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Home Improvement & Renovation Loan
Home Improvement & Renovation Loan
Renovate the home you already own
A home improvement (or renovation) loan is a smaller-ticket secured loan to repair and upgrade a home you already own — painting, flooring, plumbing, a modular kitchen, false ceiling, waterproofing, electrical rework and internal repairs. Because it is secured against your home, the rate is typically lower than an unsecured personal loan, and the tenure can stretch much longer. As an intermediary, we compare 30+ banks and housing-finance companies so you get the right structure and a clear cost picture before you commit.
We are not a lender — the loan is sanctioned and disbursed by our partner bank or HFC at their discretion. Whether a renovation is funded, and how much, is lender-dependent. Our advisory is free to you for most retail loans; we are compensated by the lender, never by hidden charges.
Loan amount*Up to ₹50 L
Interest rate*8.5%–11% p.a.
Max tenure*Up to 15 yrs
Processing fee*0.25%–1% + GST
Funding*Lender-dependent
*Indicative and subject to change — the actual amount, rate, tenure, fees and how much of the renovation is funded are set by the lender per RBI norms and your profile. See the full disclaimer in the footer.
Who it's for
Made for homeowners upgrading their space
Homeowners renovating
Refresh an existing home — kitchen, flooring, painting or a full interior makeover.
Repairs & maintenance
Plumbing, electrical rework, waterproofing and structural repairs to a self-owned house.
Smaller-ticket needs
A renovation budget that's too large for savings but smaller than a fresh home loan.
Existing-loan borrowers
Already paying a home loan? A top-up can often fund renovation at a similar rate.
Features & benefits
Why a renovation loan beats dipping into savings
Secured-loan pricing
Backed by your home, the indicative rate of 8.5%–11% p.a.* is typically well below an unsecured personal loan.
Tenure up to 15 years
Spread a renovation over a longer tenure* so the monthly EMI stays comfortable.
Wide list of works
Painting, flooring, plumbing, modular kitchen, false ceiling, waterproofing, electrical and internal repairs.
Some tax relief
Interest on borrowing for renovation can qualify under §24(b), up to ₹30,000 a year within the overall ₹2 lakh cap.
Top-up on a home loan
Already have a home loan? A top-up often funds renovation at a similar rate with simpler paperwork.
30+ lenders compared
One application, a written comparison, and an advisor you can reach by name.
Eligibility
Who qualifies for a renovation loan
| Criteria | Salaried | Self-employed |
|---|---|---|
| Age | 21–60 years (at maturity) | 21–70 years (at maturity) |
| Income / vintage | Stable monthly income; usually 2+ years of work | Profitable business; usually 3+ years of ITRs |
| Property ownership | You must own the home being renovated; clear, marketable title in your name | |
| CIBIL score | Typically 700+ helps you qualify for sharper rates; we can still help if it's lower | |
| Purpose | Repair / renovation of the owned home — an estimate or quote for the works helps | |
| Co-applicant | Optional — adding an earning co-applicant can raise eligibility | |
Eligibility is indicative and finally determined by the lender's policy and credit assessment.
Documents
What you'll typically need
Salaried
- PAN & Aadhaar (KYC), recent photographs
- Latest 3 months' salary slips
- Last 6 months' bank statements (salary account)
- Form 16 / latest 2 years' ITR
- Ownership proof of the home being renovated
- Renovation estimate / contractor quote (where required)
Self-employed
- PAN & Aadhaar (KYC), recent photographs
- Last 3 years' ITR with computation of income
- Audited financials / P&L & balance sheet
- Last 12 months' bank statements (business & personal)
- Ownership proof of the home being renovated
- Renovation estimate / contractor quote (where required)
Exact documents vary by lender and profile — we share a personalised checklist once we understand your case.
