SBI Renovation Home Loan

SBI does not offer a specific loan called the SBI Home Renovation Loan. However, they have a regular home loan product that can be used for renovation. SBI Home Loans is the leading provider of mortgages in the country, having successfully helped over 31 Lakh families fulfil their dream of owning a home. It is built on trust and transparency, following SBI's long-standing tradition. It provides various options for purchasing properties, such as ready-built, under-construction, and pre-owned homes. Additionally, it covers the purchase of plots, construction of houses, house extensions, and repairs/renovations. The SBI Home Loan is intended for a wide range of renovation projects. Borrowers can use the loan for various purposes, such as painting, plumbing, electrical work, waterproofing, tiling, flooring, and furniture and fixtures. This flexibility ensures that homeowners can cover all aspects of home renovation, from minor repairs to major remodelling projects.

SBI renovation home loan highlights are as follows:

SBI Home Renovation Loan Features & Benefits

SBI does not offer a separate SBI Home Renovation Loan product, but their regular home loan can be used for renovations. Here’s a list of the features and benefits:

• Loan funds can be used for repairs, enhancements, and updates to your current property. 
• SBI provides flexible loan terms that can stretch up to 30 years, allowing you to adjust your repayment schedule based on your financial circumstances.
  
• SBI offers competitive interest rates on renovation loans, starting at 9.15% p.a.
  
• SBI offers a maximum loan amount of Rs. 10 crores, which can cover substantial renovation expenses. 
• Additionally, you may be eligible to deduct the interest paid on your home loan EMI for renovations, up to Rs. 30,000 per year, under Section 24B of the Income Tax Act.

SBI Home Renovation Loan Interest Rates

SBI does not promote a particular interest rate for loans intended for home renovation, as it does not provide a distinct product for this purpose. Nevertheless, you can use its standard home loan for renovation. SBI presents attractive interest rates for renovation loans, commencing at 9.15% per annum.

SBI Home Renovation Loan Eligibility Criteria

The eligibility criteria for an SBI Home Improvement Loan are as follows:

• Type of Resident: Indian Resident
• Minimum Age Requirement: Must be at least 18 years old
• Maximum Age Limit: Must not exceed 70 years of age
• Loan Duration: Can be as long as 30 years.

SBI Home Renovation Loan Documents Required

Here is a list of all the documents applicable to all applicants for SBI home renovation loan:

• Loan Application: Completed loan application form duly filled in and affixed with 3 passport-size photographs
• Proof of Identity: PAN/ Passport/ Driver’s License/ Voter ID card
• Proof of Residence/ Address: Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill, or copy of Passport/ Driving License/ Aadhar Card
• Property Papers: Permission for construction (where applicable)
• Registered Agreement for Sale (only for Maharashtra)/Allotment Letter/Stamped Agreement for Sale
• Occupancy Certificate (in case of ready-to-move property)
• Share Certificate (only for Maharashtra), Maintenance Bill, Electricity Bill, Property Tax Receipt
• Approved Plan copy (Xerox Blueprint) & Registered Development Agreement of the builder, Conveyance Deed (For New Property)
• Payment Receipts or bank A/C statement showing all the payments made to Builder/Seller
• Last 6 months’ bank account statements for all bank accounts held by the applicant/s.
• If any previous loan from other Banks/Lenders, then the Loan A/C statement for the last 1 year
• Income Proof for Salaried Applicant/ Co-applicant/ Guarantor
• Salary Slip or Salary Certificate for the last 3 months.
• Copy of Form 16 for the last 2 years or copy of IT Returns for the last 2 financial years, acknowledged by the IT Department.

SBI Home Renovation Loan Processing Fees and Other Charges

Here are all the fees and charges that you might get alongside your SBI home renovation loan:

SBI Home Renovation Loan for Salaried Person

While SBI does not offer a specific SBI Home Renovation Loan, their regular home loan product can be used for renovations and caters to salaried individuals. Here are the SBI home renovation loan eligibility criteria:

• Minimum Age: 18 years
• Maximum Age: 75 years
• Must be a salaried employee with a stable income
• A good credit score improves approval chances and lowers interest rates
• The property you plan to renovate must be owned by you or jointly owned (with co-applicant)
• Must have salary slips for the last 3 months, bank statements for the last 6 months showing salary credits

SBI Home Renovation Loan for Self-Employed

 Here’s a breakdown of how SBI renovation home loan for self-employed applicants works:

• Resident Type: Resident Indian
  
• Wherever the applicant is a Proprietor of a Proprietorship firm or is one of the partners in a Partnership Firm, or is one of the Directors in a Company, the firm/Company:
  

-It should be in existence for at least the last 3 years

-Must have earned Net Profit in the last two years

-Existing Credit Facilities, if any, should be Regular and Standard. Opinion Reports in this regard will be obtained from the existing Bankers

-Wherever the proposed House Property is acquired in joint names of the Proprietor and the Proprietory Firm, the firm should be our existing borrower or a debt-free entity.

• Minimum Age: 18 years
  
• Loan Tenure: up to 30 years
  
• Loan Amount: Rs. 50,000/- & Maximum: Rs. 50 crores.

SBI Home Renovation Loan – Terms and Conditions

It is important to carefully review the loan agreement before obtaining a loan. This involves analysing aspects such as penalties for early payment, the method of interest rate calculation, and the requirements for fund distribution. SBI’s Home Renovation Loan streamlines the transformation of your ideal home into a reality. For further information and to start your renovation, visit their website or utilise the Urban Money App.