The down payment wiped out your savings, yet bare walls stare back? Rather than swipe a card for every sofa and appliance, top up your existing loan in minutes.
With LIC Housing Finance home renovation loan, LIC disburses funds exclusively for interiors at housing‑loan rates. All expenses merge under one schedule, so budgeting stays simple and transparent.
Quick digital processing means no fresh property valuation or lengthy paperwork. Decorate now, pay gradually, and keep your cash cushion intact.
LIC Housing Finance Home Renovation Loan Highlights
This quick snapshot shows the core numbers—rate, loan share, and tenure—so you can gauge affordability at a glance.
| Aspects | Highlights |
|---|---|
| Interest Rates | 8.65% p.a. onwards |
| Tenure | 90% of the property value |
| Maximum Loan Amount | Salaried: 30 years Self Employed: 25 years |
Suggested Read: LIC Home Loan Interest Rates 2025
LIC Housing Finance Home Renovation Loan Interest Rates 2025
Knowing the starting rate lets you estimate your EMI and decide whether the loan matches your cash-flow comfort.
| CIBIL Score bracket | Salaried – Indicative Rate | Self-Employed – Indicative Rate |
|---|---|---|
| ≥ 800 | — | — |
| 775 – 799 | — | — |
| 750 – 774 | 8.65 % p.a. – 8.80 % p.a. | 8.90 % p.a. – 9.05 % p.a. |
| 725 – 749 | — | — |
| 700 – 724 | 8.90 % p.a. – 9.05 % p.a. | 9.15 % p.a. – 9.30 % p.a. |
| 600 – 699 | 9.55 % p.a. – 9.90 % p.a. | 9.65 % p.a. – 10.00 % p.a. |
| < 600 | 10.00 % p.a. – 10.40 % p.a. | 10.10 % p.a. – 10.50 % p.a. |
| 150 ≤ CIBIL ≤ 200 | 8.75 % p.a. onwards | 8.85 % p.a. |
| 100 ≤ CIBIL ≤ 150 | 9.25 % p.a. onwards | 9.35 % p.a. |
| Sure Fixed Scheme | 10.00 % p.a. – 10.25 % p.a. | — |
Suggested Read: Impact of Home Renovation on Home Insurance
LIC Housing Finance Home Renovation Loan Eligibility Criteria
Check these basic conditions first; meeting them is the key to unlocking your NRI borrowing power.
| Eligibility Parameter | Salaried Applicants | Self-Employed Applicants |
|---|---|---|
| Age at the time of application | 21 – 60 years | 21 – 70 years |
| Minimum regular income | ₹25,000 per month (or higher, depending on city tier) | ₹25,000 per month (stable business cash flow) |
| Work experience / business vintage | At least 2 years in current job | Business should be operational & profitable for at least 2 years |
| Credit (CIBIL) score | 700+ | 700+ |
Suggested Read: Small Bathroom Renovation Ideas
LIC Housing Finance Home Renovation Loan Processing Fees
Understanding the one-time processing fee helps you budget for the costs that appear before the loan even starts.
| Loan Slab | Processing Fee |
|---|---|
| Up to ₹ 1 Crore | 0.25% of loan amount Maximum: ₹ 15,000 + GST |
| ₹1 crore – ₹2 crore | Rs 20,000 + GST |
| ₹2 crore- ₹5 crore | Rs 25,000 + GST |
| ₹5 crore – ₹15 crore | Rs 50,000 + GST |
Suggested Read: LIC Home Loan Customer Care
LIC Housing Finance Home Renovation Loan Other Fees and Charges
Review the penalty and service fees now, so no surprise bills pop up later in your repayment journey.
