Home Renovation Loan - Cheema Capital | Transform Your Living Space

Home Renovation Loan Overview

A home renovation loan is a specialized financing option designed to help you upgrade, repair, or enhance your existing home. Whether you're looking to remodel your kitchen, add a new room, renovate your bathroom, or make energy-efficient upgrades, our home renovation loan provides the funds you need.

At Cheema Capital, we offer home renovation loans with competitive interest rates, flexible repayment options, and quick processing to help you transform your living space without financial stress.

Loan Amount

₹1,00,000 - ₹50,00,000

Interest Rate

Starting from 8.75% p.a.

Tenure

Up to 15 years

Processing Time

As quick as 3-5 business days

Features & Benefits

Competitive Interest Rates

Enjoy attractive interest rates starting from just 8.75% p.a. to make your renovation affordable.

Flexible Repayment Options

Choose a repayment tenure of up to 15 years to keep your EMIs manageable.

High Loan Amount

Finance up to 90% of your renovation cost with our generous loan-to-value ratio.

Minimal Documentation

Simple documentation process with quick approval and disbursement.

Increased Property Value

Enhance your home's market value through strategic renovations and improvements.

Tax Benefits

Avail tax benefits on interest paid under Section 24 of the Income Tax Act.

Eligibility Criteria

Age between 21 and 65 years
Minimum monthly income of ₹25,000
Stable employment or business for at least 2 years
Good credit score (preferably 700+)
Property ownership with clear title
Property should be at least 5 years old
Should not have any major defaults in the past

Required Documents

Identity Proof (Aadhaar Card, PAN Card, Passport)
Address Proof (Aadhaar Card, Utility Bills, Rental Agreement)
Income Proof (Salary Slips, Form 16, ITR for last 2 years)
Bank Statements for the last 6 months
Property Ownership Documents
Renovation cost estimate or quotation from contractor
Renovation plan and layout (if applicable)
Passport-sized photographs

Application Process

Initial Consultation

Discuss your renovation plans and get a detailed cost estimate from a contractor.
Fill the Application Form

Complete our simple online application form with your personal details and renovation information.
Document Submission

Upload the required documents for verification and processing.
Property Evaluation

Our team may conduct a property inspection to assess the current condition and renovation plans.
Loan Approval & Disbursement

Upon successful verification, your home renovation loan will be approved and disbursed in phases based on the renovation progress.

Frequently Asked Questions

What types of renovations can I finance with this loan?

You can finance a wide range of home renovations including kitchen remodeling, bathroom upgrades, room additions, roof repairs, flooring replacement, painting, electrical and plumbing work, energy-efficient upgrades, and outdoor improvements like landscaping or deck construction.

How is a home renovation loan different from a personal loan?

A home renovation loan is specifically designed for property improvements and typically offers lower interest rates, higher loan amounts, and longer repayment terms compared to personal loans. Additionally, home renovation loans may offer tax benefits on the interest paid, which is not available with personal loans.

How is the loan amount disbursed?

The loan amount is typically disbursed in phases based on the progress of the renovation work. An initial amount may be disbursed upfront, with subsequent disbursements made after verification of the work completed. This phased disbursement ensures that funds are utilized properly for the intended renovation purposes.

Do I need to hire specific contractors for the renovation?

You have the freedom to choose your own contractors for the renovation work. However, we recommend selecting experienced and reputable contractors who can provide detailed cost estimates and timelines. In some cases, we may have a panel of approved contractors that you can consider for quality assurance.

Can I use this loan for renovating a property that I don't live in?

Yes, you can use a home renovation loan for renovating investment properties or second homes that you own. However, the interest rates and terms may differ slightly from those offered for primary residences. Our loan officers can provide specific details based on your property type.

What happens if the renovation costs exceed the approved loan amount?

If the renovation costs exceed the approved loan amount, you would need to cover the additional expenses from your own funds. It's important to have a detailed and realistic budget for your renovation project, including a contingency amount for unexpected expenses. Alternatively, you can apply for a top-up loan if you qualify for additional financing.