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As per amendment in the Income Tax Rules, PAN or Aadhaar are to be mandatorily quoted for cash deposit or withdrawal aggregating to Rupees twenty lakhs or more in a FY. Please update your PAN or Aadhaar. Kindly reach out to the Bank’s contact center on 1800 10 888 or visit the nearest IDFC FIRST Bank branch for further queries.
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Instant Home Renovation Loan Online in India
Upgrade or remodel your home with personal loans up to ₹10 lakh
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Personal Loan EMI Calculator
Loan amount
₹100K
₹10L
Loan term in months
Repay anytime with 0 Foreclosure charges!
9 Months
60 Months
Choose the Interest Rate
Lowest interest rate unlocked!
%
9.99%
38 %
Your EMI will be
₹5,072/month*
Total Interest Payable
₹43,435
Total Amount Payable
₹2,43,435
Check your eligibility
*Personal loan calculator is only for illustration purposes. For actual calculations refer to your Repayment Schedule & Loan Agreement.*T&C Apply
Home Renovation Loan: Easy Financing for Home Improvement
A home renovation loan is an ideal financing solution for those looking to breathe new life into their home with a makeover or significant renovation project. Whether your goal is to modernize your kitchen, refurbish your bathroom, or craft an inviting outdoor area, a home renovation loan can provide the funds needed to enhance the aesthetic appeal and functionality of your living space. IDFC FIRST Bank’s personal loan options for home renovation offer flexible terms to suit your unique needs, making it easier to turn your dream abode into reality.
Personal Loan for Renovation: Interest Rates & Charges Overview
IDFC FIRST Bank offers competitive interest rates on personal loans for home renovation, providing a range that caters to different financial situations. These loans come with nominal charges, ensuring transparency with no hidden costs. Key charges may include processing fees, EMI repayment flexibility, and the option to prepay or part-pay without significant penalties. Understanding the charges associated with your loan will help you manage expenses efficiently throughout your renovation journey.
Eligibility for a Home Renovation Loan
To qualify for a personal loan for home renovation from IDFC FIRST Bank, you need to meet basic eligibility requirements, such as being a salaried individual between the ages of 21 and 60 with a steady income a minimum credit score of 710. This straightforward eligibility criterion ensures access to funds without unnecessary hurdles. Additional documents like proof of income, bank statements, and identity verification will be required to complete the loan application process.
Features and Benefits of a Home Renovation Loan
Explore the key features of a FIRSTmoney home renovation loan that can help you upgrade your home without financial stress.
ZERO Foreclosure Charges
Repay your personal loan when you’re ready with zero penalties. FIRSTmoney allows early personal loan closure without any charges. That means more savings and full control over how soon you want to become debt-free.
Multiple On-Demand Loans
FIRSTmoney understands that life is unpredictable. Need more funds later? You can access additional amounts without reapplying from scratch. FIRSTmoney is a personal loan that adapts to your changing needs.
Flexible Loan Repayment
Choose the loan duration that aligns with your budget. With FIRSTmoney, you get to pick a repayment tenure from 9 to 60 months. You can also choose a convenient EMI date between the 3rd to 8th of a month.
Swift Disbursal
Need money quickly? FIRSTmoney ensures instant loan approvals and swift fund disbursals within 30 minutes, all through a streamlined digital process. It’s built to support you when urgency strikes.
Personal Loan Amount Flexibility
FIRSTmoney understands that needs can evolve. Need more funds later? You can access multiple on-demand loans without reapplying from scratch, directly from the app.
Eligibility and Documentation
Eligibility criteria for FIRSTmoney home renovation loan:
To be eligible for FIRSTmoney home renovation loan, you should be:
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- * CIBIL Score is a 3-digit numeric summary of your credit history, derived by using details found in the ‘Accounts’ and ‘Enquiries’ sections on your CIBIL Report and ranges from 300 to 900. The closer your score is to 900, the higher are the chances of your loan application getting approved.
Required Documentation for Home Renovation Loan
To apply for a home renovation loan, you’ll need the following:
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How to apply for a personal loan for home renovation?
Few factors to keep in mind when applying for FIRSTmoney house renovation loan are -
Step 1 - Click on ‘Apply Now’
Apply via the website or app
Step 2 - Register with basic details
Register with your Aadhaar linked mobile number and enter basic details like name, PAN and Aadhaar number.
