What Can You Use a Home Remodel Loan For?
A home remodel loan can help you finance a wide range of improvement projects that enhance the functionality, comfort, and appearance of your home.
- Use modular kitchen financing solutions to upgrade kitchens with new cabinets, countertops, or appliances.
- Undertake bathroom renovation funding for fixture replacements, waterproofing, or layout changes.
- Opt for flooring upgrade financing to install tiles, wooden flooring, or premium finishes.
- Cover painting, plastering, and interior design improvements with a painting renovation loan to refresh your living space.
- Finance electrical rewiring, plumbing upgrades, and lighting installations using a home improvement loan.
- Manage structural repairs, room modifications, or roof maintenance to improve safety and durability.
Why Choose SMFG Grihashakti for a Home Loan for Home Renovation?
Whether you are planning cosmetic upgrades or major repairs, SMFG Grihashakti offers a structured financing experience designed to support your renovation goals. Here’s why borrowers consider us for a home loan for home renovation:
- Competitive interest rates and flexible repayment tenures to suit different budgets
- Straightforward eligibility criteria, no hidden fees and charges, and minimal documentation requirements
- Quick processing and timely house renovation loan approval
- Dedicated support teams to assist you throughout the application and repayment journey
- Digital tools to help you estimate EMIs and plan renovation expenses
- Expertise in financing a wide range of projects through a home improvement loan
- Option to explore a home loan balance transfer to optimise existing repayment terms and potentially reduce interest costs
- An RBI-registered housing finance company, providing the assurance of regulatory oversight and transparent lending practices
Home Renovation Loan Interest Rates & Charges
SMFG Grihashakti offers a home loan for improvement with competitive interest rates linked to factors such as your income profile, credit history, repayment capacity, renovation project budgeting, and loan amount. Before finalising your budget, review the applicable home loan interest rate along with the following associated charges to support more effective renovation cost planning.
| Type |
Charges |
| Interest Rate for Salaried |
Starts at 9.25%* per annum |
| Interest Rate for Self-Employed |
Starts at 9.85%* per annum |
| Processing Fee |
Up to 3% of the loan amount |
| Documentation Fee (Only for disbursed cases) |
Up to Rs. 5,000/- |
| Application/IMD Fee |
Up to Rs. 10,000/- |
No hidden charges. See full MITC here.
Calculate EMI for Your Home Renovation Loan
Estimating the EMI for your home loan for renovation helps you check repayment feasibility before starting work. A suitable tenure can keep monthly payments manageable, while shorter tenures may reduce total interest outgo. You can use the home loan EMI calculator to support renovation repayment planning and compare scenarios before applying for a home improvement loan.
Here’s a sample scenario to help you estimate your housing renovation loan EMI:
| House Improvement Loan Amount |
Interest Rate |
Loan Tenure |
Estimated Renovation Loan EMI |
| Rs. 40,00,000 |
9.25% p.a. |
20 years |
Rs. 32,044 |
*The example is indicative. Actual house repair loan EMI may vary based on the applicable rate, tenure, and loan terms at the time of application.
Eligibility Criteria for Home Improvement Loan
To apply for a home loan for renovation, applicants must meet certain criteria that help determine whether the applicant can comfortably manage repayment. A home loan eligibility calculator can also be used to understand your potential qualifying loan amount before applying.
Below are the key requirements for a house improvement loan:
| Renovation Loan Eligibility Parameters |
Salaried Individuals |
Self-Employed Individuals |
| Residency |
Must be an Indian resident |
Must be an Indian resident |
| Age |
21 to 65 years (maximum age at loan maturity: 65 years) |
21 to 65 years (maximum age at loan maturity: 65 years) |
| Income and Employment Stability |
Must have a stable income with valid proof, such as payslips and bank statements. |
Must demonstrate steady income and healthy business performance |
| CIBIL Score |
700 or above |
700 or above |
| FOIR/Debt-to-Income Ratio |
Existing obligations should be manageable, with the FOIR/DTI ratio preferably below 30% |
Existing obligations should be manageable, with the FOIR/DTI ratio preferably below 30% |
| Property Ownership |
Must own the property being renovated or have legally acceptable rights to undertake renovation work, supported by valid documents |
Must own the property being renovated or have legally acceptable rights to undertake renovation work, supported by valid documents |
*Please note that the above are the basic housing improvement loan eligibility criteria. The final eligibility will depend on several factors, including SMFG Grihashakti’s policies at the time of loan application.
