If you are planning to renovate your house and are looking for funds, a home renovation loan can help meet your needs.

For each one of us, our home is our comfort zone. As we progress in life, we aim to offer the best lifestyle to our family, including a well-furnished house. Here’s where a home renovation loan is useful to provide the financial support we may need to manage and upgrade our house.

Whether you want to carry out important repairs, make structural alterations, or entirely change the look of your space, a home renovation loan may be the right fit for you. You no longer need to put things on hold while gathering the required funds – apply for a loan for home renovation and create the comfortable living space of your dreams.

Why Opt for a Home Renovation Loan?

A home loan for renovation comes with multiple benefits, such as:

1. Lower Rate of Interest

Confused about whether you should get a personal loan or apply for a home renovation loan? Go for a home renovation loan as the interest rates are somewhat similar to that of home loans but relatively lower than personal loans. This makes home renovation loans an attractive option.

2. Limited Documentation

Unlike other loans, the list of documents required for a home renovation loan is minimal. You only need to submit the following:

• Bank statements for the last 6 months
• Application form
• ITR (Income Tax Return) documents
• Address proof and KYC documentation (Valid passport/PAN card/Aadhar card/Voter ID)
• Identity proof (PAN card/Aadhar card/Voter ID/Driving License)
• A quotation from your interior designer/architect
• The original title deed of the property

3. Quick Approval and Processing

Home renovation loans are processed quickly since the documentation is minimal and hassle-free. This means you can get your renovation work started at the earliest without waiting too long for the loan to get approved.

4. Tax Benefits

Home renovation loans offer tax benefits on the interest element, that is, you can avail of a deduction of up to Rs. 30,000 (under Section 24) against the interest you pay towards the loan amount.

What are the Eligibility Criteria for a Home Renovation Loan?

• Salaried and self-employed people qualify for a home loan for renovation
• The minimum age is 18 years, the maximum age (with income documents) is 70, and 90 (without income documents)
• The home renovation loan amount may be sanctioned for up to Rs. 30 lakhs and the loan tenure can be availed for up to 25 years
• You may apply individually or jointly with a maximum of 6 co-applicants in total

Purpose of a Home Renovation Loan

There is no limitation on the end-use of a home loan for renovation, so you can use it for any of the following work and many more:

• Paint your house for a better visual appeal
• Convert the balcony into a compact room for work or studies
• Redo your bathroom and kitchen with repairs, better fixtures, or plumbing
• Replace doors, tiles, or windows
• Revamp your kitchen
• Do up the flooring or roofing of the living area

To Sum it Up

With a loan for home renovation , you can give your house a brand-new look while doing it up to meet your requirements at the same time. This also strengthens the value of your house as an asset. So, if you are experiencing the challenge of sourcing funds that may be restricting you from turning your house into a dream home, consider seeking a home renovation loan from a reliable financial institution like DMI Housing Finance. Through DMI Housing Finance’s extensive branch network, you can get a home loan in major metro and Tier 2 cities like Pithampur, Lucknow, Surat, Jaipur, Pandav Nagar – Delhi among others.

Ready to give your house the transformation it deserves? Get in touch at customercare@dmihousingfinance.in or reach out to us at 011 – 66107197.