House Renovation Loans for UK NRI
A home is usually said to be a reflection of its owner. With HDFC Bank's House Renovation Loans you can spruce up your home in India and upgrade to a contemporary design and a more comfortable living space.
A home is usually said to be a reflection of its owner. With HDFC Bank's House Renovation Loans you can spruce up your home in India and upgrade to a contemporary design and a more comfortable living space.
A loan of ₹100000 payable over 15 years on a variable rate at 7.90% would require 180 payments of ₹950 per month. The total amount payable would be ₹1,70,980 made up of loan amount of ₹1,00,000 plus interest of ₹70,980. The overall cost for comparison is 7.90% APRC representative.
In addition to the above the processing fees shall be paid by the customer.
The details of processing fees are as mentioned under Fees and Charges.
Please note that this example is just indicative in nature. The interest rates/Equated Monthly Installments are variable in nature and linked to HDFC Bank's Retail Prime Lending Rate and shall fluctuate according to the movement in the same. All payments are to be made in India in Indian currency. All lending by HDFC Bank is done solely in India for properties located in India.
Special Housing Loan Rates for Salaried & Self Employed (Professionals & Non-Professionals) | |
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Loan Slab | Interest Rates (% p.a.) |
For All Loans* | Policy Repo Rate + 2.40% to 7.70%= 7.90% to 13.20% |
For loan approval, you need to submit the following documents for applicant / all co-applicants along with the completed and signed home loan application form.
KYC Documents
KYC Documents
Income Documents
Property related Documents
Other Requirements
A | Sr.No. | Mandatory Documents | ||
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1 | Passport, the validity of which has not expired. | |||
2 | PAN Card or Form 60 (If the customer does not have a PAN Card) | |||
B | Sr.No. | Description of Officially Valid Documents (OVD) that can be accepted for establishing the legal name & current address of Individuals*[Any one of the following documents can be submitted] | Identity Proof | Address Proof |
1 | Passport, the validity of which has not expired. | |||
2 | Driving license which has not expired. | |||
3 | Election /Voters identification card | |||
4 | Job card issued by NREGA duly signed by the officer of the State Government | |||
5 | Letter issued by the National Population Register containing details of name, address. | |||
6 | Proof of possession of Aadhaar Number (to be obtained voluntarily) | |||
7 | Documents issued by the Government Departments of Foreign Jurisdiction (Like Work/Resident Permit, Social Security Card, Green Card etc.) | |||
8 | Letter issued by the Foreign Embassy or Mission in India |
A document mentioned above shall be deemed to be an OVD even if there is a change in the name subsequent to issuance provided it is supported by a marriage certificate issued by State Government or Gazette notification, indicating such a change of name.
In case the prospective customer is a Non-Resident Indian (NRI)/Person of Indian Origin (PIO)/Overseas Citizen of India (OCI), the KYC documents are to be self attested and submitted at the time of application. Though the KYC documents of the Power of Attorney holder can be verified with the originals, it becomes difficult to verify the documents submitted by the prospective NRI/PIO/OCI Customer with the respective originals where he / she is not personally present at the time of application / disbursement process. In such a case, it is suggested that any one of the following documents be obtained –
1 |
Proof of identity and address duly notarized by the Notary Public (overseas) having authority in the place of residence of the prospective NRI customer. |
2 |
Proof of identity and address duly attested by the Indian Embassy existing at the place of residence of the prospective NRI customer. |
* If the Documents being submitted are in a language other than english, a translation in english by an authorised translator is mandatory.
