A home renovation loan can be a practical solution when you want to enhance your living space without draining your savings.

Whether it’s remodelling your kitchen, upgrading your bathroom fittings, or giving your interiors a fresh new look, our personal loan for home improvement offers the financial flexibility you need. With a house renovation loan, you can make meaningful upgrades to your home – big or small – bringing you one step closer to your dream home.

Our personal loan for home renovations carries a reasonably low interest rate, ensuring it is not a burden on your finances. So apply today for home improvement financing from the comfort of your own home and receive your funds. You could start as soon as within a week!

Features and Benefits of a Personal Loan for Home Renovation

A loan for home renovation offers several features and benefits that make it an attractive option for homeowners looking to enhance their living spaces.

Icon Instant Online Approval

Easy Eligibility:

We offer straightforward eligibility criteria for a personal loan for renovation, allowing you to apply with confidence.

Icon Affordable Interest Rates

Loan for All Homeowners:

Whether you own an apartment, villa, or bungalow, our customised solutions are designed to meet diverse home improvement needs.

Icon Money Disbursed

Repairs, Renovation, and More:

Use the loan funds for a variety of home improvement activities, including repairs, extensions, and interior upgrades.

Icon Loanupto

Quick Disbursal:

Receive funds in your account shortly after final approval so you can get started on your renovation project without delay.

Maximum Loan up to 90%

Flexible Repayment Options:

Enjoy the flexibility of choosing a repayment tenure ranging from 12 to 60 months, helping you manage repayments comfortably as per your cash flow.

*Terms and Conditions Apply

Interest Rate & Charges for Home Improvement Loan

SMFG India Credit offers personal loans for home improvement at interest rates as low as 13%* per annum. The actual interest rate charged on your loan is determined based on your financial profile, including your credit score, the nature of employment, and existing relationship with us. The tenure and the loan amount chosen also play a role in the interest rate offered. Given below are some details:

Particulars

Details

Interest Rate

Starting from 13%* per annum

Processing Fee

Up to 5% of the total loan amount + GST

Loan Tenure

12 to 60 months

Lowest EMI Per Lakh

INR 2,275* for a tenure of 60 months

Prepayment Charges

0% to 7%*

Loan Cancellation Charges (Loan Cancelled Before 1st EMI)

INR. 1000 - 2500

Cheque/ECS/ACH Direct Debit Dishonour Charges (per dishonour of cheque/ECS/NACH per presentation)

INR. 300 to 1000

Home Renovation Loan Eligibility Criteria

Applicants must meet the following basic requirements:

  • Applicant must be a resident citizen of India.
  • Age Requirement: Between 22 and 65 years (25 for self-employed).
  • Minimum Monthly Income:
    • INR 20,000 in non-metro areas.
    • INR 25,000 for residents of Mumbai and Delhi.
    • For self-employed applicants, the minimum annual profit after tax will be considered.

Visit the personal loan eligibility criteria page for more details.

Document Requirements for Loans for Home Renovation

Preparing all the essential documents needed for personal loans before applying will save you much time and effort. Below is a list of the documents required:

  • Duly signed and completed application form
  • Identity proof (such as Aadhaar or PAN card)
  • Address proof (such as utility bills or passport)
  • Signature proof (such as a passport or PAN card)

Additional documents for salaried applicants:

  • Salary slips for the last 3 months
  • Bank statements for the last 6 months
  • Income Tax Returns or Form 16

Additional documents for self-employed applicants:

  • Business proof (such as a licence or GST registration)
  • Income proof (such as financial statements or Income Tax assessment certificate)

You can check the complete list of the documents required for personal loans here.

How to Apply for a Home Renovation Loan

To apply for a personal loan for home improvement, simply click on the Apply Now button on this page and fill out the form provided. Our representative will get in touch with you to collect the required documents soon after. The loan amount would be credited to your account within 30 minutes* of loan approval.

