Loan for Home Renovation
If you're planning to breathe new life into your home with a fresh makeover or embarking on a
significant renovation project, consider Axis Bank's Personal Loan as a flexible and convenient
financing solution. Whether your goal is
to modernise your kitchen, refurbish your bathroom or craft an exquisite outdoor area, access
the funds you require for all your home improvement endeavors, instantly. Opt for Axis Bank's
Personal Loan for Home Renovation and turn
your living space into the dream abode you've always dreamed of.
Personal Loan for Renovation Interest Rates & Charges
Axis Bank provides attractive interest rates for Personal
Loan for Renovation now and get started on redesigning your home, just the way you would
like it to be. Axis
Bank provides attractive interest rates for Personal Loan for Renovation. When you apply for
your Personal Loan you will be charged a nominal processing fee. All interest rates and charges
associated with your Personal Loan account
are transparent with no hidden costs. The Personal Loan for renovation interest rates &
charges are listed below.
INTEREST RATE AND SCHEDULE OF CHARGES
| Fixed Rate Loan | 1 Yr MCLR | Spread over 1 year MCLR | Effective ROI | Reset |
|---|
| Personal Loan | 9.10% | 4.65%-13.65% | 10.49% to 22% | No Reset |
|---|
Personal Loan Charges
Looking for a Personal Loan
online? Axis Bank offers the most attractive interest rates and charges on Personal
Loans. Refer the table below to know more.
Schedule of charges**
| Repayment instruction / Instrument return charges | Rs.339/- per instance of dishonor of cheque /SI/ECS/NACH debit
instruction + GST as applicable |
|---|
| Swap charges (Cheque/Instrument) | Rs.500/- per instance + GST as applicable |
|---|
| Penal Interest | @ 24% per annum i.e. 2% per month on the overdue installment. |
|---|
| Duplicate statement issuance charges | Rs.250/- per instance per set + GST as applicable.
|
|---|
| Duplicate Amortization schedule issuance charges | Rs.250/- per instance per set + GST as applicable. |
|---|
| Credit Information Companies (CICs) Report Issuance Charges
| Rs. 50/- per instance per set + GST as applicable.
|
|---|
| No Dues Certificate generation charges (Duplicate) | Rs.50 per instance per set + GST as applicable. |
|---|
| Stamp Duty Charges | As per State Stamp Act |
|---|
| Part Payment / Pre-Payment Charges | 5% + GST (As applicable)
*Pre payment charges shall be charged on
principal outstanding.
*Part payment charges shall be charged on
the amount of part payment. |
|---|
**(Subject to change as per Bank’s discretion from time to time)
** Goods and
Services tax (GST) will be charged extra as per the applicable rates, on all the charges
and fees (wherever GST is applicable)
For
further details, please Click here
Eligibility for Personal Loan for Renovation
To avail Axis Bank Personal Loan for Renovation, you will have to satisfy a simple eligibility
criterion - Salaried individuals from the age of 21 years to 60 years with a minimum net monthly
income of Rs. 15,000 are eligible for Personal
Loan. You will also need to submit some documents along with your application. Here are the
documents that are required along with your application and those which need to be submitted
post sanction and pre-disbursement
Loan for Home Renovation Features
Quick, easy approval process
- Axis Bank’s Personal Loan for home renovation is specifically
designed to keep pace with your dynamic renovation plans
- The streamlined approval process enables an immediate start to your home
remodeling projects without unnecessary delays.
- The online paperless application process, ensures the journey to
transforming your home is as smooth and efficient
Helps improve home value for future sale
- Elevate the market worth in your property with Axis Bank's Personal Loan
for House Renovation
- Enhance the potential value of your house to secure a superior sale
price if you decide to sell your property
Flexible EMI repayment and loan tenure options
- Customise your loan repayment to match your financial situation with
Axis Bank’s Personal Loan for home improvement
- Our Personal Loan for Home Renovation comes with the added flexibility
of selecting a loan tenure that perfectly aligns with your financial
planning needs
- Select a repayment period ranging from 12 months to 84 month and pay at
your convenience without stretching your monthly budget
Minimal paperwork, maximum ease
- Recognising the value of your time, Axis Bank's Personal Loan for Home
Renovation is characterised by minimal paperwork.
- The seamless application process, enables you to devote your attention
to the renovation of your residence
Improve aesthetic appeal
- Improve the visual and aesthetic appeal of your property along with
making practical enhancements easily with Axis Bank's Personal Loan for
home improvement
- Fashion a living space that mirrors your unique taste and stylistic
preferences.
Loan for Home Renovation Documents Requirement
Securing a Loan for home renovation is as straightforward as it gets. You'll need to provide some
basic documentation, which may include proof of identity, residence and income, alongside
ownership documents of the property. With these
in hand, you're well on your way to obtaining the funds needed for your home makeover.
- Last 3 months bank statements
- 3 latest salary slips with latest Form 16
- KYC documents: (Any one from the list mentioned below)
- Passport
- Driving license
- PAN Card
- Aadhaar Card with date of birth
- Voters Id
If you avail the loan digitally, you can avail it with no documents via an end-to-end
online process
Benefits of Home Remodel Loan
Easy Eligibility
Securing a Personal Loan for home improvement shouldn't be a
hurdle. That's why our eligibility criteria for a Home
Improvement Loan are straightforward. You need to be a
salaried individual with a stable
source of income. After assessing your repayment capacity we
offer you a tailor-made loan, helping you to start your home
renovations with confidence.
Loans for all homeowners
Every homeowner deserves a chance to improve their habitat.
Our Home Improvement Loans are designed with this
inclusivity in mind, offering financial solutions to a
diverse range of homeowners. Whether
you own a flat, a bungalow, or a semi-detached house, we
have loan options to suit your property type and renovation
needs.
Repairs, Renovations and more
Dreaming of a new kitchen, an expanded living space, or
perhaps an eco-friendly upgrade? Our Home Improvement Loans
cover a wide array of projects, from basic repairs to
full-scale renovations, ensuring
that no matter the task at hand, your vision for a perfect
home can be realised.
Quick disbursal
We understand that sometimes home improvements can't wait.
Our simplified loan approval process ensures that once your
application is complete and approved, the funds are
disbursed quickly. This efficiency
means you can commence your home improvement projects
without unnecessary delays.
Flexible Repayment Options
Flexibility is key when it comes to financial planning for
home renovations. Our Home Improvement Loans come with a
variety of repayment options, including step-up, flexi and
bullet payments. You can
choose a repayment plan that matches your cash flow,
allowing you to manage your loan without stress.
Furthermore, you can adjust the tenure and EMI as per your
convenience, providing you the freedom
to renovate now and pay at your own pace.
Tax Benefits
Investing in your home can be rewarding in more ways than
one. Depending on the scope of your renovations, you might
be eligible for tax benefits. The interest paid on your Home
Improvement Loan may
qualify for deductions, making your home renovation a more
cost-effective venture. You may need to show documentary
proof such as receipts, etc to claim tax exemptions. It is
advisable to consult
with a tax professional to understand the benefits
applicable to your specific circumstances.
