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Amount Payable
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Interest Amount
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What's in store for you
Interest Rate for Home Renovation Loan
All rates are benchmarked to the Policy Repo Rate. Current applicable Repo Rate = 6.25%
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Special Housing Loan Rates for Salaried & Self Employed (Professionals & Non-Professionals)
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Key Features
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Key Benefits
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Important Notes
Wondering if You Are Eligible?
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Useful Links
More About Home Renovation Loans
Processing Fees
| Name of Fee/Charge Levied | Amount in Rupees |
|---|---|
| Fees for Resident Housing Loan/Extension/House Renovation Loan/Refinance of Housing Loan/Plot Loans for Housing (Salaried, Self-Employed Professionals) | Up to 0.50% of the loan amount or ₹3,000 whichever is higher, plus applicable taxes/statutory levies. Minimum Retention Amount: 50% of applicable fees or ₹3,000 plus applicable taxes/statutory levies, whichever is higher. |
| Fees for Resident Housing/Extension/Renovation/Refinance/Plot Loans for Self-Employed Non-Professionals | Up to 1.50% of the loan amount or ₹4,500 whichever is higher, plus applicable taxes/statutory levies. Minimum Retention Amount: 50% of applicable fees or ₹4,500 plus applicable taxes/statutory levies, whichever is higher. |
| Fees for NRI Loans | Up to 1.25% of the loan amount or ₹3,000 whichever is higher, plus applicable taxes/statutory levies and charges. Minimum Retention Amount: 50% of applicable fees or ₹3,000 plus applicable taxes/statutory levies, whichever is higher. |
| Fees for Value Plus Loans | Up to 1.50% of the loan amount or ₹4,500 whichever is higher, plus applicable taxes/statutory levies and charges. Minimum Retention Amount: 50% of applicable fees or ₹4,500 plus applicable taxes/statutory levies, whichever is higher. |
| Fees for loans under HDFC Bank Reach Scheme | Up to 2.00% of the loan plus applicable taxes/statutory levies. Minimum Retention Amount: 50% of applicable fees or ₹3,000 plus applicable taxes/statutory levies, whichever is higher. |
| Re-appraisal of loan after 6 months from date of sanction | ₹2,000 plus applicable taxes/statutory levies. |
Other Charges
| 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. |
Conversion Fees
| 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. |
Miscellaneous Receipts
| 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. |
Pre-Mature Closure/ Part Payment
| 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. |
Non-Housing Charges on Home Loans
Loan Processing Charges
Maximum of 1% of the loan amount (minimum PF of ₹7,500)
Pre-Payment /Part Payment Charges
No prepayment charges shall be applicable for part prepayment once during a financial year only if the amount being prepaid does not exceed 25% of the principal amount outstanding at the time of such prepayment.
2.5% plus Goods and Services Tax (GST) of the principal outstanding is being prepaid or at such rates as the Bank decides if the amount being prepaid is more than the said 25%. Charges shall be applicable on the amount in excess of the said 25%.
Individual Borrowers
No prepayment charges shall be applicable for part payment on a floating rate term loan sanctioned for purposes other than business to individual borrowers with or without co-obligant(s).
MSE Borrowers
No prepayment charges shall be applicable for part payment on floating rate loans to Micro and Small Enterprise (MSE) Certified borrowers if the loan is closed from own sources.
Premature Closure Charges
| Name of fee or charges | Charges |
|---|---|
| Premature closure charges - Floating Rate Term Loan availed by individual borrowers for business purposes | 2.5% of the Principal Outstanding >60 months after the disbursement of the Loan – NIL Charges |
| Premature closure charges - Floating Rate Term Loan availed by individual borrowers for End Use other than business purposes | NIL |
| Premature closure charges - Floating Rate Term Loans availed by Micro and Small Enterprises and Closure from Own Sources* | NIL |
| Premature closure charges - Floating Rate Term Loans availed by Micro, Small Enterprises and closure through takeover by any Financial Institutions | 2% takeover charges of the Principal Outstanding >60 months after the disbursement of the Loan – NIL Charges. |
| Premature closure charges - Floating Rate Term Loans availed by Non Individual borrowers* | Maximum of 2.5% of the Principal Outstanding. >60 months after the disbursement of the Loan – NIL Charges. |
| Delayed Instalment Payment Charge | A maximum of 18% P.A. on overdue instalment amounts. |
| Payment Return Charges | ₹450 |
| Repayment Schedule Charges* | ₹50 per instance |
| Repayment Mode Change Charges* | ₹500 |
| Custody charges | ₹1,000 per month for non-collection of collateral documents beyond 60 days from the date of closure of all loans/facilities linked to the collateral. |
| Revision in spread | 0.1% of Principal Outstanding OR ₹5,000 whichever is higher per proposal. |
| Legal/Repossession and Incidental Charges | At actuals |
| Stamp Duty and other statutory charges | As per applicable laws of the state. |
| Conversion charges for Change in Reference rate (BPLR/ Base rate/MCLR to Policy Repo Rate (for existing customers) | NIL |
| Penal Interest for Non-Adherence of ESCROW Account (as per sanction terms and conditions) | 2% p.a additional on existing ROI (applicable in LARR cases only). |
| Penal Interest charged for non-complying with sanction terms | 2% per annum additional on existing ROI- (charged on a monthly basis) Subject to a Max of ₹50,000. |
| CERSAI Charges | ₹100 for each property |
| Property Swapping/Partial property Release* | 0.1% of the loan amount. Min – ₹10,000, Max of ₹25,000 per property. |
| Document Retrieval Charges Post Disbursement* | ₹75 per document set. (Post disbursement) |
*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 notified on www.hdfcbank.com.
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 a co-applicant benefit?
Higher loan eligibility with an earning co-applicant.
*All co-applicants need not be co-owners. However, all co-owners need to be co-applicants to the loans. Generally, co-applicants are close family members.
Maximum Funding
| Maximum Funding** | |
|---|---|
| Loans up to and including ₹30 lakh | 90% of the property cost |
| Loans from ₹30.01 lakh to ₹75 lakh | 80% of the property cost |
| Loans above ₹75 lakh | 75% of the property cost |
**Subject to the market value of the property and repayment capacity of the customer, as assessed by HDFC Bank.
| Maximum Funding** | |
|---|---|
| Loans up to and including ₹30 lakh | 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 lakh to ₹75 lakh | 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 lakh | 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 lakh | 90% of the renovation Estimate |
| Loans from ₹30.01 lakh to ₹75 lakh | 80% of the renovation Estimate |
| Loans above ₹75 lakh | 75% of the renovation Estimate |
| Rates Offered to Customer (Past Quarter) | ||||||
|---|---|---|---|---|---|---|
| Segment | IRR | APR | ||||
| Min | Max | Avg. | Min | Max | Avg. | |
| HOUSING | 8.35 | 12.5 | 8.77 | 8.35 | 12.5 | 8.77 |
| NON - HOUSING* | 8.4 | 13.3 | 9.85 | 8.4 | 13.3 | 9.85 |
| *NON - HOUSING = LAP(EQUITY), NON-RESIDENTIAL PREMISES LOAN & INSURANCE PREMIUM FUNDING | ||||||
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.
Get the home of your dreams—apply now for easy financing!