFC FIRST Bank Home Renovation Loan Documents Required

The following documents are necessary for applying for the IDFC FIRST Bank construction loan:

Identity Proof

• Aadhaar card
• Election ID card
• PAN card
• Passport
• Driving Licence
• Govt., Defence ID cards, etc. 

Address Proof

• Aadhaar Card 
• Election ID Card 
• Telephone Bill 
• Passport 
• Driving Licence

Income Proof

• Salaried: Last 2 months salary slip, latest ITR or Form 16, last 6 months bank statement
• Self-employed: Latest ITR, balance sheet or P&L statement, GST return, last 6 months bank statements or CC statements, etc.

Property Proof

• Draft sale deed and chain title documents photocopy (if any)
• Allotment/Possession letter
• NOC from the society and other documents as per legal report

IDFC FIRST Bank Home Renovation Loan Processing Fees and Other Charges

Processing Fees and charges for the IDFC FIRST Bank  home renovation loan are below:

IDFC FIRST Bank Home Renovation Loan For Salaried Person

IDFC FIRST Bank’s Home Renovation Loan, exclusive to salaried individuals, offers competitive interest rates starting from 8.75% and flexible repayment options with a tenure of up to 30 years. With hassle-free processing and a streamlined application process, it’s the perfect solution for those with a regular income.

IDFC FIRST Bank Home Renovation Loan For Self-Employed

For self-employed individuals, IDFC FIRST Bank’s Home Renovation Loan is an accessible solution. It features competitive interest rates starting from 8.80% and flexible repayment options spanning up to 25 years. With streamlined processing and an application process, it’s an ideal choice.

IDFC FIRST Bank Home Renovation Loan – Terms And Conditions

Here are some terms and conditions from IDFC FIRST Bank’s home renovation loan 

• In the self-employed category, only resident Indians can apply for the loan.
• To qualify for the IDFC FIRST Bank Home Renovation Loan, salaried individuals must have at least 3 years of experience, and self-employed individuals must have 4 years.