Home Improvement Loan

Home » Home Loan » Home Improvement Loan

3

Average Review

Home Improvement Loan

Get the Home Improvement Loan with flexible repayment terms, low interest, and easy processing. Renovate your home with minimal documentation and insurance cover.

Visit Site Apply Now Terms & Conditions Apply

Details for Home Improvement Loan

The Home Improvement Loan offers a flexible repayment period of up to 15 years, including a 6-month moratorium. With a floating interest rate linked to the Baroda Repo Linked Lending Rate (BRLLR), this loan helps you upgrade your home with minimal documentation. Loans up to ₹50 lakh are available, subject to eligibility. Insurance cover on the mortgaged house, easy processing, and flexibility in usage make this loan an excellent choice for home improvements.

CIBIL Score

  • Minimum cut off CIBIL score must be 701.

Required Documents

  • Documents related to Public Limited Company / Pvt. Ltd. Company / Partnership Firms / LLPs.
  • Declaration to be submitted every year related to total borrowings.
  • Undertaking that the property will not be let out. If property is let out penal interest @ 2% to be levied from the date of letting out the property.
  • Duly Filled and Signed Application form along with three Photographs
  • Proof of Identity - PAN CARD (mandatory for loan application above Rs.10.00lacs
  • Driver’s License / Voter ID / Passport / Aadhar Card
  • Proof of Residence(Driver’s License / Ration Card/ Voter ID / Passport / Aadhar Card/ Registered Rent Agreement)
  • If any previous loan then loan a/c statement for last 1 year along with sanction letter.( If loan from BoB, Account No / Cust Id required)
  • Proof of assets held like LIC/NSC/KVP/MF/PROPERTY
  • Assets and Liabilities statement

Loan Processing Charges

  • Nil

Features

  • Repayment Period - Maximum period of loans shall be 15 years initially, including the maximum moratorium period of 6 months.
  • House mortgaged with the Bank is to be insured. Insurance modalities are similar to the Home Loan scheme.
  • We offer a floating interest rate on Home Improvement Loan. This interest rate is linked to Baroda Repo Linked Lending Rate (BRLLR) of the bank and is reset monthly.
  • Home Improvement Loan allows for a moratorium period, during which you are not required to make any payment in the form of EMIs. The maximum moratorium period on this loan is 6 months. The maximum tenure of Home Improvement Loan is 15 years, including the moratorium period.
  • The loan can be availed up to a maximum limit of Rs.50.00 laks subject to fulfilment of eligibilty.
  • Flexibility to spend
  • Insurance cover
  • Easy processing
  • Minimal documentation

₹10,000₹1,00,00,000

0%20%

1 Year30 Years

Home Improvement Loan EMI Calculator

Principal amount

₹1,00,000

Interest amount

₹542

Total amount payable

₹1,00,542

Your Monthly EMI is ₹8,379
Apply Now