Step 3 - Choose your loan preferences
Choose a loan amount, tenure and link your bank account.
Step 4 - Complete Video KYC
Complete your video KYC by showing your physical PAN card.
Step 5 - Get disbursal
On approval, get instant disbursal of funds within 30 minutes
Benefits of a Home Remodel Loan
A home remodel loan offers various advantages, including:
Easy Eligibility
IDFC FIRST Bank’s simple eligibility criteria make it accessible for most homeowners. Salaried individuals with a stable income can easily qualify, making the process of securing funds for home improvements convenient.
Loans for All Homeowners
Whether you own a flat, a bungalow, or a semi-detached house, IDFC FIRST Bank provides financing solutions to a diverse range of homeowners, enabling you to meet your specific renovation needs.
Flexible Repayment Options
IDFC FIRST Bank offers flexibility in repayment plans, including options like step-up payments, flexi payments, and bullet payments. This flexibility allows you to manage your loan according to your cash flow without added stress.
Quick Disbursal
Once your loan is approved, funds are disbursed quickly, allowing you to begin your project without delay. This efficiency is ideal for time-sensitive renovation projects.
Tax Benefits
Depending on the nature of your renovation, you may be eligible for tax benefits on the interest paid for your loan. A tax professional can help you determine potential savings on your home renovation loan.
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Home renovation loan interest rates start at 9.99% p.a.
Click ‘Know More’ for complete fees & charges.
Frequently Asked Questions
What is the Difference Between a Home Renovation Loan and a Home Loan?
A home renovation loan specifically funds home improvement projects, while a home loan is typically used to purchase a property.
Can I Get a Tax Benefit on a Home Renovation Loan?
Yes, interest paid on a home renovation loan may be eligible for tax benefits, depending on the scope of renovations.
What Types of Renovations Can Be Funded with This Loan?
Eligible projects include kitchen remodels, bathroom upgrades, and aesthetic improvements to your living space.
How Quickly Can I Get Funds Through a Home Renovation Loan?
IDFC FIRST Bank offers quick disbursal once your loan application is approved, ensuring funds are available without delay.
Are Home Renovation Loans Available to Self-Employed Individuals?
Yes, self-employed individuals may also be eligible, subject to specific documentation and income verification requirements.
What is the interest rate for a home renovation loan?
The personal loan interest rate for a home renovation loan at IDFC FIRST Bank start at 9.99% per annum. The exact rate may vary based on factors like your credit history, income level, and chosen loan tenure.
What is EMI of a Home Improvement Loan?
To calculate the EMI for a Home Improvement Loan, you can use a personal loan EMI calculator.
What is the processing fee on home renovation financing?
The processing fees for home renovation financing at IDFC FIRST Bank typically start from 2% of the loan amount, making it an affordable choice.
Get FIRSTmoney Smart Personal Loan of Different Amounts
Explore the many ways to use FIRSTmoney Personal Loan
Travel personal loan
From mountain escapes to beach holidays, fund every travel dream with a FIRSTmoney travel personal loan. It’s designed for easy planning, smooth bookings, and worry-free getaways. Say goodbye to delays and upfront financial stress and get instant funds, pick a flexible tenure, and set off without compromise.
Emergency personal loan
Be financially ready for life’s curveballs with a FIRSTmoney emergency personal loan. Whether it’s a medical need, job loss, or home repairs, this loan provides quick access to funds when time is critical. Fast, secure, and stress-free—because emergencies don’t wait, and neither should you.
Wedding personal loan
Plan the wedding you’ve always wanted, without any budgetary restraint. A FIRSTmoney wedding personal loan takes care of expenses from start to finish, including venues, outfits, photography, and beyond. It’s your big day so focus on the joy, while we help you with the finances.
Medical personal loan
When health comes first, finances should follow. A FIRSTmoney medical personal loan offers timely support for treatments, hospital stays, or medical procedures, whether planned or not. No delays, no complex steps, just a reliable solution to ease your mind during tough times.
Home improvement personal loan
Fix, furnish, or fully transform your space with a FIRSTmoney home improvement personal loan. From major renovations to minor upgrades, you can now afford the changes you’ve been dreaming of. Get instant approval with an entirely digital process and start reimagining your home today.
