Home Renovation Loans

A home is usually said to be a reflection of its owner. You can now spruce up your home and make renovation a milestone as memorable and enjoyable as home buying. With HDFC Bank's House Renovation Loans you can upgrade your existing home to a contemporary design and a more comfortable living space.

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Home Renovation Loan EMI Calculator

Loan Amount

₹

₹1 Lac ₹10 Cr

Tenure (Years)

1 30

Interest Rate (% P.A.)

0.5 15

Monthly Home Renovation Loan EMI

₹198341

Principal Amount

₹198341

Interest Amount

₹198341

Total Amount Payable

₹198341

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Terms and Conditions

Home Renovation Loan Interest Rates

All rates are benchmarked to Policy Repo Rate. Current applicable Repo Rate = 6.50%

Special Home Loan Rates for Salaried & Self Employed (Professionals & Non-Professionals)
Loan Slab	Interest Rates (% p.a.)
For All Loans*	Policy Repo Rate + 2.25% to 3.15% = 8.75% to 9.65%

Standard Home Loan Rates for Salaried & Self Employed (Professionals & Non-Professionals)
Loan Slab	Interest Rates (% p.a.)
For All Loans*	Policy Repo Rate + 2.90% to 3.45% = 9.40% to 9.95%

*The above Home Loan interest rates/ EMI are applicable for loans under the Adjustable Rate Home Loan Scheme (Floating Interest Rate) of (HDFC Bank and are subject to change at the time of disbursement. The Home Loan interest rates above are linked to HDFC Bank's Repo Rate and are variable through out the tenor of the loan. All loans are at the sole discretion of HDFC Bank. For further details regarding the loan slabs and interest rates above Click Here

*HDFC BANK does not source any Home Loan business from any Lending Service Providers (LSPs).

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Home Improvement Loan Calculators

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Documents required for Home Improvement Financing

For loan approval, you need to submit the following documents for applicant / all co-applicants along with the completed and signed home loan application form.

A	Sr.No.	Mandatory Documents
	1	PAN Card or Form 60 (If the customer does not have a PAN Card)
B	Sr.No.	Description of Officially Valid Documents (OVD) that can be accepted for establishing the legal name & current address of Individuals*[Any one of the following documents can be submitted]	Identity Proof	Address Proof
	1	Passport, the validity of which has not expired.
	2	Driving license which has not expired.
	3	Election /Voters identification card
	4	Job card issued by NREGA duly signed by the officer of the State Government
	5	Letter issued by the National Population Register containing details of name, address.
	6	Proof of possession of Aadhaar Number (to be obtained voluntarily)

A document mentioned above shall be deemed to be an OVD even if there is a change in the name subsequent to issuance provided it is supported by a marriage certificate issued by State Government or Gazette notification, indicating such a change of name.

Document	Salaried	Self Employed Professional	Self Employed Non Professional
Last 3 months' Salary Slips
Last 6 months' Bank Statements, showing salary credits
Latest Form-16 and IT returns
Income Tax Returns along with computation of income for at least the last 2 Assessment Years (of both the individual and the business entity and attested by a CA)
At least the last 2 years’ Balance Sheet and Profit & Loss A/c Statements, with Annexures / Schedules (of both the individual and the business entity and attested by a CA)
Last 12 months' Current A/c Statements of the business entity and Savings Account Statements of the individual

Document	Salaried	Self Employed Professional	Self Employed Non Professional
All original Title Deeds of the property
Proof of no encumbrances on the property
An estimate of the proposed work from an Architect / Civil Engineer

Document	Salaried	Self Employed Professional	Self Employed Non Professional
Own Contribution Proof
Employment Contract / Appointment Letter in case current employment is less than year old
Last 6 months' Bank Statements showing repayment of any ongoing loans
Passport size photograph of all the applicants / co-applicants to be affixed on the Application form and signed across.
Cheque for processing fee favouring HDFC Bank
Business Profile
Latest Form 26 AS
List of Directors and Shareholders with their individual shareholding certified by a CA / CS in case of the business entity being a company
Memorandum and Articles of Association of the Company
Partnership deed in case of the business entity being a partnership firm
Details of ongoing loans of the individual and the business entity including the outstanding amount, instalments, security, purpose, balance loan term, etc.

*All documents to be self-attested. The above list is indicative in nature and additional documents can be asked for.

