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 Home Renovation Loan
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Various types of loans are available with housing finance companies to suit the needs and budget of individuals. Improvement loans or home renovation loans are taken when one needs to carry out the repair or renovation work. It's in addition to taking a loan for purchasing a house. There are various finance companies and nationalized banks offering such types of loans like HDFC Bank To get the repairs and/or renovation work done of your residential property you can take a Home improvement or renovation loan. It is chiefly taken to carry out civil work like plumbing or modifying up the kitchen or painting of the house. You cannot take a renovation loan if you want to undertake furniture work. Furniture work or woodwork doesn't fall under the category of "civil work" that is why you cannot take loan for this.
To get the home improvement loan or home renovation loan sanctioned, a quotation must be acquired from a qualified civil contractor or engineer or architect. The same must then, be submitted to the HFC for approval. Once the 'technical department' of the said housing finance company has approved the quotation only then the loan will be disbursed.
The sanction limit for renovation loans or home improvement loan is around 85% of the property cost. This percentage includes the home loan amount as well. Renovation loans are sanctioned only after the original property papers are in order and submitted to the housing finance company from where you want to obtain a loan. The loan will not be sanctioned without them. Therefore, in such a scenario, in case an individual has an existing housing loan from a particular housing finance company, then he will have to necessarily opt for a renovation loan from that housing finance company. This is because the original property papers will be with the housing finance company, which will not be in a position to transfer them to another housing finance company while the home loan payment is on.
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