HDFC Home Improvement Loans

HDFC Home Improvement/Renovation Highlights
Interest Rate	8.70% p.a. onwards
Loan Amount	75% – 90% of the property cost
Loan Tenure	Up to 20 years
Processing Fee	Up to 0.50% of the loan amount or Rs. 3,000 + GST

Note: Rates as of 22 May 2023

HDFC Home Improvement/Renovation Interest Rate

Special Home Loan Interest Rates (For Salaried/Self-employed professionals/Self-employed non-professionals)

Loan Slab	Interest Rates (p.a.)
For all loan amounts	8.70%-9.60%

Standard Home Loan Rates

Loan Slab	Interest Rates (p.a.)
For Women (up to 30 lakhs)	8.95%-9.45%
For Others (up to 30 lakhs)	9.00%-9.50%
For Women (30.01 lakhs to 75 lakhs)	9.20%-9.70%
For Others (30.01 lakhs to 75 lakhs)	9.25%-9.75%
For Women (75.01 lakhs & above)	9.30%-9.80%
For Others*(75.01 lakhs & above)	9.35%-9.85%

Features of Home Improvement/Renovation Loans

Purpose: For home enhancement including tiling, flooring, painting, plasters, etc. 

Tenure: Up to 15 years

Loan to Value (LTV) Ratio:

For Existing Customers:

Loan Amount	LTV Ratio
Up to Rs 30 lakh	Up to 100% of renovation estimate (subject to loan/total exposure not exceeding 90% of the market value of the property as assessed by HDFC)
Rs 30.01 lakh-Rs 75 lakh	Up to 100% of renovation estimate (subject to loan/total exposure not exceeding 80% of the market value of the property as assessed by HDFC)
Above Rs 75 lakh	Up to 100% of renovation estimate (subject to loan/total exposure not exceeding 75% of the market value of the property as assessed by HDFC)

For New Customers:

Loan Amount	LTV Ratio
Up to Rs 30 lakh	Up to 90% of the renovation estimate
Rs 30.01 lakh-Rs 75 lakh	Up to 80% of the renovation estimate
Above Rs 75 lakh	Up to 75% of the renovation estimate

HDFC Home Improvement/Renovation Processing Fees & Charges

Particulars	Charges (excluding GST)
Processing fees	Up to 0.50% of the loan amount or Rs. 3,000 whichever is higher
	Minimum Retention Amount: 50% of applicable fees or Rs. 3,000 whichever is higher
Prepayment Charges	Adjustable Rate Loans (ARHL) and Combination Rate Home Loan (“CRHL”) during the period of applicability of the Variable Rate of interest – NIL
	Fixed Rate Loans (“FRHL”) and Combination Rate Home Loan (“CRHL”) during the period of applicability of the Fixed Rate of interest- NIL when prepaid through own sources of funds; 2% of the prepaid amount when paid through other sources of funds
Late payment fee	24% p.a.
Check dishonour charges	Rs. 300
List of Documents	Up to Rs 500
Photo Copy of Documents	Up to Rs 500
PDC Swap	Up to Rs. 500
Disbursement Cheque Cancellation Charge Post Disbursement	Up to Rs. 500
Re-Appraisal Of Loan After 6 Months From Sanction	Up to Rs 2,000

 Conversion Charges

Particulars	Charges
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 Rs 50,000, whichever is lower
Switch to Variable Rate Loan from Fixed 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 Rs 50,000, whichever is lower
Switch from Combination rate home loan fixed rate to variable rate	Up to 1.75% of the principal outstanding and undisbursed amount (if any) at the time of conversion
Switch to Lower rate (Plot Loan)	Up to 0.50% of the principal outstanding and undisbursed amount (if any) at the time of conversion

Click Here:- To know more about HDFC home loan processing fees & charges

HDFC Home Improvement/Renovation Eligibility

• Nationality: Resident Indian
• The age of applicant must be from 21 to 65 years
• Profession: Salaried / Self Employed

Documents Required for HDFC Home Improvement/Renovation Loan

Identity & Residence Proof (KYC)

• PAN Card or Form 60 (in case the applicant does not have a PAN Card) (Mandatory)
• Description of Officially Valid Documents (OVD) that can be accepted for establishing the legal name and current address of the applicant (any of the following)
  • Passport
  • Driving license
  • Election/Voters identification card
  • Job card issued by NREGA duly signed by the officer of the State Government
  • Letter issued by the National Population Register containing details of name, address
  • Proof of possession of Aadhaar Number

Income Proof

For salaried individuals

• Last 3-month salary slips
• Bank statements of the last 6 months, showing salary credits
• Latest IT returns and Form 16

For self-employed professionals

• Income Tax Assessment of the last 3 assessment years of the business entity and individual, attested by a CA
• Last 3 years’ Profit & Loss A/c Statements and Balance Sheet, with Annexures or Schedules (of both the business entity and the individual and attested by a CA)
• Current A/c Statements of the last 6 months of the business entity & savings account statements of the individual

Property/Home Renovation Documents

• Title Deeds of the property
• Proof of no encumbrances on the property
• Construction estimate by an Architect or Civil engineer

Other Documents

For salaried individuals

• Employment Contract or Appointment Letter in case current employment is less than 1 year
• Bank Statements of the last 6 months showing repayment of any ongoing loans
• Passport size photograph of all the applicants / co-applicants and duly signed
• Cheque for processing fee favouring ‘HDFC Ltd.’
• Own contribution proof

For self-employed professionals

• Business Profile
• Latest Form 26 AS
• In case the business entity is a company: a list of directors & shareholders with their individual shareholding certified by a CA or CS
• Articles and Memorandum of Association of the Company
• Partnership deed in case the business entity is a partnership firm
• Details of ongoing loans of the individual & the business entity including the instalments, outstanding amount, purpose, security, balance loan term, etc.
• Passport size photograph of all the applicants or co-applicants
• Cheque for processing fee favouring ‘HDFC Ltd.’
• Own Contribution Proof