Renovation Loan

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Renovation Loan

Home Renovation Loan Calculator

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₹ 1,00,000₹ 10,00,00,000
1 year50 years
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0.5% PA 15% PA
Your Monthly EMI will be

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Amount Payable

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Interest Amount

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Principle Amount

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Interest Rate for Home Renovation Loan

All rates are benchmarked to the Policy Repo Rate. Current applicable Repo Rate = 5.25%

Interest Rates Starting From

Policy Repo Rate + 2.50% to 7.95%

7.75% p.a. to 13.20% p.a.

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*Terms and Conditions Apply

Benefits & Features

Key Features

  • Use the loan funds towards enhancing your home such as tiling, flooring, internal and external plaster etc. 

  • Access funds at Home Loan interest rates.

  • Whether you're a new applicant or an existing customer, our loans are tailored to meet your needs.

  • Manage your finances effortlessly with convenient monthly instalments.

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Key Benefits

  • Enjoy attractive interest rates starting from 8.5% per annum.

  • End to end digital process with Loan approval in just 4 simple steps.

  • Choose loan tenures up to 15 years for easier repayment options.

  • Apply with minimal documents, save time and effort. 

  • Avail up to 90% of the property value based on eligibility.

  • Connect with us via Chat or WhatsApp anytime, anywhere.

  • Manage your loan conveniently by logging into your online account.

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Important Notes

  • Rates
    *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. Also note that HDFC BANK does not source any Home Loan business from any Lending Service Providers (LSPs).
  • Security
    The loan is typically secured by a lien on the property being financed. HDFC Bank may also require additional collateral or interim security as needed.
  • Other Conditions
    The information provided here is intended for general awareness and convenience, serving as an indicative guide to HDFC Bank’s products and services. For comprehensive details about HDFC Bank’s offerings, please visit your nearest HDFC Bank branch.

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

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Wondering if You Are Eligible?

Salaried

  • Age: 18-70 years
  • Profession: Salaried
  • Nationality: Resident Indian
  • Tenure: Up to 15 years

Self-Employed

  • Age: 18-70 years
  • Profession: Salaried
  • Nationality: Resident Indian
  • Tenure: Up to 15 years
Renovation Loan

Pradhan Mantri Awas Yojana

(Urban) 2.0 - PMAY (U) 2.0

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Pre-verified Properties

Explore pre-approved projects and get started.

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More About Home Renovation Loans

Name of Fee/ Charge levied Amount in Rupees
Delayed Instalment Payment Charge A maximum of 18% P. A. on overdue instalment amounts.
Incidental Charges Incidental charges and expenses are levied to cover the costs, charges, expenses 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 entities such as CERSAI As per actual charges/fees levied by regulatory bodies plus 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) plus applicable taxes/statutory levies.
Name of Fee/ Charge levied Amount in Rupees
Delayed Instalment Payment Charge A maximum of 18% P. A. on overdue instalment amounts.
Incidental Charges Incidental charges and expenses are levied to cover the costs, charges, expenses 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 entities such as CERSAI As per actual charges/fees levied by regulatory bodies plus 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) plus applicable taxes/statutory levies.
Name of the Product/Service Amount in Rupees
Switch to Lower Rate in Variable Rate Loans (Housing/Extension/Renovation) Up to 0.50% of the principal outstanding and undisbursed amount (if any) at the time of conversion, or a cap of ₹50,000 plus applicable taxes/statutory levies, whichever is lower.
Switching to Variable Rate Loan from Fixed Rate Loan (Housing/Extension/Renovation) Up to 0.50% of the principal outstanding and undisbursed amount (if any) at the time of conversion, or a cap of ₹50,000 + applicable taxes/statutory levies, whichever is lower.
Switch from Combination Rate Home Loan Fixed Rate to Variable Rate 1.75% of the principal outstanding and undisbursed amount (if any) plus applicable taxes/statutory levies at the time of conversion.
Switch to Lower Rate (Plot Loans) - Variable Rate 0.5% of the principal outstanding and undisbursed amount (if any) plus applicable taxes/statutory levies at the time of conversion.
Switch to Lower Rate (loans under HDFC Bank Reach) - Variable Rate Up to 1.50% of the principal outstanding and undisbursed amount (if any) plus applicable taxes/statutory levies at the time of conversion.
Name of Fee/Charge Levied Amount in Rupees
Payment Return Charges ₹300 per Dishonour.
Photocopy of Documents Up to ₹500 plus applicable taxes/statutory levies.
Fees on account of external opinion (such as legal/technical verifications) As per actuals.
List of Documents Up to ₹500 plus applicable taxes/statutory levies
Repayment Mode Change Charges Up to ₹500 plus applicable taxes/statutory levies.
Name of Fee/ Charge levied Amount in Rupees
A. Adjustable-Rate Loans (ARHL) and Combination Rate Home Loans (“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 Loans (“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" means any source other than borrowing from a Bank/HFC/NBFC or Financial Institution.
 