The steps for applying for a personal loan at SMFG India Credit are outlined here:

  1. Provide Basic Information

Fill in your mobile number, PAN, pincode, and employment type (salaried or self-employed).

  1. Verify Mobile Number

Verify your mobile number through a 6-digit OTP.

  1. Enter Additional Personal Information

Provide your email address, date of birth, gender, and details regarding annual household income. Also, ensure that you validate your email ID.

  1. Employment Information

Give details of your job if you're under salaried employment.

  1. Upload Bank Statement

Kindly share your bank statement using Net Banking, an Account Aggregator, or by uploading it directly. This will enable us to generate a loan offer. This applies only to salaried individuals.

  1. Verify Identity

Proceed with the digital verification of identity and address. Take a selfie to complete identity verification and share address details via CKYC, Offline Aadhaar XML-based KYC, or DigiLocker.

  1. Provide Bank Account Details

Provide your bank account information for our verification.

  1. Additional Details

After the bank account verification, provide the requested information in the 'Additional Details' section, such as the loan purpose and marital status.

  1. Re-payment Mode Selection and E-NACH Setup

Select between debit card or internet banking as your re-payment mode and finish setting up E-NACH.

  1. Review and Sign the Loan Agreement Digitally

Finalise the process by reviewing and digitally signing the loan contract to acknowledge terms and conditions, and confirming with an OTP.

Take your first steps towards achieving your financial goals with this easy application process from SMFG India Credit.

See How Our Personal Loan for Home Renovation Can Help

* Please note that loans are disbursed at the sole discretion of SMFG India Credit. Final approval, loan terms and disbursal process will be subject to SMFG India Credit's policy at the time of loan application. If you are an existing customer and wish to foreclose your loan, please note that foreclosure terms and charges will be applicable as per our policy at the time of loan foreclosure.

`
50,00030,00,000
%
13%33%
Months
12 Months60 Months

Your Calculated EMI*

 8,302

FAQs

Who can avail of a home improvement loan?

Any resident citizen of India meeting the minimum income criteria set by SMFG India Credit and between the ages of 21 and 60 years can avail home improvement loan.

What is the interest rate for a home renovation loan?

At SMFG India Credit, the interest rates on personal loans for home renovations start from 13%* per annum.

Can I use a home improvement loan for anything?

Yes, this is an open-ended personal loan and you can use it as per your requirements.

Do I need collateral to apply for a home renovation loan?

No collateral is required for a personal loan for home renovation at SMFG India Credit.

What is the maximum term for which I can avail a Home Improvement Loan?

A maximum term of 60 months can be availed at SMFG India Credit.

How much funding can I get through a home renovation loan?

At SMFG India Credit, you can apply for a personal loan of up to INR 30 lakhs*.

How long does it take to get approval for a home renovation loan?

While SMFG India Credit prioritises speedy processing, the exact approval time will be subject to your eligibility and the accuracy of the submitted documents. Offline applications may take longer to process.

What are the eligibility criteria for a home renovation loan?

To be eligible for a personal loan for home renovations, applicants must meet certain requirements for age, income, credit score, and so on.

Can I use a home renovation loan for structural changes or additions to my property?

Yes, the funds from a personal loan for home renovation can be used for structural changes or additions to your property, such as expanding rooms, altering layouts, or strengthening foundations.

If the property is not owned by me, can I still use a personal loan for house renovations?

Yes, you might be able to use a personal loan for house renovation even if you don’t own the property since this is an unsecured loan. However, it’s best to check with your lender for any specific conditions.

Can I apply for a home renovation loan if I have a low credit score?

Yes, you can apply for a home renovation loan with a low credit score, but you may face higher interest rates or even rejection. It’s best to improve your score to at least 750 before applying.

Can a Home Improvement Loan fund the purchase of furniture?

Yes, it is an open-ended personal loan and you can use it for purchasing furniture.

What is the security that I will have to provide for a Home Improvement Loan?

No collateral is required for a personal loan at SMFG India Credit. This includes a personal loan for home improvement.

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