Home Improvement Loans allow you to fund the renovations, repairs, and upgrades your house needs.
Home improvement loans offer a convenient financing solution to existing home owners for meeting renovation, repair and upgrade requirements.
Affordable interest rates, faster turnaround time, and simple documentation help ease the process of upgrading and sprucing up your home.
Home improvement loans are meant for renovations or repairs to existing, owned properties.
As per the Section 24 of the Income Tax Act, interest paid on the capital borrowed for the acquisition, construction, repair, renewal or reconstruction of property is entitled to a deduction of a maximum amount of INR 2,00,000. The property should be self-occupied. For rented out property there is no limit to the amount of deduction.
As per the Section 80C of the Income Tax Act, you can get a maximum deduction of INR 1,50,000 from the income, on repayment of principal during a financial year.
Up to 75% of the cost of extensions or repairs. Construction period allowed up to 18 months. Loan value and term subject to regulatory caps and personal repayment capacity.
| Fixed Rate of Interest | Floating Rate of Interest | ||
|---|---|---|---|
| Minimum | Maximum | Minimum | Maximum |
| 11.00 % p.a. | 26.00 % p.a. | 9.00 % p.a. | 16.00 % p.a. |
| *Above rates are currently applicable and are subject to changes from time to time. | |||
A home improvement loan covers complete renovation of a home including interior & exterior work for example: flooring, air conditioning, roofing, plumbing etc.
Yes, a construction estimate from an architect with an item-wise costing sheet is required to be submitted.
701, 7th Floor, Aggarwal Corporate Tower,
Plot No. 23, District Centre,
Rajendra Place,
New Delhi – 110008
Tel: +91 11 69146000
CIN: U65990DL2017PLC322041
IRDAI Registration Code for Corporate Agent: CA0688
Level - 20, Birla Aurora,
Dr. Annie Besant Road,
Worli, Mumbai – 400030