Document | Salaried | Self Employed Professional | Self Employed Non Professional |
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Photocopy of the Employment Contract / Appointment Letter / Offer Letter |
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Last 3 months' Salary Slips / Certificates specifying the following: Name (as it appears in the Passport); Date of joining; Passport Number; Designation; Perquisites and salary |
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Last year’s P60 plus transfer letter (as the case may be) | |||
Photocopy of last 6 months’ Bank Statements, showing salary credits | |||
Photocopy of last 6 months’ Bank StatementsCurrent, Savings & NRE / NRO) | |||
Consumer Credit Check Report from www.experian.co.uk or www.equifax.co.uk |
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Last 6 months' Invoices |
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Current valid contract copy | |||
UK Company's Bank account statements for the last 6 months | |||
Savings Proof - Saver account, ISA, Fixed Deposits, Demat account statement etc. | |||
Consumer Credit Check Report from www.experian.co.uk or www.equifax.co.uk | |||
Memorandum and Articles of Association | |||
Educational Qualification certificates | |||
Latest CV | |||
Company's Registration certificate | |||
Previous Employer's relieving letter and P45 | |||
Income Tax Returns along with computation of income for the last 3 Assessment Years (of both the individual and the business entity and attested by a CA) | |||
Last 3 years’ Balance Sheets and Profit & Loss A/c Statements, with Annexures / Schedules (of both the individual and the business entity and attested by a CA) | |||
Last year’s Current A/c Statements of the business entity and 6 months’ statements of the individual of his NRE / NRO account in India |
Document | Salaried | Self Employed Professional | Self Employed Non Professional |
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All original Title Deeds of the property |
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Proof of no encumbrances on the property | |||
An estimate of the proposed work from an Architect / Civil Engineer |
Document | Salaried | Self Employed Professional | Self Employed Non Professional |
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Own Contribution Proof | |||
Photocopy of the valid resident visa stamped on the Passport |
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Passport size photograph of all the applicants / co-applicants to be affixed on the Application form and signed across |
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Full Past occupational history |
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Cheque for processing fee favouring ‘HDFC Bank.’ In Indian Rupees |
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Business Profile |
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Details of the ongoing loans of the business entity and the individual along with photocopy of the sanction letter | |||
Details of ongoing loans of the individual and the business entity including the outstanding amount, instalments, security, purpose, balance loan term, etc. |
*The above list is indicative in nature and additional documents can be asked for.
All documents to be self attested. If the documents are in a language other than English then an English translation from a professional translator will be required. The same is to be attested by the Embassy / Employer.
In case the applicants & co-applicants are not present in India at the time of disbursement of the loan and the disbursement availed by the Power of Attorney holder, then the applicants & co-applicants are required to visit the overseas HDFC Bank Office for their KYC document attestation by the HDFC Bank representative. In case they are unable to visit our overseas branch then they are required to submit a copy of their identity and residence proof either notarized by the Notary Public (overseas) in the place of residence of the NRI customer or attested by the Indian Embassy existing at the place of residence of the NRI customer.
Processing Fees & Charges
Processing Fees & Charges
Conversion Fees
Miscellaneous Receipts
Pre Mature Closure/ Part Payment
Property Document Retention Charges
Processing Fees & Charges | |