Documents Required for Home Renovation Loan
The table below covers the common documents required for a home loan for renovation assessment:
| Type of Document |
For Salaried Applicants |
For Self-Employed Applicants |
| Proof of Identity |
- PAN Card
- Voter ID
- Driving Licence
- Employee Card
|
- PAN Card
- Voter ID
- Driving Licence
|
| Proof of Income |
- Last 3 months’ salary slips
- 2 years’ Form 16
- 6 months’ bank statements with salary credits
|
- Last 2 years’ ITR with computation
- CA audited financial statements (wherever applicable)
- 6 months’ primary bank statement
|
| Proof of Residence |
- Aadhaar Card*
- Latest electricity bill/piped gas monthly bill
- Ration Card
- Property tax/water bill
|
- Aadhaar Card*
- Latest electricity bill/piped gas monthly bill
- Ration Card
- Property tax/water bill
|
| Property-Related Documents |
- Title deed or sale deed
- Approved building plan (if applicable)
- Municipal permissions or contractor estimates, if required
- Any additional documents requested during the assessment
|
- Title deed or sale deed
- Approved building plan (if applicable)
- Municipal permissions or contractor estimates, if required
- Any additional documents requested during the assessment
|
Step-by-Step Process to Apply for House Improvement Loan
You can apply for an SMFG Grihashakti house renovation loan quickly by following these steps:
-
Step 1:
Go through the eligibility requirements.
-
Step 2:
Prepare all the required documents.
-
Step 3:
Click on the “Apply Now” button on this page to access the application form.
-
Step 4:
A representative will get in touch to help complete the remaining steps.
-
Step 5:
A representative will reach out to help you through the remaining process.
Common Mistakes to Avoid While Planning Home Renovation
A well-planned renovation can help you avoid unexpected costs, delays, and financing challenges, making the journey from idea to execution far more seamless.
- Underestimating costs can strain finances later. Create a detailed budget that accounts for materials, labour, permits, and a contingency reserve for unexpected expenses.
- Delaying approvals or overlooking lender requirements may slow disbursal. Keep ownership records, income proofs, and documents required for property verification ready in advance.
- Choosing contractors solely based on the lowest quote can lead to quality issues. Compare experience, timelines, and every contractor estimate before finalising.
- Borrowing without properly assessing repayment capacity can affect long-term finances. Align EMIs with your monthly budget when opting for a home improvement loan or exploring home repair financing options.
Smart Tips to Plan Your Home Renovation Budget
Plan your renovation budget with a clear understanding of costs, priorities, and repayment commitments to avoid financial surprises midway through the project.
- Break down expenses into categories such as structural work, materials, labour, permits, and furnishings to create a realistic cost estimate.
- Prioritise upgrades that improve functionality, safety, or long-term property valuation before allocating funds to aesthetic enhancements.
- Keep a contingency buffer of 10–15% to manage unexpected repairs or price fluctuations during the renovation process.
- Compare multiple home remodelling financing or housing renovation loan options based on interest rates, tenure, and associated charges.
- Use a home loan prepayment calculator to assess how partial repayments can help reduce overall interest costs and shorten the loan tenure.
Apply Online for a Home Renovation Loan
Ready to upgrade your living space without stretching your budget? Explore a home renovation loan that helps you fund essential upgrades with affordable EMIs and flexible repayment tenures.
Check your home loan eligibility online, estimate your monthly outgo, and apply through a simple digital process with minimal paperwork. Whether you are planning structural changes or modernising your interiors, a home improvement loan can help you move from planning to execution without delaying your renovation goals.
Types of Home Loans Offered by SMFG Grihashakti
*Terms and conditions applicable. Home improvement loans are sanctioned at the discretion of SMFG Grihashakti. Please note that Aadhaar numbers should be masked before submission as per regulatory guidelines.