Home Renovation Loan − Give Your House a Makeover

Home Improvement Loan is one of the easiest ways to fund your dream of giving your home a new look and renovating it as per your desire. And now this loan can be applied online with a few clicks with easy installment options.

Home improvement loan, as the name suggests, is used to improve your existing home like adding a new room, adding a new balcony or making some improvement in the existing home structure.

It is also popularly known as repair and renovation loans.

With AAVAS home renovation loans, you can upgrade your existing home to a modern look and comfortable living.

A home improvement loan is an ideal choice if you want to increase your living space or make some design improvement as per your desires. Also, as one’s family grows, so does the need to improve and add more space to accommodate rising demands of the family members. Believe it or not, home improvement loans are the most cost-effective way to fulfill this need for more space.

Apply For Home Improvement Loan Calculate Your Improvement Loan EMI

A home renovation loan or home improvement loan can be availed to repair & renovate, refurbish, extend, or modify your house. It is a way to fulfill your dream of upgrading your home and making it more comfortable as per your needs and preferences. From a future perspective, investing your money in the home renovation or improvement is a good idea. Compared to a personal loan, taking a home renovation loan is far better as it has various advantages like tax benefits, competitive interest rates, and many more. Before applying for the loan, you must check the home renovation loan eligibility using the online free eligibility calculator for quick approvals.

Features of Aavas Home Improvement Loan

We offer loans for improving your home in many ways such as tiling or flooring, plaster or painting, etc.
Attractive interest rates

Tenure of up to
- 30 years for salaried customers (from government/ PSU/ Private sector)
- 25 years for other salaried customers<
- 20 years for self-employed customers.
Integrated branch network that facilitates loan servicing at a branch convenient to you.

Benefits of Home Improvement Loan

A home improvement loan is a type of loan that helps homeowners fund renovation or repair work on their houses. These loans are specifically designed to cover costs associated with home improvement projects. They are a popular choice among Indian homeowners looking to upgrade their living spaces.

Competitive Interest Rates: Home improvement loans usually come with best interest rates. This makes them a more affordable option for homeowners who want to renovate their homes.
Tax Benefits: Home improvement loans can also help homeowners save on taxes for the interest paid on the loan

With the help of Aavas {0}, you can easily calculate the eligibility amount and then follow Home Loan EMI Calculator to know your EMIs that you will be required to pay.

Eligibility Criteria for Home Improvement Loan

Age	The minimum age of the applicant should be 18 years, and the maximum age should not exceed 70 years at the start of loan.
Income	The applicant should have a stable source of income to repay the loan.
Property ownership	The applicant should be the owner of the property that needs to be renovated.
Credit Score	The loan amount you can avail depends on your eligibility and credit score, with higher eligibility and credit scores result in a higher loan amount. However, we also fund customers who have a credit score of (-1).

*Please note that the loan amount is subject to the Loan-to-Value (LTV) ratio.

Documents Required for Home Improvement Loan

For Salaried People
For Self Employed People

Identity Proof

Your PAN Card is mandatory, and any one of these:

Passport
Voter ID
Aadhar Card
Driving License

Address Proof

Passport
Voter ID
Aadhar Card
Electricity bill/ water bill/ telephone bill
Driving License

Proof of Income

Salary Slips/Bank Statement/Form 16
Salary Certificate

Property Documents

Title Deeds of the Property
Proof of No Encumbrances on the property

Identity Proof

Your PAN Card is mandatory, and any one of these:

Passport
Voter ID
Aadhar Card
Driving License

Address Proof

Passport
Voter ID
Aadhar Card
Electricity bill/ water bill/ telephone bill
Driving License

Proof of Income

IT Returns and/or Financial Statements of last 3 years And/or
Informal Income Documents

Property Documents

Title Deeds of the Property
Proof of No Encumbrances on the property

Note 1: For a full list of KYC documents, visit your nearest Aavas Financiers’ Branch.
Note 2: Make sure all your documents are valid (not past expiry date in case of Driving License and Passport)

Click to get more details about the Documents Required for Home Improvement Loan

Home Improvement Loan FAQs

loan for home renovation is taken by people for the renovation and improvement of their home or property. Like adding one more room or giving your home a new look.

The applicant must follow the following steps to apply for the Home Improvement Loan

Fill up the application form
Submit the required documents such as land documents, age and residence proof and income details.
On successful submission of the application, deposit the processing fee
After loan approval, you will get the required home loan.

Now processing time is very fast and on average the loan is sanctioned within a week

Application form
The individual seeking for a loan should fill the complete application form with a photograph filling in all the necessary details correctly.

Age proof
Documents like passport, PAN card, or any other document from the government should be attached as age proof of the loan seeker.

Residence proof
Documents like electricity bill, telephone bill, ration card, driving license, voter Id card or any other government-issued document should be attached as residence proof

Education Qualifications
The academic qualification of the loan seeker should be attached with the application form

Salary statements/ Certificate for business existence

Bank Account Statement
A bank account statement is submitted to get information about other loans of the individual and also to know the financial position of the individual.

Fee cheque for processing fees of the loan
A cheque in the favour of the institution from which the loan is taken is to be attached for the processing fees of the sanctioned amount.

Photocopy of the property papers
The photocopy of the property papers should be attached along with the application form

To Get more details about the Documents Required for Home Improvement Loan Click Here

Home Improvement Loans can only be used to fund the purchase of immovable furniture and fixtures and other home extension expenses like repairing and colouring.

Flexible repayment options, Competitive interest rate, Quick and fast approvals are the major benefits of a home renovation loan.