Home Renovation Loan
Add value and life to your property
Upgrade your existing home with a Home Renovation Loan from Piramal Capital & Housing Finance. Whether it's a small part of your home that needs some attention or your entire home that needs to be renovated, doing so with a Home Renovation Loan is a great idea. With a Home Renovation Loan you can keep your hard earned savings and investments untouched and pay off the amount borrowed in comfortably managed installments over time.
Worried about high EMIs or the duration of your loan? Our flexible tenures and repayment options make it easy for you to choose how to repay the amount you borrow. With a dedicated relationship manager assigned to answer any and all queries, you can focus completely on upgrading your home to the required standards. With our hassle-free processes you will never have to worry about extensive paperwork or long wait times either. Are you ready to bring your home into the future with a Home Renovation Loan?
Minimum Age- Minimum Age- 21 years
Maximum Age- Income contributor (Govt employee) - 70 yrs (if pension considered)
Income contributor (Others) - 62 yrs (or restricted to retirement age)
Minimum Age- 23 years
Maximum Age- 70 years
However, Director of listed Public companies will be treated as Salaried
| Interest Rate | |
|---|---|
| Customer Type | Rates |
| Salaried / Self Employed | Interest Rates starting from 9.75%* p.a |
| Fees & Charges | |
| Fees & Other Charges as applicable on application/ during the term of Loan are as under. These are subject to modifications from time to time as decided by Lender as per its internal policy and any such modification shall be notified by the Lender through its website or its branches or such other medium as Lender may consider appropriate | |
| Schedule of Fees & Other Charges | Details |
| Processing Fees |
|
| Part Payment/Pre-closure charges |
|
| Loan repayment instrument dishonour charges | ₹ 500/- + applicable taxes |
| CERSAI charges | ₹ 500/- + applicable taxes |
| Loan Pre-closure Statement | ₹ 1000/- + applicable taxes |
| List of documents deposited with the Lender | ₹ 500/- + applicable taxes |
| Loan Repayment Schedule | ₹ 500/- + applicable taxes |
| Change of Loan repayment mode | ₹ 500/- + applicable taxes |
| "Re-scheduling Loan terms (e.g. EMI Date change / EMI increase /Lowering of Tenor" | ₹ 5000/- + applicable taxes |
| No Due Certificate issuance charges | 1st time free; subsequently ₹ 500/- + applicable taxes |
| Statement of Account | Free once a year; subsequently ₹ 500 + applicable taxes |
| Photocopy of documents | ₹ 1000/- + applicable taxes |
| Retrieval of original property documents | ₹ 2000 + applicable taxes |
| Additional Charges | 2% p.m. on Outstanding Amount for the non-compliance of any terms and conditions of the Transaction Documents by the Borrower, for the period beginning the date of such noncompliance until the same is cured to the satisfaction of the Lender + applicable taxes |
| For detailed fees & charges and other Terms & Conditions click here | |
Application form with a recent photograph
Co-applicant is mandatory. Additionally, Woman co-applicant is mandatory in certain cases
Application form with a recent photograph
Co-applicant is mandatory. Additionally, Woman co-applicant is mandatory in certain cases
Home loans are borrowed from financial institutes for buying, constructing, extending, or renovating a house. The loan gets paid with interest (fixed or floating rates) over a fixed tenure through Equated Monthly Instalments (EMIs). Lenders finance up to 90% of the property value. You pay the balance 10% as a down payment towards the loans.
You can claim up to ₹1.5 lakh on the principal amount, registration, and stamp duty fees of your housing loans as tax deductions under Section 80C of the Income Tax Act. You get deductions for the interest payments under Section 24. For joint home loans, each borrower gets up to ₹ 1.5 lakh each as income tax returns, provided they are co-owners of the property. Use Piramal's Tax Calculator to gain more clarity on housing finance.
Financial institutes have set criteria to evaluate your repayment capability for housing loan approvals. Different lenders have different criteria. Banks' basics to check home loan eligibility include age, employment status, employment stability, and credit score.
Plan your housing finance efficiently using the Eligibility Calculator to check the loan amount you can apply for.
The tenure usually ranges between 5 years to 30 years. They get determined based on your eligibility criteria. You can either opt for a short term with low interest and high EMI payments or a long tenure with high interest and low EMIs based on your comfort.
There is a standard process followed by all financial institutes in India for housing loan:
I applied for a home loan with Piramal and I got sanction for the required amount for 29 years under the Gruh Setu Home Loan. I have purchased the row house, and my family and I are happy that we will be moving into our new house soon.
I and my family were planning on buying a new home for which we needed a loan and I chose Piramal Capital & Housing Finance. From collecting documents to guiding me at every step, Piramal has been a strong support system through the process.