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Processing fee/Loan processing charge (non-refundable) | Salaried / Self employed Professional Upto 0.50% of the loan amount or Rs. 4,000/- whichever is higher, plus applicable taxes. Minimum Retention Amount: Upto 50% of applicable fees or Rs. 4,000/- + applicable taxes whichever is higher. For Self-Employed Non-Professionals: Upto 1.50% of the loan amount or Rs. 5,000/- whichever is higher, plus applicable taxes. Minimum Retention Amount: Upto 50% of applicable fees or Rs. 5,000 + applicable taxes whichever is higher. For NRI Loans Upto 1.50% of the Loan amount or Rs. 4,000/- whichever is higher + applicable taxes / statutory levies and charges. Minimum Retention Amount: Upto 50% of applicable fees or Rs. 4,000/-+applicable taxes/statutory levies whichever is higher For Value Plus Loans Upto 1.50% of the Loan amount or Rs. 5000/- whichever is higher + applicable taxes / statutory levies and charges. Minimum Retention Amount: Upto 50% of applicable fees or Rs. 5,000/-+applicable taxes/statutory levies whichever is higher For HDFC Reach Scheme Upto 2.00% of the loan amount+ applicable taxes / statutory levies. Minimum Retention Amount: Upto 50% of applicable fees or Rs. 4,000/-+applicable taxes/statutory levies whichever is higher |
Re-Appraisal Of Loan After 6 Months From Sanction(applicable for housing and non-housing) | Salaried / Self employed Professional- Upto Rs. 3300/- For Self-Employed Non-Professionals/ NRI/ Value Plus Loans/ HDFC Reach Scheme/- Upto Rs. 5000 |
Conversion of ROI from floating to fixed(who have availed EMI based floating rate Personal Loans)*Please refer the RBI circularNo.DBR.No.BP.BC.99/08.13.100/2017-18 on “XBRL Returns – Harmonization of Banking Statistics” dated January 04, 2018.”. | Upto Rs. 3000/- |
List Of Documents (For issuance of duplicate LOD post disburserment) |
Upto Rs.500/- |
Photocopy of Documents | Upto Rs. 500/- |
Repayment Mode Change Charges | Upto Rs.500/- |
Stamp Duty & Statutory / Regulatory Charges | At actual |
Incidental Charges | At actual |
Cersai Charges | At actual (upto Rs.100/-) |
Mortgage Guarantee | At actual |
Administrative Charges | Upto Rs.5000/- plus applicable taxes |
Other penal charges, if any | |
Non Compliance of sanction / agreed Terms | Upto 2% charges per annum on principal outstanding for non compliance of agreed terms upto its fulfillment - (Charged on monthly basis) Subject to a Max of Rs 50000/- for Critical security related deferrals Max of Rs 25000/- for other deferrals |
Conversion Fees/Charges | For Home Loan, HL Top UP & Plot Equity loan (Switch to lower rate in Variable rate loans ) Upto 0.50% of the Principal Outstanding and undisbursed amount (if any) at the time of Conversion or Rs 3000 (which ever is lower ) for 1st Conversion with charges. , for Subsequent conversions charges would be Upto 0.50% of the Principal Outstanding and undisbursed amount (if any) at the time of Conversion OR Rs 2000 ( which ever is lower ) . Switch from Combination rate home loan under fixed rate term/Fixed rate loan to Variable rate – Upto 1.50% of the Principal Outstanding |
Payment Return Charges | Rs. 450/- |
Premature closure charges | • Adjustable Rate Loans (ARHL) and Combination Rate Home Loan (“CRHL”) during the period of applicability of the Variable Rate of interest – Nil • Fixed Rate Loans (“FRHL”) and Combination Rate Home Loan (“CRHL”) during the period of applicability of the Fixed Rate of interest - 2% plus applicable taxes/statutory except when part or full prepayment is being made through own sources |
Property Document Retention charges | Rs. 1000 per calendar month, after 2 calendar months from date of closure of all loans/facilities linked to the collateral |
Own Sources: *the expression "own sources" for this purpose means any source other than borrowing from a Bank/HFC/NBFC or Financial Institution.
The Borrower will be required to submit such documents that HDFC may deem fit & proper to ascertain the source of funds at the time of prepayment of the loan.
1. All the above charges/fees/Commissions are exclusive of taxes. All government taxes are applicable.
2. 10% discount to senior citizens on all the service charges
3. Service charges/Fees/Commissions may be revised with approval of Business Head in case of regulatory requirement.
4. NIL Premature Closure Charges /Foreclosure/ Prepayment Charges for Fixed rate loan facility up to Rs. 50 Lakh availed by Micro & Small Enterprises.
5. NIL Processing Fees for loan facility up to Rs. 5 Lakh availed by Micro & Small Enterprises subject to URC submission prior to disbursal
6. Interest rate of 18% p.a. will be levied on the amount utilized above the Operating Limit of overdraft facility. (Applicable for DOD facility only).
7. Penal Charges will be realised on cash basis
8. Interest will be charged on unpaid EMI for the number of days EMI is late. This interest is calculated @ loan’s contracted rate and will be added to next EMI.
9. The Borrower will be required to submit such documents that HDFC Bank may deem fit & proper to ascertain the source of funds at the time of prepayment of the loan
10. Processing fee, administrative fee, stamp duty, cersai fee and all other charges are non refundable
In the event of default, the details of authorised associate to approach for recovery of dues will be intimated to you through a payment reminder communication and any change in details would be intimated to you thereon. List of authorised associates empanelled for handling collections are updated on the banks website for reference.