The borrower will be required to submit documents that HDFC Bank may deem fit and proper to ascertain the source of funds at the time of prepayment of the loan.

The prepayment charges are subject to change as per prevailing policies of HDFC Bank and, accordingly, may vary from time to time, which shall be noted on​ www.hdfcbank.com

Property Document Retention Charges

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

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

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.

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.

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.

Here are the key features of the HDFC Bank Home Renovation Loan:

1. Flexible Loan Amount: Get loans starting from ₹50,000, with higher amounts based on your eligibility.

2. Competitive Interest Rates: Enjoy attractive interest rates that make your renovation more affordable.

3. Quick Disbursal: Fast processing and quick loan disbursement to ensure timely renovation.

4. Flexible Tenure: Repay the loan over a flexible tenure ranging from 1 to 15 years, based on your convenience.

5. Minimal Documentation: Simplified application process with minimal paperwork required.

6. Top-Up Loans: Option to avail top-up loans on your existing Home Loan for further renovation needs.

7. Customisable Repayment: Choose between different repayment options to suit your financial plan.

8. No Prepayment Charges: No penalty on prepayments or foreclosure, offering you the flexibility to repay early.

9. Tax Benefits: Avail tax benefits on the interest paid under Section 24(b) of the Income Tax Act.

Home Renovation Loans from HDFC Bank offer the perfect blend of financial flexibility and convenience. They come with tax benefits under Section 24, minimal documentation, and quick processing. These loans enable you to upgrade your home to a modern design and comfortable living space, reflecting your style.

Applying for an HDFC Home Renovation Loan is straightforward. You can apply online through HDFC Bank’s website, use the mobile app, or visit a branch. The process involves filling out an application form and providing basic documents like identity proof, income proof, and property-related documents. For existing customers, the process is even simpler, with fewer documentation requirements.

​​​KYC Documents

  • PAN Card or Form 60 (if no PAN Card)

  • Valid Passport (validity not expired)

  • Valid Driving License (validity not expired)

  • Election/Voter’s ID

  • Job Card (NREGA)

  • Letter from National Population Register

  • Aadhaar Number (voluntary)

Income Proof

  • Last 3 months' Salary Slips

  • Last 6 months' Bank Statements (salary credits)

  • Latest Form-16 and IT Returns

  • Income Returns (last 2 Assessment Years, attested by CA)

  • Last 2 years’ Balance Sheet and Profit & Loss A/c Statements (attested by CA)

  • Latest Form 26 AS

  • Estimate of proposed work from an Architect/Civil Engineer

Property & Other Documents

  • All original Title Deeds of the property 

  • Proof of no encumbrances

  • Estimate of proposed work from an Architect/Civil Engineer

Other Requirements

  • Own Contribution Proof

  • Employment Contract / Appointment Letter (if < 1 year)

  • Passport size photograph of all applicants (signed across)

  • Cheque for processing fee favoring HDFC Bank

  • Business Profile

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.

Frequently Asked Questions

HDFC Bank offers Home Improvement Loans up to ₹40 lakh, subject to eligibility and terms. This loan can be used to refurbish or enhance your living space to match your comfort and style.

A Home Loan is for purchasing a house, while a Home Loan for Home Renovation is specifically for upgrading an existing home. Home Renovation Loans often have similar interest rates to Home Loans but are used for improvements like design and comfort enhancements.

Interest paid on Home Loans for Home Renovation can be tax-deductible up to ₹30,000 per annum under Section 24(b) of the Income Tax Act. However, there’s no tax exemption on the principal amount under Section 80C

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

Any person who wishes to carry out renovation in their Apartment/Floor/Row house. Existing home loan customers can also avail themselves of 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 furniture 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 instalments based on the progress of construction/renovation as assessed by HDFC Bank.

You can find a checklist regarding documents required and applicable fees and charges here.

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