Your home is a reflection of your personality and status. It’s the cocoon for you and your family. Keep it looking on par with new at all times with Home Improvement Loan
Features and Benefits of Home Improvement Loan:
- Tenure and Term: The tenure of your Home Improvement Loan ranges from 1 to 10 years. The term, be that as it may, does not extend beyond the retirement age or 60 years whichever is earlier (65 years for self-employed people)
- Purpose: Avail a Home Improvement Loan to renovate or paint the house/flat you possess
- Reduce your EMI: With a tenure of 10 years, you can reduce the EMI amount on your Home Improvement Loan, so that your outgoings consistently don’t come in the method for your lifestyle and expectations for everyday comforts.
- Interest Rates: The Interest rate pertinent is based on the Lending Rate which varies now and again based on the currency economic situations
- Processing Fees (Non-Refundable): This is charged as the expense towards processing your Home Improvement Loan application.
- Easy Repayments: You have 2 choices for repayment of the loan based on the EMIs payable on your Home Loan:
- Through ECS (Electronic Clearing Service) based on standing instructions to your bank
- Post Dated Cheques(PDCs) drawn on your Savings/Salary account
- Home Loan Tax Benefits: Resident Indians are qualified for certain tax breaks on central and interest components of a home loan. According to Income Tax Act 1961 rules, the current relevant exemption under section 24(b) is `2,00,000/ – for the interest amount paid in the money related year and up to `1,50,000/ – (under section 80 C) for the central amount repaid around the same time.
- Applicant and Co-Applicant: Home Improvement Loans can be connected by a person. The loan amount can be additionally enhanced by including an earning co-applicant.
- Stamp Duty: Stamp obligation on the loan documents to be executed should be paid by the Applicant.
- Easy Documentation: To empower us to speedily handle your Home Improvement Loan application, we will require the accompanying:
- KYC (Know Your Customer) documents
- Proof of Income documents and bank explanations according to sign in checklist
- Property related documents.
You can get a loan of up to 100% of the improvement cost estimates as certified by an engineer/architect and duly verified by the Technical Officer, subject to greatest 90% of general market estimation of the property, whichever is lower on loan amount up to `30 Lacs.*
The actual Home Loan amount is determined to consider factors, for example,
- Repayment capacity
- Educational qualifications
- Stability and continuity of income
- Number of dependents
- Co-applicant’s income
- Saving habits and the sky is the limit from there.