Home Renovation Loan

Home renovation loans (or home improvement loans) are specialized financing options often from lenders like LIC HFL, used for repairing or upgrading properties, with interest rates starting around 6.9% - 9.5% per annum. These loans cover painting, flooring, and structural repairs, with loan amounts up to Rs. 75 lakh and tenure up to 20-30 years. Both salaried and self-employed individuals can apply.

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Features and Benefits of Home Improvement Loans

A well-structured home improvement loan helps you upgrade your property without disrupting your long-term financial plans. Whether it is minor repairs or a complete house renovation loan, the right lender can make the process smooth from approval to repayment.

Comprehensive loan cover: From small upgrades to major repairs, a home renovation loan can cover a wide range of planned expenses based on your eligibility and repayment profile.

Available to all customers: These loans are often open to both new and existing customers, including salaried individuals, self-employed professionals, and small business owners looking for a home loan for home renovation.

Personalised loan options: Many home renovation lenders offer customised loan amounts, tenure, and repayment structures based on your renovation budget and property needs.

Covers essential renovation needs: A home loan insurance plan can typically be used for:

roofing repairs
tiling and flooring
plumbing and electrical work
painting and waterproofing
kitchen and bathroom upgrades

Fast and hassle-free disbursal: Online application journeys, doorstep documentation, and quick approvals make home remodel loans easier to access when urgent repairs are involved.

Easy top-up loan facility: Existing borrowers may get a home and renovation loan through a top-up facility, which works well for unexpected repair or refurbishment costs.

Strong post-disbursal support: Dedicated servicing teams and branch networks help borrowers manage statements, part-payments, and support requests after loan disbursal.

Multiple repayment options: Borrowers can repay through auto-debit, online transfers, part-payments, and foreclosure options, depending on lender policy.

You can get a term insurance for home loan borrowers for additional security for your family in your absence.

Home Loan Amount

Loan Tenure

5 Years 30 Years

Interest Rate

5% 15%

Loan Tenure Completed

0 40 yrs

Get the coverage you need-quick and easy! Choosing the right Home loan insurance is now effortless. Simply enter your details, hit “Calculate,” and receive a personalized plan designed just for you.

House Renovation Loan Eligibility Conditions

A house renovation loan is generally approved based on your income, repayment capacity, and the scale of the renovation work. Apart from monthly income, lenders also assess age, profession, property details, and your savings profile before approving a home loan for home renovation.

Important Factor	Criteria
Age	18 to 70 years
Profession	Salaried or self-employed
Nationality	Resident Indian
Tenure	Up to 15 years

EMI Calculator

Loan Amount

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Documents Required for a Home Reno Loan

A home reno loan application is usually processed faster when paperwork is organised.

PAN, Aadhaar, and address proof
Salary slips or ITRs
Bank statements for 6 months
Existing home loan statement (for top-up cases)
Property papers
Renovation quotation from contractor
Passport-size photographs

Home Remodel Loans vs Home Improvement Loans

Here is a simple comparison to help users choose the right structure:

Loan Type	Best For	Security	Typical Tenure
Home remodel loans	Major structural work	Usually property-backed	Up to 15-20 years
Home improvement loans	Interiors and cosmetic upgrades	Secured or unsecured	1-7 years
House reno loan top-up	Existing home loan borrowers	Linked to current home loan	Matches existing tenure

Term Plans

LIFE COVER

₹ 1 Crore

STARTS AT

₹ 13/day⁺

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LIFE COVER

₹ 50 Lakh

STARTS AT

₹ 8/day⁺

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LIFE COVER

₹ 75 Lakh

STARTS AT

₹ 12/day⁺

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Tax Benefits on Home Renovation Loan

You can claim tax benefits on the home renovation loan under the following sections:

Section 24(b)

Deduction limit for self-occupied property: You can claim up to 30,000 per year on the interest of the loan, which will be included in the overall 2 Lakh limit deduction.
Deduction for let-out or deemed let-out property: There is no upper limit under this deduction, and thus can be a huge benefit for those investing in rental properties.

