Your home is a reflection of your personality, and every once in a while, it needs an upgrade to match your evolving lifestyle. Whether you want to modernize your interiors, enhance comfort, or add new features, HDFC Bank Home Renovation Loan is a great way to finance your home improvement projects.
In this blog, we will explore the features, benefits, eligibility criteria, required documents, and the overall process for availing of the HDFC Home Renovation Loan.
HDFC Bank Home Renovation Loan Highlights
HDFC Bank offers home renovation loans designed to help homeowners improve and upgrade their living spaces. Here are the key details regarding these loans:
| Categories | Details |
|---|---|
| Interest Rates | 8.50% p.a. onwards |
| Tenure | Upto 15 Years |
| Maximum Loan Amount | 70% – 75% of the plot’s market value |
| Processing Fees | Upto 0.50% of the loan amount or Rs. 3300/- whichever is higher |
Check Out: HDFC Home Loan EMI Calculator
HDFC Bank Home Renovation Loan Interest Rates 2025
| Loan Slab | Interest Rates (p.a.) |
|---|---|
| For All Loans (Special Rate) | 8.50% p.a. onwards |
| For All Loans (Standard Rate) | 8.70% p.a. onwards |
Source: HDFC Bank Official Website
HDFC Home Renovation Loan Eligibility Criteria
The eligibility for the HDFC Home Renovation Loan depends on several factors, including income, repayment capacity, the applicant’s profile, and the age of the property. Here are the basic eligibility criteria:
| Criteria | Requirements |
|---|---|
| Age | Between 18 and 70 years old at the time of loan maturity |
| Profession | Salaried Self Employed (Professionals) Self Employed (Non – Professionals) |
| Nationality | Indian |
| Loan Tenure | Upto 15 years |
Also Read: HDFC Home Loan Statement Download
HDFC Bank Home Renovation Loan Processing Fees
| Loan Category | Processing Fees | Minimum Retention Amount |
|---|---|---|
| Resident Housing/Extension/Renovation/Refinance/Plot Loans (Salaried, Self-Employed Professionals) | Up to 0.50% of the loan amount or ₹3,300 (whichever is higher) + applicable taxes/statutory levies | 50% of applicable fees or ₹3,300 + taxes/statutory levies (whichever is higher) |
| Resident Housing/Extension/Renovation/Refinance/Plot Loans (Self-Employed Non-Professionals) | Up to 1.50% of the loan amount or ₹5,000 (whichever is higher) + applicable taxes/statutory levies | 50% of applicable fees or ₹5,000 + taxes/statutory levies (whichever is higher) |
| NRI Loans | Up to 1.50% of the loan amount or ₹3,300 (whichever is higher) + applicable taxes/statutory levies | 50% of applicable fees or ₹3,300 + taxes/statutory levies (whichever is higher) |
| Value Plus Loans | Up to 1.50% of the loan amount or ₹5,000 (whichever is higher) + applicable taxes/statutory levies | 50% of applicable fees or ₹5,000 + taxes/statutory levies (whichever is higher) |
| Loans under HDFC Bank Reach Scheme | Up to 2.00% of the loan amount + applicable taxes/statutory levies | 50% of applicable fees or ₹3,300 + taxes/statutory levies (whichever is higher) |
| Re-appraisal (after 6 months from sanction) | Salaried/Self-employed Professionals: Up to ₹3,300 + taxes/statutory charges Self-Employed Non-Professionals/NRI/Value Plus/HDFC Reach: Up to ₹5,000 + taxes/statutory charges | — |
| Increase in Loan Amount | Processing charges applicable on the increased loan amount will be levied | — |
Check Out: HDFC Home Loan Eligibility Calculator
HDFC Bank Home Renovation Loan Other Fees & Charges
| Charge Type | Details |
|---|---|
| Delayed Instalment Payment Charges | Maximum of 18% p.a. on overdue instalment amounts |
| Incidental Charges | Levied to cover cost, charges, and expenses as per actuals applicable to the case |
| Stamp Duty / MOD / MOE / Registration | As applicable in the respective states |
| Fees/Charges by Regulatory/Government Entities (e.g., CERSAI) | As per actual charges/fees levied by regulatory bodies + applicable taxes/statutory levies |
| Fees/Charges by Third Parties (e.g., Mortgage Guarantee Company) | As per actual fees/charges levied by third parties + applicable taxes/statutory levies |
Also Read: CIBIL Score Required for HDFC Bank Home Loans
Documents Required for HDFC Home Renovation Loan
Banks and financial institutions require various forms of identification, financial statements, and property-related documents to assess your eligibility and process your loan application.