| Service | Charges |
|---|---|
| Prepayment Charges | Floating and fixed rates: NIL if paid through own funds 2% on prepaid loan amount if paid through other sources |
| Penal Charges | Up to 12 months: 1.50% per month Beyond 12 months: 1.75% per month |
| Document retrieval charges | Rs 2,500 |
| Providing document list | Rs 500 |
| Photocopies of title documents | Rs 1,000 |
| Cheque bounce charges | Rs 350 |
| ECS/NACH dishonor charges | Rs 200 |
Suggested Read: Puja Room Renovation Ideas
LIC Housing Finance Home Renovation Loan Documents Required
When applying for a home loan with the LIC, you will need to provide specific documents that verify your identity, income, and property details. Below is a detailed list:
General Documents
| Category | Documents Required |
|---|---|
| Proof of Identity | PAN Card/ Driver’s License / Voter ID / Passport / Aadhar Card |
| Proof of Address | Driver’s License / Ration Card / Voter ID / Passport / Aadhar Card / Registered Rent Agreement |
Proof of Income
| Salaried | Self Employed |
|---|---|
| Last 6 months’ Salary Slips | Last 3 Years ITR with Computation of Income |
| 1 Year ITR/Form 16 | Profit & Loss Account |
| 6 months bank account statement (salary account or individual account). | Balance Sheet |
| Capital Account Statement | |
| Bank account statement for the last 12 months (for individual or business). | |
| Business proof |
NRI/ PIO
| Category | Documents |
|---|---|
| Passport & Visa | Passport with VISA printed on it |
| Work Authorization | Work Permit |
| Identity Proof | Copy of PAN, ID card issued by employer |
| Proof of Address | Proof of address in India Proof of address in the foreign country Proof of address from employer with contact details |
| Income Proof | Latest salary slip in original Annual income tax return filed as per applicable rules for the last 2 years |
Read More: Home Loans in Bangalore
How to Apply for LIC Housing Finance Home Renovation Loan?
- Go to the official LIC Housing Finance website.
- Navigate to Home Loans > Home Renovation Loan . Click Apply Now.
- Enter your name, mobile number, property location, and preferred office area, then click on “Get Started.”
- Complete the application form with accurate personal, financial, and property details .
- Upload all required supporting documents .
- Review all information and documents carefully, then submit the application.
- Upon successful submission, you will receive an acknowledgment or reference number .
Read More: How to Reduce Your Home Loan Tenure?
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 | 8.50% p.a. onwards | 8.5% p.a. onwards | 8.50% 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% – 10.65% p.a. | 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 |
Conclusion
Buying a home is a big step. Getting a home loan can be hard, but we make it easy. At Credit Dharma, we make this possible by offering lowest guaranteed interest rates that keep your monthly payments manageable, allowing you to enjoy more of what truly matters.
But that is not it. We offer:
- Guaranteed up to 100% funding
- Receive lifetime assistance and expert guidance long after your loan is approved.
- Enjoy a fully digital process with minimal paperwork
- Get your loan approved within just 1-2 weeks.
Frequently Asked Questions
Personal‑loan APRs often cross 14‑18 % and credit cards 36 %+, while furnishing loans start in the single digits—saving serious interest over 3‑5 years.
Yes. Under Section 24(b) you can claim up to ₹30,000 a year on interest paid toward a renovation/furnishing loan, within the overall ₹2 lakh home‑interest cap.
If you already have a mortgage, the furnishing loan is usually secured by the same property (BOI even waives fresh mortgage up to ₹5 lakh). A few NBFCs offer totally unsecured renovation loans—but they price higher.
Functionally they’re similar—both give you extra funds. A top-up loan rides on your existing mortgage (often at the same tenor), whereas a stand-alone renovation loan can be taken even if you have no current home loan. Choose whichever has the lower effective rate + simpler paperwork for you.
Typically lenders fund 70–90 % of the renovation estimate (max ₹20–30 lakh in most retail products). The exact cap depends on your income, existing EMIs, property value, and bank policy. You’ll need to arrange the rest as margin money.
HDFC Home Loan
SBI Home Loan