Section 80C

You can claim up to 1.5 Lakhs per year on the principal repayment of home loans, home renovation loans are not eligible under this benefit.

Final Thoughts!

A house improvement loan works best when the renovation adds comfort, safety, or long-term value. From a simple home reno loan for repainting to larger home remodel loans for structural expansion, the right borrowing choice depends on your budget, timeline, and existing liabilities. Compare home renovation lenders, check whether a top-up is available, and align the EMI with your wider financial planning, including life insurance and term protection, so your dream home upgrade stays stress-free.

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FAQs

What is a home renovation loan?

Ans: A home renovation loan helps homeowners finance repairs, upgrades, remodelling, and structural improvements without using their savings.
Can we get a loan for a home renovation?

Ans: Yes, you can get a home renovation loan or house renovation loan for repairs, remodelling, extensions, interiors, plumbing, flooring, and structural upgrades. Many lenders also offer it as a top-up on an existing home loan.
Is a loan taken for renovation of a house eligible under section 80C?

Ans: No, a loan taken for renovation of a house is generally not eligible under Section 80C for principal repayment. However, the interest paid on a home renovation loan may qualify under Section 24(b), subject to applicable tax rules and limits.
What type of loan is best for home renovation?

Ans: The best option depends on your need. A home renovation loan or home improvement loan is usually best for larger planned upgrades because it offers lower rates and longer tenure, while a personal loan works better for smaller urgent repairs. A top-up is often the most cost-effective choice if you already have a home loan.
Who can apply for a house renovation loan?

Ans: Both individual and joint property owners can usually apply for a house renovation loan, subject to income, eligibility, and property documents.
Are home improvement loans available as top-up loans?

Ans: Yes, many lenders offer home improvement loans as top-up options on an existing home loan, which can be useful for urgent repairs or refurbishment.
What can a home loan for home renovation cover?

Ans: A home loan for home renovation can cover painting, tiling, plumbing, roofing, waterproofing, flooring, and kitchen or bathroom upgrades.
How are home remodel loans different from personal loans?

Ans: Home remodel loans are often property-linked and may offer longer tenure, while personal loans for renovation are usually unsecured and shorter in duration.
What are the top lenders for home renovation loans?

Ans: Some of the top lenders for home renovation loans in India include Bank of Baroda, Canara Bank, Bank of Maharashtra, HDFC Bank, ICICI Bank, Bajaj Housing Finance, Kotak Mahindra Bank, and PNB Housing. The right lender depends on your profile, loan amount, and whether you want a fresh loan or top-up.

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˜The insurers/plans mentioned are arranged in order of highest to lowest Sum Assured(SA) offered by Policybazaar’s insurer partners offering term insurance plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in

Rs. 400/month is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

Rs. 400/month (Rs.13/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 230 is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 8/day is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 12/day is starting price for a 75 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 497/month is starting price for a 1.5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 487/month is starting price for a 2 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 626/month is starting price for a 3 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 905/month is starting price for a 5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. ₹361/month is the starting price for a ₹1 crore loan cover with an 8% interest rate for an 18-year-old male, non-smoker, with no pre-existing diseases, loan tenure up to 20 years, rounded off to the nearest 10

+Rs. 1,267/month is starting price for a 7 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

*The full refund of premium is available on availing the one-time option of refund of premium. Total premium paid for policy (paid for add-ons) will be the special exit value, payable on availing the one-time option of refund of premium if you wish to completely exit the policy.

+Rs. 447/month is starting price for a 1 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs.679/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 910/month is starting price for a 3 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,374/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,924month is starting price for a 7 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

Women

+Rs. 400/month is Starting price for a 1 crore term life insurance for an 18 year-old Female, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

Rs. 461/month is the starting price for a 1 crore term life insurance for an 24 year-old female, non-smoker, with no pre-existing diseases, cover upto 54 years of age.

1,642/month is the starting price for a 1 crore term life insurance for an 44 year-old female, non-smoker, with no pre-existing diseases, cover upto 74 years of age.

Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited

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