Home Improvement Loan

“Home Improvement Loan Scheme” provides a packaged financial assistance to individuals for furnishing their houses / flats at incredibly low rates of interest."

  • For purchase of household furniture items, refrigerator, fans, air conditioner/s, to put up wardrobes or any other household item/s.
  • Owners of House / flat who are salaried individuals / individuals engaged in business / professionals / self-employed. NRIs  are also eligible.
  • Salaried individuals should have a minimum monthly net take home salary of 25% of their gross salary or Rs. 2000/- after meeting the loan instalments for the proposed loan.
  • Professionals and other non-salaried persons should have a minimum annual income of Rs. 50000/- to be evidenced by Income Tax assessment order / return.
  • When availed along with Housing Loan from our Bank, amount upto one year's gross salary / income over and above the normal eligible amount for housing finance.
  • In other cases, one year's gross income / salary will be reckoned to determine the loan quantum under this Scheme.
  • Subject to above, normally, the maximum loan quantum shall be Rs.2 lacs. Higher quantum considered selectively.
  • If availed as a part of the housing finance from our Bank, then, the margin stipulated is same as margin stipulated for Housing Loan. In other cases, the margin is 20%.
  • Hypothecation of assets created out of this loan.
  • Mortgage of house / flat
  • Suitable co-obligation / personal guarantee. Waiver considered selectively.
  • In convenient equated monthly instalments upto 60 months.
  • The processing charges payable is 0.5% of the loan amount subject to a minimum of Rs. 1500/- and maximum of Rs. 10000/- (subject to change from time to time)
  • Amount will be normally disbursed only after acquiring ready built house / flat or completion of construction of house / flat or completion of repairs / renovations, etc., where the loan is availed along with housing finance. In case this loan is sanctioned independent of a housing loan then, the loan can also be disbursed against proforma invoice, etc.
  • Stipulated Loan application with 2 passport size photographs
  • Latest Salary Certificate and Form No.16
  • ITAO / IT Returns (for professionals and non-salaried persons)
  • Proforma Invoices, cost estimates

For more details, please visit our nearest branch or call to toll free no. 1800 425 0018.

Frequently Asked Questions on Home Improvement Loan

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