Housing Charges

Processing Fees & Charges

Processing Fees & Charges
Fees for Resident Housing Loan/ Extension/ House Renovation Loan/ Refinance of Housing Loan/ Plot Loans for Housing (Salaried, Self-Employed Professionals)	Upto 0.50% of the loan amount or Rs. 3300/- whichever is higher + applicable taxes / statutory levies. Minimum Retention Amount: 50% of applicable fees or Rs. 3300/- +applicable taxes/statutory levies whichever is higher
Fees for Resident Housing/ Extension/ Renovation/ Refinance/ Plot Loans for Self Employed Non-Professionals.	Upto 1.50 % of the Loan amount or Rs. 5000/- whichever is higher+ applicable taxes / statutory levies. Minimum Retention Amount: 50% of applicable fees or Rs. 5000/- +applicable taxes/statutory levies whichever is higher
Fees for NRI Loans	Upto 1.50% of the Loan amount or Rs. 3300/- whichever is higher + applicable taxes / statutory levies and charges. Minimum Retention Amount: 50% of applicable fees or Rs. 3300/-+applicable taxes/statutory levies whichever is higher
Fees for Value Plus Loans	Upto 1.50% of the Loan amount or Rs. 5000/- whichever is higher + applicable taxes / statutory levies and charges. Minimum Retention Amount: 50% of applicable fees or Rs. 5000/-+applicable taxes/statutory levies whichever is higher
Fees for Loans under HDFC Bank Reach Scheme	Up to 2.00% of the loan amount+ applicable taxes / statutory levies. Minimum Retention Amount: 50% of applicable fees or Rs. 3300/-+applicable taxes/statutory levies whichever is higher
Re-appraisal of loan after 6months from date of sanction	Salaried / Self employed Professional-Upto Rs. 3300/- + applicable taxes/ statutory charges For Self-Employed Non-Professionals/ NRI/ Value Plus Loans/ HDFC Reach Scheme/- Upto Rs. 5000/- + applicable taxes + statutory charges
Increase in Loan amount	For loan amount increase fees applicable under processing charges shall be levied.

Other Charges

Other Charges
Delayed Instalment Payment Charges	A maximum of 18% P. A. on overdue instalment amounts.
Incidental Charges	Incidental charges and expenses are levied to cover the cost, charges, expense and other monies as per actuals applicable to a case.
Stamp Duty/ MOD/ MOE/ Registration	As applicable in the respective States.
Fees/Charges levied by Regulatory /government entities such as CERSAI	As per actual charges/ fee levied by Regulatory bodies + applicable taxes/ statutory levies
Fees/Charges levied by such third parties such as mortgage guarantee company	As per actual fee/ charges levied by any third party(ies) + applicable taxes/ statutory levies

• 10% discount to senior citizens on all the service charges

Conversion Charges

Conversion Charges
Switch to Lower Rate in Variable rate Loans (Housing/ Extension/ Renovation / Plot / Top Up)	Upto 0.50% of the Principal Outstanding and undisbursed amount (if any) at the time of Conversion or Rs 3000 (which ever is lower)
Switch from Combination Rate home loan under fixed rate term / fixed rate loan to Variable rate	Upto 1.50% of the Principal Outstanding and Undisbursed amount (if any)+ applicable taxes / statutory levies at the time of Conversion.
Conversion of ROI from floating to fixed (who have availed EMI based floating rate Personal Loans )	Please refer the RBI circularNo.DBR.No.BP.BC.99/08.13.100/2017-18 on “XBRL Returns – Harmonization of Banking Statistics” dated January 04, 2018.” Upto Rs.3000/- + applicable taxes / statutory levies.

Miscellaneous Receipts

Miscellaneous Receipts
Payment Return Charges	Rs. 300/- Per Dishonor.
Photocopy of Documents	Upto Rs. 500/- + applicable taxes / . statutory levies
Fees on account of External Opinion – such as legal/technical verifications.	As per actuals.
List of documents charges- for issuance of duplicate list of documents post disbursement	Upto Rs. 500/- + applicable taxes / statutory levies.
Repayment Mode Changes	Upto Rs. 500/- + applicable taxes / statutory levies.
Custody Charges/Property Document Retention charges	Rs. 1000 per calendar month, after 2 calendar months from date of closure of all loans/facilities linked to the collateral
Charges levied on account of non- adherence of sanction terms agreed by customer at the time of disbursement of the loan.	Upto 2% charges per annum on principal outstanding for non- compliance of agreed terms upto its fulfilment- (charged on monthly basis) subject to cap of Rs. 50000/- for critical security related deferrals. Max Rs. 25000/- for other deferrals.

Pre Mature Closure / Part Payment

Pre Mature Closure / Part Payment Charges
A. Adjustable Rate Loans (ARHL) and Combination Rate Home Loan (“CRHL”) during the period of applicability of the Variable Rate of interest	For loans sanctioned to individual borrowers with or without co-applicants, no prepayment charges shall be payable on account of part or full prepayments made through any sources* except when the loan is sanctioned for business purposes**.
B. Fixed Rate Loans (“FRHL”) and Combination Rate Home Loan (“CRHL”) during the period of applicability of the Fixed Rate of interest	For all loans sanctioned with or without co-applicants, the prepayment charge shall be levied at the rate of 2%, plus applicable taxes/statutory levies of the amounts being so prepaid on account of part or full prepayments except when part or full prepayment is being made through own sources*.

Own Sources: *the expression "own sources" for this purpose means any source other than borrowing from a Bank/HFC/NBFC or Financial Institution.

**Conditions apply

The Borrower will be required to submit such documents that HDFC Bank may deem fit & proper to ascertain the source of funds at the time of prepayment of the loan.

