Home Improvement Loans

The interiors of any home reflect the personal preferences and tastes of its owners making it imperative to constantly upgrade to keep up with changing times. With HDFC's Home Improvement Loans you can now renovate your existing space for a more comfortable environment and a better quality of living.

This renovation loan facilitates internal and external repairs and other structural improvements like Painting, Waterproofing and Roofing, Plumbing and Electrical Works, Tiling and Flooring, Grills, Aluminum Windows compound walls and much more.

• Purpose
• External repairs
• Tiling and flooring
• Internal and external painting
• Plumbing and electrical work
• Waterproofing and roofing
• Grills and aluminum windows
• Waterproofing on terrace
• Construction of underground/overhead water tank
• Paving of compound wall (with stone/tile/etc.)
• Borewell
• Maximum loan
  80% of the cost of improvement. This is however subject to valuation of the property as assessed by HDFC.
  
  Subject to market value of the property
• Maximum Term
  15 years subject to your retirement age
• Applicant and Co- Applicant to the loan
  Home Loans can be applied for either individually or jointly. Proposed owners of the property, will have to be co-applicants. However, the co-applicants need not be co- owners.
• Adjustable Rate Home Loan
  Loan under Adjustable Rate is linked to HDFC's Retail Prime Lending Rate (RPLR). The rate on your loan will be revised every three months from the date of first disbursement, if there is a change in RPLR, the interest rate on your loan may change. However, the EMI on the home loan disbursed will not change*. If the interest rate increases, the interest component in an EMI will increase and the principal component will reduce resulting in an extension of term of the loan, and vice versa when the interest rate decreases.
  * Conditions Apply

The above rates are subject to change without notice.

• TruFixed Home Loan Under this product the customer has the option to choose a Fixed Interest Rate Period (FIRP) between 3 to 10 years . Post the fixed rate period the loan will automatically convert to a variable rate product. The customer also has the option, subject to our eligibility norms to take a complete fixed rate term product for a fixed term of 3 to 10 years. Or, he can avail a long term loan of upto 15 years with a part fixed and part floating for the entire tenor of the loan. The full disbursement of the loan, irrespective of the fixed period chosen, shall have been availed within the first 3 years from the date of first disbursement of the loan. Post the fixed rate period the interest rates applicable on the loan shall be the then applicable HDFC RPLR minus the spread as applicable currently on the loan amount being availed under this product.
  
  The applicable interest rates in the Fixed Interest Rate Period (FIRP) are linked to sanctioned loan amount and as per details given below:
  
  

  Loan Slabs	Interest Rates during the Fixed Interest Rate Period( % )
  Upto and including Rs 10 lacs	10.75
  Rs.10.01 lacs to Rs.75 lacs	11.00
  Over Rs.75 lacs	11.25

  
  
• Eligibility
The product is available to salaried and self-employed customers subject to file being logged in on or before April 30th, 2013 with an end date for the first disbursement on or before May 31st, 2013.