Rates, fees & charges
Indicative cost of a renovation loan
| Item | Indicative* |
|---|---|
| Interest rate | 8.5% – 11% p.a. (floating, linked to repo) |
| Loan amount | Up to ₹50 lakh, lender- and profile-dependent |
| Processing fee | 0.25% – 1% of loan amount + GST |
| Prepayment / foreclosure | NIL on floating-rate loans to individuals (RBI) |
| Legal & technical / valuation | ₹2,500 – ₹10,000 (lender / property dependent) |
| Late payment / bounce | Penal interest + flat charge as per sanction |
*Indicative as of the current period and subject to change without notice. Final rates and fees are set by the lender in the sanction letter.
How it works
From first call to disbursal —
four simple steps.
01
Share your goal
Tell us your budget, income and the property — by phone or our web form.
02
Compare & choose
We compare 30+ lenders and present a clear, written shortlist.
03
Documentation & sanction
We prepare your file and coordinate verification, valuation and sanction.
04
Disbursal & beyond
Funds are disbursed — and we stay available for top-ups and queries.
Tax treatment
Tax on a renovation loan — the ₹30,000 sub-limit
§24(b) — up to ₹30,000
For a self-occupied home, interest on a loan taken for repair or renovation is deductible under §24(b) up to ₹30,000 a year.
Within the ₹2 L cap
This ₹30,000 is a sub-limit inside the overall ₹2 lakh §24(b) ceiling — it is not an extra ₹2 lakh on top of your home-loan interest.
No §80C on principal
Unlike a fresh home loan, principal repaid on a pure renovation loan does not qualify for §80C — the relief here is only the §24(b) interest sub-limit.
Tax benefits depend on your situation and the law in force. This is general information, not tax advice — please confirm with a tax professional.
See your EMI before you start the work
Use the Home Loan EMI calculator for this secured renovation loan, then compare with the Personal Loan EMI calculator to weigh an unsecured alternative — free, instant and built for Indian borrowers.
FAQs
Renovation loan — questions, answered
A home improvement loan is secured against the home you own, so the indicative rate (8.5%–11% p.a.) is typically lower and the tenure longer (up to 15 years) than an unsecured personal loan, which is faster to get but costlier. We can size both so you can compare the EMI and total interest before deciding.
For a self-occupied home, interest on a loan taken for repair or renovation is deductible under §24(b) up to ₹30,000 a year. Importantly, this ₹30,000 is a sub-limit within the overall ₹2 lakh §24(b) ceiling — not an extra ₹2 lakh on top — so it shares the cap with any home-loan interest you already claim. The principal does not qualify for §80C.
Typical works include painting, flooring, tiling, plumbing, a modular kitchen, false ceiling, waterproofing, electrical rework and internal repairs to an owned home. Lenders fund renovation and repair of an existing structure rather than a fresh purchase or a separate new floor — for an added floor or area, a home extension loan is the right fit.
Indicatively up to ₹50 lakh, though the exact amount is lender-dependent and based on your income, the renovation estimate and the value of your property. Because it is a smaller-ticket secured loan, the sanction is often a percentage of the works estimate or the property value.
Tenure is indicatively up to 15 years, capped by your age at loan maturity. A longer tenure lowers the EMI but increases the total interest you pay, so we help you pick a tenure that balances monthly comfort with overall cost.
Most internal renovation and repair — painting, flooring, plumbing, a modular kitchen, electrical or waterproofing — does not need a municipal sanction. Approvals matter mainly when you alter the structure or add built-up area, which falls under a home extension loan. Lenders may still ask for a contractor's estimate to size the loan.
You'll typically need KYC (PAN & Aadhaar), income proof (salary slips and bank statements, or ITRs and financials if self-employed), ownership proof of the home being renovated, and often a renovation estimate or contractor quote. We share a personalised checklist once we understand your case.
Often, yes. If you already have a running home loan with a good repayment record, a top-up can fund renovation at a rate close to your home-loan rate, with simpler paperwork and no fresh mortgage. We compare a fresh renovation loan, a top-up and a personal loan so you can pick the cheapest route for your case.
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