Personal Loan for Home Improvement. Home improvement loans are designed for the purpose of renovating a house and can be taken by a person who owns the property to be renovated. These loans are given for a maximum term of 15 years and interest charged on these loans lies in the range of 9.5% to 10.5% per year.
Following are the documents required to avail a home improvement loan
Proof of both identity and residence (any 1)
Valid Passport
Voter ID Card
Aadhaar Card
Valid Driving Licence
Proof of income
Income Tax Returns along with computation of income for the last 3 Assessment Years
Last 3 years’ Balance Sheet and Profit & Loss A/c Statements, with Annexures / Schedules
(Points 2 & 3 should be of both the individual and the business entity and attested by a CA)
Last 6 months' Current A/c Statements of the business entity and Savings Account Statements of the individual
Other documents
Business Profile
Latest Form 26 AS
List of Directors and Shareholders with their individual shareholding certified by a CA / CS in case of the business entity being a company
Memorandum and Articles of Association of the Company
Partnership deed in case of the business entity being a partnership firm
Details of ongoing loans of the individual and the business entity including the outstanding amount, instalments, security, purpose, balance loan term, etc
Passport size photograph of all the applicants / co-applicants to be affixed on the Application Form and signed across
Cheque for processing fee favouring ‘HDFC Ltd.’
Own Contribution Proof
Property / Home Improvement related documents
All original Title Deeds of the property
Proof of no encumbrances on the property
An estimate of the proposed work from an Architect / Civil Engineer