Other Charges | |
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Incidental Charges | Incidental charges and expenses are levied to cover the cost, charges, expense and other monies as per actuals applicable to a case. |
Stamp Duty/ MOD/ MOE/ Registration |
As applicable in the respective States. |
Fees/Charges levied by Regulatory /government entities such as CERSAI |
As per actual charges/ fee levied by Regulatory bodies + applicable taxes/ statutory levies |
Fees/Charges levied by such third parties such as mortgage guarantee company |
As per actual fee/ charges levied by any third party(ies) + applicable taxes/ statutory levies |
• 10% discount to senior citizens on all the service charges
Conversion Charges | |
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Switch to Lower Rate in Variable rate Loans (Housing/ Extension/ Renovation / Plot / Top Up) |
Upto 0.50% of the Principal Outstanding and undisbursed amount (if any) at the time of Conversion or Rs 3000 (which ever is lower) |
Switch from Combination Rate home loan under fixed rate term / fixed rate loan to Variable rate |
Upto 1.50% of the Principal Outstanding and Undisbursed amount (if any)+ applicable taxes / statutory levies at the time of Conversion. |
Conversion of ROI from floating to fixed (who have availed EMI based floating rate Personal Loans ) | Please refer the RBI circularNo.DBR.No.BP.BC.99/08.13.100/2017-18 on “XBRL Returns – Harmonization of Banking Statistics” dated January 04, 2018.” Upto Rs.3000/- + applicable taxes / statutory levies. |
Miscellaneous Receipts | |
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Payment Return Charges |
Rs. 300/- Per Dishonor. |
Photocopy of Documents |
Upto Rs. 500/- + applicable taxes / . statutory levies |
Fees on account of External Opinion – such as legal/technical verifications. |
As per actuals. |
List of documents charges- for issuance of duplicate list of documents post disbursement |
Upto Rs. 500/- + applicable taxes / statutory levies. |
Repayment Mode Changes |
Upto Rs. 500/- + applicable taxes / statutory levies. |
Custody Charges/Property Document Retention charges | Rs. 1000 per calendar month, after 2 calendar months from date of closure of all loans/facilities linked to the collateral |
Charges levied on account of non- adherence of sanction terms agreed by customer at the time of disbursement of the loan. | Upto 2% charges per annum on principal outstanding for non- compliance of agreed terms upto its fulfilment- (charged on monthly basis) subject to cap of Rs. 50000/- for critical security related deferrals. Max Rs. 25000/- for other deferrals. |
Pre Mature Closure / Part Payment Charges | |
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A. Adjustable Rate Loans (ARHL) and Combination Rate Home Loan (“CRHL”) during the period of applicability of the Variable Rate of interest |
For loans sanctioned to individual borrowers with or without co-applicants, no prepayment charges shall be payable on account of part or full prepayments made through any sources* except when the loan is sanctioned for business purposes**. |
B. Fixed Rate Loans (“FRHL”) and Combination Rate Home Loan (“CRHL”) during the period of applicability of the Fixed Rate of interest |
For all loans sanctioned with or without co-applicants, the prepayment charge shall be levied at the rate of 2%, plus applicable taxes/statutory levies of the amounts being so prepaid on account of part or full prepayments except when part or full prepayment is being made through own sources*. |
Own Sources: *the expression "own sources" for this purpose means any source other than borrowing from a Bank/HFC/NBFC or Financial Institution.
**Conditions apply
The Borrower will be required to submit such documents that HDFC Bank may deem fit & proper to ascertain the source of funds at the time of prepayment of the loan.
Name of Fee/ Charge levied | Amount in Rupees | |
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Custody charges | Rs 1000/- per month for non-collection of collateral documents beyond 60 days, from date of closure of all loans/facilities linked to the collateral. |
You can apply individually or jointly for House Renovation Loans. All owners of the property will have to be co-applicants. However, all co-applicants need not be co-owners. Co-applicants can be family members only.An NRI/OCI/PIO above the age of 18 years upto 60 years who is of sound mind and is not disqualified from contracting by any law can apply for home renovation loan. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON THE LOAN/S AVAILED FROM HDFC BANK AGAINST IT.
Important Factor | Criteria |
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Age | 18-60 years |
Profession | Salaried / Self Employed |
Nationality | NRI |
Tenure | Up to 15 years**** |
Self-Employed Professional | Self Employed Non-Professional (senp) |
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Doctor, Lawyer, Chartered Accountant, Architect, Consultant, Engineer, Company Secretary etc. | Trader, Commission Agent, Contractor etc. |
****For certain professionals only. The professionals may include but are not limited to Doctors, Lawyers, Chartered Accountants, and Architects.
*All co-applicants need not be co-owners. But all co-owners need to be co-applicants to the loans. Generally, co-applicants are close family members.
