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Home > Home Improvement Loans

Home Improvement Loans

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 Home Improvement Loan from DHFL.

Features and Benefits of DHFL Home Improvement Loan

  1. Tenure & Term: The tenure of your Home Improvement 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)
  2. Purpose: Avail a Home Improvement Loan to renovate or paint the house/flat you own
  3. Reduce your EMI : With tenure of 20 years, you can reduce the EMI amount on your Home Improvement Loan, so that your outgoings every month do not come in the way of your lifestyle and living standards.
  4. Interest Rates: 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
  5. Processing Fees (Non-Refundable): This is charged as the fee towards processing your Home Improvement Loan application

    Salaried individuals (SAL) / Self-Employed Professionals (SEP)

     Self-Employed Non Professionals (SENP)

    `5000* to `20,000*

    1.5%*

    *Service Tax and Cess as applicable

  6. Easy Repayments: You have 2 options for repayment of the loan based on the EMIs payable on your Home Loan:
    1. Through ECS (Electronic Clearing Service) based on standing instructions to your bank
    2. Post Dated Cheques(PDCs) drawn on your Savings/Salary account
  7. Home Loan Tax Benefits: Resident Indians are eligible for certain tax benefits on principal and interest components of a home loan. As per Income Tax Act 1961 rules, the current applicable exemption under section 24(b) is `2,00,000/- for the interest amount paid in the financial year and up to `1,50,000/- (under section 80 C) for the principal amount repaid in the same year.
  8. Applicant and Co-Applicant: Home Improvement Loans can be applied by an individual. The loan amount can be further enhanced by including an earning co-applicant.
  9. Stamp Duty: Stamp duty on the loan documents to be executed shall be paid by the Applicant.
  10. Easy Documentation: To enable us to speedily process your Home Improvement Loan application, we will require the following:
    1. KYC (Know Your Customer) documents
    2. Proof of Income documents and bank statements as per log-in checklist
    3. Property related documents

Eligibility for 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 Home 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


Documentation Required For Home Improvement Loan

Click here for the list of documents required.


Home Improvement Loan: Services & Charges

Click here to view the Services and Charges

FAQs

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