🔑 Key Features of Home Improvement Loans
| Feature | Description |
|---|---|
| Purpose | To renovate, repair, or upgrade an existing house or flat |
| Loan Amount | ₹50,000 to ₹40 lakh+ (depends on income, home value, lender) |
| Tenure | 1 to 15 years (can be longer if tied to mortgage) |
| Interest Rate | 8.5% – 12.5% p.a. (lower than personal loans) |
| Collateral | May or may not be required (secured/unsecured options available) |
| Tax Benefits | Yes, under Section 24(b) on interest paid (up to ₹30,000/year) |
✅ Eligibility Criteria
| Criteria | Requirement |
|---|---|
| Age | 21 to 65 years |
| Employment | Salaried or self-employed |
| Minimum Income | ₹15,000–₹30,000/month (varies by lender) |
| Credit Score | Preferably 700+ for best rates |
| Property Ownership | You must be the legal owner of the house being renovated |
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🧾 Uses of a Home Improvement Loan
🖌️ Painting & whitewashing
🧱 Wall tiling or flooring
🚿 Bathroom or kitchen remodeling
🔌 Electrical rewiring or plumbing
🪟 Installing new doors, windows, or grills
🪑 Modular kitchen, wardrobes, or furniture
🪴 Landscaping, fencing, or garden work
🔨 Fixing leaks, cracks, dampness, and more
📄 Documents Required
KYC documents – PAN, Aadhaar, etc.
Proof of income – Salary slips, bank statements, ITR
Proof of ownership – Title deed, sale agreement, property tax receipt
Renovation estimate – From contractor or architect (for larger loans)
Property photos – Before and after work (in some cases)