General Requirements
| Category | Documents Required |
|---|---|
| Application Form | Duly filled and signed along with three photographs |
| Proof of Identity | PAN Card / Driver’s License / Voter ID / Passport / Aadhar Card |
| Proof of Residence | Driver’s License / Ration Card / Voter ID / Passport / Aadhar Card / Registered Rent Agreement |
| Proof of assets held | LIC, NSC, KVP, Mutual Funds, Property |
Proof of Income
| Salaried | Self Employed | Farmers / Agriculturists |
|---|---|---|
| Latest 3 months salary slips (latest 1 month for guarantors). | Balance Sheet, Profit & Loss A/C, and Income Computation for the last 2 years. | Revenue officer certificate for the past 2 years’ income. |
| Form 16 and ITR of the last year. | ITR for the last 2 years (with Form 26 AS and Traces). | Land revenue records (Form 6, 7/12, 8A). |
| Copy of employee identity card provided by the employer. | Business proof (Gumasta License, Registration Certificate, Service Tax Registration, etc.). | Bank account statement for the last 12 months. |
| Employment-related documents (Appointment / Confirmation / Promotion / Increment letter). | IT assessment and clearance certificate, IT challans, TDS certificate (Form 16A). | |
| 6 months bank account statement (salary account or individual account). | Bank account statement for the last 12 months (for individuals or businesses). |
Property Documents
| For Ready Property | For Property Under Construction |
|---|---|
| Agreement for Sale | Agreement for Sale |
| Non-Agriculture (NA) Certificate | Commencement Certificate |
| Commencement Certificate (CC) | Approved blueprint and plan copy |
| Completion Certificate (if applicable) | |
| Occupancy Certificate (if applicable) | |
| Latest property tax paid receipt | |
| Society Registration Certificate (if applicable) | |
| Share Certificate (if applicable) | |
| All payment receipts to the builder or seller | |
| Chain of old agreements (for resale flats) | |
| Title clearance report from an approved advocate | |
| Valuation report from the bank’s approved valuer |
Post Loan Closure – Documents for Handover
- Power Of Attorney: For collecting original documents of Property.
- Letter requesting handing over of Property documents: From Legal Heir/Nominee(s).
- Letter relinquishing the right to Legal Heirs/Nominees: For Property documents handover
Suggested Read: HDFC Home Loan Income Tax Certificate
How to Apply for an HDFC Home Renovation Loan?
You can apply for the HDFC Home Renovation Loan both online and offline:
Online Application Process:
- Visit the official HDFC Bank website.
- Log in or sign up on the HDFC Home Loan portal.
- Enter your personal details, loan amount, and property information.
- Submit the required documents electronically.
- Once your loan is approved, you’ll receive the loan offer and further instructions for disbursal.
Offline Application Process:
- Visit your nearest HDFC Bank branch.
- Fill out the home renovation loan application form and submit it along with the required documents.
- The bank will process your application and provide an offer.
- Upon approval, the loan will be disbursed to your account.
Also Read: Top 10 Home Renovation Loans in India
Compare Top Banks Home Renovation Loan Interest Rates
| Bank | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh |
|---|---|---|---|
| SBI Bank | 8.00% p.a. onwards | 8.00% p.a. onwards | 8.00% p.a. onwards |
| HDFC Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| LIC Bank | 8.50% – 10.35% p.a. | 8.50% – 10.55% p.a. | 8.50% – 10.75% p.a. |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| Kotak Mahindra Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| Punjab National Bank | 8.50% – 11.05% p.a. | 8.50% – 11.05% p.a. | 8.50% – 11.05% p.a. |
| Bank Of Baroda | 8.40% onwards | 8.40% – 10.65% p.a. | 8.40% – 10.90% p.a. |
| Bajaj Housing Finance | 8.50% p.a. onwards | 8.50% p.a. onwards | 8.50% p.a. onwards |
| Axis Bank | 8.75%-10.30% p.a. | 8.75%-10.30% p.a. | 8.75%-10.30% p.a. |
| Bank of India | 8.40% p.a onwards | 8.40% p.a onwards | 8.40% p.a onwards |
| TATA Capital | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
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Conclusion
Home Renovation Loan is an ideal solution for individuals looking to upgrade and refurbish their homes. With attractive interest rates, flexible loan amounts, and convenient application processes, you can finance your renovation without hassle.
If you’re ready to transform your home, apply for an HDFC Home Renovation Loan today and explore seamless home loans with the best interest rates at Credit Dharma!
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Frequently Asked Questions
The HDFC Home Renovation Loan helps finance your home improvement projects. It allows you to renovate your home with funds provided by the bank at attractive interest rates and flexible repayment options.
The interest rates for HDFC Home Renovation Loans start from 8.75% for salaried and self-employed individuals, with rates depending on the loan amount and market conditions.
The maximum loan amount depends on the renovation estimate and the market value of your property. For loans up to ₹30 lakhs, HDFC offers funding up to 100% of the renovation estimate for existing customers and up to 90% for new customers.
The repayment tenure for the HDFC Home Renovation Loan can extend up to 30 years, giving borrowers flexibility in managing their EMIs.
You will need KYC documents (proof of identity and address), income proof, property documents, a renovation estimate, and bank statements, among others, to apply for the loan.
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