What are the benefits of taking a home improvement loan?


OR


Answered on November 09, 2017
  • share
  • Personal Loan for Home Improvement. Home improvement loans are designed for the purpose of renovating a house and can be taken by a person who owns the property to be renovated. These loans are given for a maximum term of 15 years and interest charged on these loans lies in the range of 9.5% to 10.5% per year.

     

    Following are  the documents required to avail a home improvement loan

    Proof of both identity and residence (any 1)

    Valid Passport

    Voter ID Card

    Aadhaar Card

    Valid Driving Licence

     

    Proof of income

    Income Tax Returns along with computation of income for the last 3 Assessment Years

    Last 3 years’ Balance Sheet and Profit & Loss A/c Statements, with Annexures / Schedules

    (Points 2 & 3 should be of both the individual and the business entity and attested by a CA)

    Last 6 months' Current A/c Statements of the business entity and Savings Account Statements of the individual

    Other documents

    Business Profile

    Latest Form 26 AS

    List of Directors and Shareholders with their individual shareholding certified by a CA / CS in case of the business entity being a company

    Memorandum and Articles of Association of the Company

    Partnership deed in case of the business entity being a partnership firm

    Details of ongoing loans of the individual and the business entity including the outstanding amount, instalments, security, purpose, balance loan term, etc

    Passport size photograph of all the applicants / co-applicants to be affixed on the Application Form and signed across

    Cheque for processing fee favouring ‘HDFC Ltd.’

    Own Contribution Proof

    Property / Home Improvement related documents

    All original Title Deeds of the property

    Proof of no encumbrances on the property

     

    An estimate of the proposed work from an Architect / Civil Engineer

      facebook twitter linkdin