Your home is a reflection of your personality and status. It’s the cocoon for you and your family. Keep it looking as good as new at all times with a Home Improvement loan from DHFL.
Purpose: Home Improvement LoansYou can avail of a Home Improvement loan to renovate or paint the house/flat you own.
Amount of Home Improvement Loan:You can get a loan of up to 100% of the improvement cost estimates as certified by an engineer/architect and duly verified by the Technical Officer, but subject to maximum of 75% of overall market value of the property or a maximum of ` 50 lacs, whichever is lower. Get a higher loan amount from DHFL by including an earning co-applicant. The actual loan amount is determined taking into various account factors such as:
- Repayment capacity
- Age
- Educational qualifications
- Stability and continuity of income
- Number of dependents
- Co-applicant’s income
- Assets
- Liabilities
- Saving habits, and more
To calculate your eligibility please use our DHFL Home Improvement Loan Eligibility Calculator.
Work out your EMI using our DHFL Home Improvment EMI Calculator.
Maximum Tenure of Home Improvement Loan:
The tenure of your Home Loan ranges from 1 to 20 years. The term however does not extend beyond the retirement age or 60 years whichever is earlier (65 years for self employed individuals).
DHFL understands the value of your hard earned money. With tenure of 20 years, you can reduce the EMI amount, so that your outgoings every month do not come in the way of your lifestyle and living standards.
Interest Rate :Home Improvement loan
DHFL offers one of the most competitive rates in the market. The Interest rate applicable is based on the DHFL’s Retail Prime Lending Rate (RPLR) which fluctuates from time to time based on the money market conditions.
Processing Fees:Home Improvement loan This is charged as the fee towards processing your home loan application. In case of salaried individuals (SAL) it is 1% of the loan amount, whereas for Self – employed Professionals / Non Professionals (SEP / SENP) it is charged at 1.5% of the loan amount, plus Service Tax and Cess as applicable.
Easy Repayments:Home Improvement loan
You have 2 options for repayment of the loan based on the EMIs payable:
a) Through ECS (Electronic Clearing Service) based on standing instructions to your bank
b) PDCs (Post Dated Cheques) drawn on your Savings/Salary account
Easy Documentation, Hassle free Home Loan ProcessFor processing your home loan application, we’re required to adhere to certain documentation procedures. To enable us to speedily process your home loan application, we will require the following:
- KYC (Know Your Customer) documents
- Proof of Income documents and bank statements as per log-in checklist
- Property related documents.
To know more about our Home Loan Process or How Home Loans are done, click here DHFL Home Loan Approval Process
Stamp Duty:Stamp duty on the loan documents to be executed shall be paid by the Applicant.
Tax benefits: on your Home Improvement Loan
As per Indian IT Rules, the current applicable exemption u/s 24 is ` 1.5 lacs for the interest amount paid in a financial year and up to `1 lac for the Principal amount repaid in the same year. Thus up to ` 2.5 lacs is tax exempt, helping you save up to ` 70,000 tax annually.
So go ahead and take the first step towards owning your dream home.
Fill in the Enquiry Form alongside, our Representative will get in touch with you to help you through the entire home loan process. Your dream home is within reach. Get ready to move in!