Name of Fee/ Charge levied	Amount in Rupees
Custody charges	Rs 1000/- per month for non-collection of collateral documents beyond 60 days, from date of closure of all loans/facilities linked to the collateral.

House Renovation Loan Eligibility

Loan eligibility is primarily dependent on income and repaying capacity. Other important factors include the customer’s profile, age at loan maturity, age of property at loan maturity, investment and savings history etc.

Important Factor	Criteria
Age	18-70 years
Profession	Salaried / Self Employed
Nationality	Resident Indian
Tenure	Up to 15 years

Classification Of Self Employed

SELF-EMPLOYED PROFESSIONAL	SELF EMPLOYED NON-PROFESSIONAL (SENP)
Doctor, Lawyer, Chartered Accountant, Architect, Consultant, Engineer, Company Secretary etc.	Trader, Commission Agent, Contractor etc.

How does adding a co-applicant benefit? *

Higher loan eligibility with an earning co-applicant

*All co-applicants need not be co-owners. But all co-owners need to be co-applicants to the loans. Generally, co-applicants are close family members.

Maximum Funding**

Existing Customer
Loans up to and including ₹30 lacs	100% of the renovation estimate (subject to loan / total exposure not exceeding 90% of the market value of the property as assessed by HDFC Bank)
Loans from ₹30.01 lacs to ₹75 lacs	100% of the renovation estimate (subject to loan / total exposure not exceeding 80% of the market value of the property as assessed by HDFC Bank)
Loans above ₹75 lacs	100% of the renovation estimate (subject to loan / total exposure not exceeding 75% of the market value of the property as assessed by HDFC Bank)

New Customer
Loans up to and including ₹30 lacs	90% of the renovation Estimate
Loans from ₹30.01 lacs to ₹75 lacs	80% of the renovation Estimate
Loans above ₹75 lacs	75% of the renovation Estimate

**Subject to market value of the plot and repayment capacity of the customer, as assessed by HDFC Bank.

Home Loan in Different Cities

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₹90 Lakhs Home Loan

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₹65 Lakhs Home Loan

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Testimonials

AGHARA RAVIKUMAR M

“

It was very easy to complete disbursement process with support of HDFC staff

”

MURALI SHEEBA

“

For people like us with a busy schedule hassle-free service online without visiting the bank was really a lifesaver.

”

FREDDY VINCENT S V

“

In this challenging situation, the entire process was carried out in a smooth way. Even the query raised was sorted out in a very short time with no hurdle. Every person involved in the inquiry procedures were courteous.

”

Frequently Asked Questions

It is a loan for renovating(without altering the structure/carpet area) your home in ways like tiling ,flooring, internal / external plaster and painting etc.

Any person who wishes to carry out renovation in their Apartment/Floor/Row house. Existing home loan customers can also avail a House Renovation Loans.

You can avail a House Renovation Loans for a maximum term of 15 years or till your age of retirement ,whichever is lower.

Interest rates applicable on house renovation loans do not differ from the interest rates of home loans.

House Renovation Loans can only be used to fund the purchase of immovable furnitures and fixtures

Yes. You are eligible for tax benefits on the principal components of your house renovation loan under the Income Tax Act, 1961. As the benefits could vary each year, please do check with our Loan Counselor about the tax benefits which you could avail on your loan.

Security of the loan would generally be security interest on the property being financed by us and / or any other collateral / interim security as may be required by us.

You can take disbursement of the loan once the property has been technically appraised, all legal documentation has been completed and you have invested your own contribution in full.

We will disburse your loan in installments based on the progress of construction/renovation as assessed by HDFC Bank.

You can find a checklist regarding documents required and applicable fees & charges on https://www.hdfc.com/checklist#documents-charges

Rates Offered to Customer (Past Quarter)
Segment	IRR			APR
Segment	Min	Max	Avg.	Min	Max	Avg.
HOUSING	8.35	12.50	8.77	8.35	12.50	8.77
NON - HOUSING*	8.40	13.30	9.85	8.40	13.30	9.85
*NON - HOUSING = LAP(EQUITY), NON-RESIDENTIAL PREMISES LOAN & INSURANCE PREMIUM FUNDING

House Renovation Loan Benefits

End to end digital process

Loan approval in 4 simple steps.

Customised Repayment Options

Tailor-made home loans to suit your requirements.

Easy documentation

Apply with minimal documents, save time and effort.

24x7 assistance

Connect with us on Chat, WhatsApp anytime, anywhere!

Online loan account

Key Features

Loans for enhancing your home in many ways such as tiling and flooring, internal and external plaster and painting etc.

Loans at Home Loan interest rates.

Easy and hassle-free documentation.

Available for both existing and new customers.

Simple repayments through monthly instalments.

Terms & Conditions

Security

Security of the loan would generally be security interest on the property being financed and / or any other collateral / interim security as may be required by HDFC Bank.

Other Conditions

All the information contained herein above is for awareness and customer convenience and is intended to only act as an indicative guide about HDFC Bank’s products and services. For detailed information about HDFC Bank’s products and services kindly visit the nearest HDFC Bank branch.

Click here for the Most Important Terms and Conditions pertaining to your loan.