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Home Renovation Loan for NRIs Interest Rates
All rates are benchmarked to Policy Repo Rate. Current applicable Repo Rate = 6.50%
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Special Housing Loan Rates for Salaried & Self Employed (Professionals & Non-Professionals)
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Key Benefits
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Key Features
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Important Notes
Wondering if you are eligible?
Fees and Charges for Home Renovation Loans for NRIs
| Name of the Product/Service | 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 plus 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 amount 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. |
| Name of Fee/Charge levied | Name of the Product/Service | Amount in Rupees |
|---|---|---|
| Delayed Instalment Payment Charge | Delayed Payment Charges | A maximum of 18% per annum on overdue instalment amounts. |
| Incidental Charges | Expenses to cover costs | 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 | Statutory Charges | As applicable in the respective states. |
| Fees/Charges levied by entities such as CERSAI | Fees/Charges levied by Regulatory bodies | As per actual charges/ fee levied by Regulatory bodies plus applicable taxes/ statutory levies. |
| Fees/Charges levied by such third parties such as Mortgage Guarantee Company | Fees/Charges payable to any third party(ies) whose services have been availed | As per actual fee/ charges levied by any third party(ies) plus applicable taxes/ statutory levies. |
| 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 ₹5,000, 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, plus 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 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. |
| Name of the Product/Service | 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. |
| Name of Fee/ Charge levied | Amount in Rupees |
|---|---|
| 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. |
| Name of the Product/Service | Amount in Rupees |
|---|---|
| A. Adjustable-Rate Loans (ARHL) and Combination Rate Home Loan (“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 Loan (“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" for this purpose means any source other than borrowing from a Bank/HFC/NBFC or Financial Institution.
The borrower will be required to submit such documents as 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 HDFC Bank's prevailing policies and may vary from time to time, as noted on www.hdfcbank.com.
More about Home Renovations Loans NRI Others
Flexible Loan Amount: Borrow a substantial amount based on the renovation needs, up to a certain percentage of the property’s value.
Attractive Interest Rates: Competitive rates designed specifically for NRIs, ensuring cost-effective funding for renovations.
Extended Repayment Tenure: Choose from flexible repayment tenures, typically up to 15 years, based on your financial situation.
Minimal Documentation: Simplified and straightforward documentation process for easy application.
No Prepayment Charges: Enjoy the flexibility of repaying the loan early without additional prepayment penalties.
Loan for Various Purposes: Funds can be used for any renovation purpose, such as repairs, upgrades, and modifications to the property.
Quick Disbursement: Swift loan processing and disbursement to meet urgent renovation needs.
Available for Multiple Properties: NRIs can avail of renovation loans for multiple properties owned in India.
Home Renovation Loans for NRIs provide funding for property upgrades in their home country, enhancing their investments' value, comfort, and utility. These loans enable NRIs to maintain and improve their properties remotely, ensuring their investments are well-managed and up-to-date.
To apply for HDFC Bank Home Renovation Loans for NRI, visit the HDFC Bank website and navigate to the loans section. Complete the online application form, providing accurate personal and financial details. Submit the required documents electronically and await approval from the bank's representatives.
KYC Documents
PAN Card or Form 60 (if no PAN Card)
Valid Passport
Valid Driving Licencse
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
Property & Other Documents
All original Title Deeds of the property
Proof of no encumbrances
| 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 adding a co-applicant benefit? *
Higher loan eligibility with an earning co-applicant.
Lower interest rate on adding a female co-owner as 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.
| Existing Customer | |
|---|---|
| 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 |
**Subject to the market value of the plot and repayment capacity of the customer, as assessed by HDFC Bank.
| 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 Question
Home Renovation Loan for NRI in other locations is a financial product. It is designed to provide funding for non-resident Indians to renovate or improve their properties located in their home country.
Yes, NRIs are eligible for tax benefits on the principal components of their Home Renovation Loan as per the Income Tax Act of 1961. As the benefits may vary each year, please do check with HDFC Bank’s Loan Counsellor about the tax benefits you can avail yourself of on your loan.
To be eligible for a Home Renovation Loan for NRI, you must be a Non-Resident Indian (NRI), a Person of Indian Origin (PIO), or an Overseas Citizen of India (OCI). You should have a valid visa that includes your residence status and employment and meet the age limit of 21 to 65 years.
Upgrade your home without any financial burden!