Existing Customer | |
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Loans up to and including ₹30 lacs |
100% of the renovation estimate (subject to loan / total exposure not exceeding 90% of the market value of the property as assessed by HDFC Bank) |
Loans from ₹30.01 lacs to ₹75 lacs |
100% of the renovation estimate (subject to loan / total exposure not exceeding 80% of the market value of the property as assessed by HDFC Bank) |
Loans above ₹75 lacs |
100% of the renovation estimate (subject to loan / total exposure not exceeding 75% of the market value of the property as assessed by HDFC Bank) |
New Customer | |
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Loans up to and including ₹30 lacs |
90% of the renovation Estimate |
Loans from ₹30.01 lacs to ₹75 lacs |
80% of the renovation Estimate |
Loans above ₹75 lacs |
75% of the renovation Estimate |
**Subject to market value of the plot and repayment capacity of the customer, as assessed by HDFC Bank.
It was very easy to complete disbursement process with support of HDFC staff
”For people like us with a busy schedule hassle-free service online without visiting the bank was really a lifesaver.
”In this challenging situation, the entire process was carried out in a smooth way. Even the query raised was sorted out in a very short time with no hurdle. Every person involved in the inquiry procedures were courteous.
”It is a loan for renovating(without altering the structure/carpet area) your home in ways like tiling ,flooring, internal / external plaster and painting etc.
Any person who wishes to carry out renovation in their Apartment/Floor/Row house. Existing home loan customers can also avail a House Renovation Loans.
You can avail a House Renovation Loans for a maximum term of 15 years or till your age of retirement ,whichever is lower.
Interest rates applicable on house renovation loans do not differ from the interest rates of home loans.
House Renovation Loans can only be used to fund the purchase of immovable furnitures and fixtures
Yes. You are eligible for tax benefits on the principal components of your house renovation loan under the Income Tax Act, 1961. As the benefits could vary each year, please do check with our Loan Counselor about the tax benefits which you could avail on your loan.
Security of the loan would generally be security interest on the property being financed by us and / or any other collateral / interim security as may be required by us.
You can take disbursement of the loan once the property has been technically appraised, all legal documentation has been completed and you have invested your own contribution in full.
We will disburse your loan in installments based on the progress of construction/renovation as assessed by HDFC Bank.
You can find a checklist regarding documents required and applicable fees & charges on https://www.hdfc.com/checklist#documents-charges
Rates Offered to Customer (Past Quarter) | ||||||
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Segment | IRR | APR | ||||
Min | Max | Avg. | Min | Max | Avg. | |
HOUSING | 8.35 | 12.50 | 8.77 | 8.35 | 12.50 | 8.77 |
NON - HOUSING* | 8.40 | 13.30 | 9.85 | 8.40 | 13.30 | 9.85 |
*NON - HOUSING = LAP(EQUITY), NON-RESIDENTIAL PREMISES LOAN & INSURANCE PREMIUM FUNDING |
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*NRI – Non Resident Indian, PIO – Person of Indian Origin and OCI – Overseas Citizen of India.
Security of the loan would generally be security interest on the property being financed and / or any other collateral / interim security as may be required by HDFC Bank.
All the information contained herein above is for awareness and customer convenience and is intended to only act as an indicative guide about HDFC Bank's products and services. For detailed information about HDFC Bank's products and services kindly visit the nearest HDFC Bank branch.
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Individual Housing: (Jan-March 2023 Quarter)
Min (%) | Max (%) | Wt Avg. (%) | Mean (%) |
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8.30 | 13.50 | 8.80 | 9.88 |
Individual Non-Housing: (Jan-March 2023 Quarter)
Min (%) | Max (%) | Wt Avg. (%) | Mean (%) |
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8.35 | 15.15 | 9.20 | 10.32 |
Please visit https://portal.hdfc.com/login and post Login click on Requests > Conversion Enquiry tab for any further details in this regards.
HDFC's Bank Ltd Retail Prime Lending Rate (RPLR) Housing is being increased by 25 bps to 18.55% w.e.f March 1, 2023
HDFC's Bank Ltd Retail Prime Lending Rate (RPLR) Non-Housing is also being increased by 25 bps to 12.20% w.e.f March 1, 2023