Login
Products
What is Home Improvement Loan?
Buying a home is just the beginning. Maintaining it well, upgrading it over time, and adapting it to your evolving lifestyle are equally important milestones that homeowners often aspire to achieve.
From modern interiors to functional renovations, there are several ways to transform your living space into a more comfortable and beautiful home. With a Home Improvement Loan from IIFL Home Loans, you can renovate your home without waiting to arrange funds separately.
A Home Improvement Loan can be used for a wide range of renovation and enhancement needs, including:
The loan amount can also help cover expenses related to contractors, raw materials, interior designers, and other renovation requirements, helping reduce the financial burden of home upgrades.
The Home Improvement Loan interest rate starts from 8.90% p.a. onwards. The final interest rate may vary depending on factors such as the borrower’s credit score, repayment history, loan amount, and property type.
Homeowners can also choose a flexible repayment tenure of up to 25 years, making EMIs more affordable and manageable.
Read more on Schedule of chargesWhy IIFL Home Improvement Loan?
₹50 Lakhs
minimal documents
rates
Covered
homeowners
Calculate Your Monthly EMI
Documents Required for Home Improvement Loan
Identity Proof
- Passport
- Voter ID / Driving License
- Aadhaar Card
- Other documents as prescribed by the National Housing Bank
Address Proof
- Passport
- Voter ID / Driving License
- Aadhaar Card
- Other documents as prescribed by the National Housing Bank
Income Proof
- Salary Slip/Certificate
- Bank Statement
- Latest Form 16 & IT Returns document
Property Documents (Collateral)
- Copy of complete chain of property ownership documents
- Copy of plans approved by Local Authorities
- Construction Estimate by Civil Engineer
Other Documents
- Document related to other running loans. Last 6 month’s bank repayment statements
- Appointment letter or Employment Contract document if the candidate is employed for less than a year
- Passport size photographs
- A cheque for processing fee in favour of IIFL Home Loans for loan processing
Eligibility Criteria
The Home Improvement Loan is the best financing option to manage the expenses related to re-designing your home. To qualify for the loan, you need to meet the following eligibility criteria:
Any resident Indian can apply for a loan for a house extension
Both salaried and self-employed candidates between the ages of 18 to 75 years
Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) holding foreign passports can also avail of the loan
You can pledge residential, commercial, or industrial built-up properties.
Frequently Asked Questions (FAQ’s)
The home improvement loan is specially targeted for those homeowners who are planning to refurbish the home, be it flooring, tiling, or any kind of remodelling.
Also known as a secured loan, a collateral business loan is backed by a tangible asset, such as property, which acts as security for the lender. If the borrower defaults, the lender can recover the dues by claiming the pledged asset. This type of loan is ideal for businesses that have assets but may not qualify for unsecured loans. At IIFL Home Loans, we also offer small business loans tailored for women entrepreneurs, helping them access funding with ease and flexibility.
To be eligible, applicants must:
- Be an Indian resident aged between 21 and 70 years
- Be either self-employed professionals, small business owners, traders, or part of a partnership/private limited firm
- Have a property (residential, commercial, or industrial) to offer as collateral
- Maintain a consistent income flow to support EMI payments Even those with limited credit history may qualify if they offer sufficient asset backing
Start by assessing your financial requirement and the assets you can pledge. Then:
- Visit the IIFL Home Loans website or your nearest branch.
- Fill in your details and upload essential documents.
- Await the evaluation and approval process within 30 minutes*
An SME (Small and Medium Enterprise) loan caters specifically to businesses that fall within this sector’s classification. These loans are used to manage day-to-day operations, purchase equipment, expand facilities, or meet working capital needs. With IIFL Home Loans, SMEs can avail themselves of tailored loan solutions with flexible repayment terms and lower interest rates, which can be calculated using the business loan calculator.
Getting a Secured business loan with collateral from IIFL Home Loans is easy:
- Determine the collateral you can pledge.
- Check your loan eligibility online.
- Apply for a secured business loan digitally with basic KYC, income proof, and property documents.
- The entire process is designed to be quick, paper-light, and transparent.
The loan amount can go up to ₹150 crore, depending on the market value of the pledged asset and your repayment capacity. Higher property value and stronger financials typically allow you to borrow a higher amount at better rates.
