Home Improvement Loan for Salaried
Upgrade your home as you upgrade your life
Salaried Self-Employed
Salaried Self-Employed
Overview – Home Improvement Loan for Salaried
Your home is your identity. It reflects the life that you have built for you and your family. You feel safest within these four walls, where everything is comfortable and familiar. Home is where you can always relax, no matter how tiring the day was.
As your family gets bigger, so do your dreams, and you aspire for an even better quality of life for your children. An ICICI HFC Home Improvement loan is the financial backing you need to ensure your beloved home keeps up with your way of life.
Whether it is an expansion, a renovation, an essential repair, or structural changes to your home, you get the financial support to ensure you, your children, your parents and even your guests are always safe and secure.
Key Features & Benefits – Home Improvement Loan for Salaried
Easy Home Improvement Loan Eligibility
It is simple to get a home improvement loan from ICICI HFC as we have easy eligibility norms and require few basic documents. Even if you don’t have formal income proof documents such as ITR, our local experts are trained to assess your income so that they can help you determine the loan amount you can comfortably repay. To increase your eligibility, you can even add a co-applicant, who could be your spouse or immediate family member.
Loans for all homeowners
Our home improvement loan helps both salaried individuals like government employees and corporate professionals, as well as self-employed individuals like doctors, lawyers, CAs, traders and small business owners. We are committed to your dream of making your dream home a safe and secure for your children to grow up.
Repairs, Renovations and more
Whether your need is big or small, we finance them all. You can get a home improvement loan starting from₹ 3 lakh up to₹ 5 crore, for various types of repairs and renovations such as painting, tiling and flooring, waterproofing, plumbing and sanitary work, etc. The only condition is that you can get the loan only if your improvement project can be completed within 1 year.
Quick Loan disbursal
Each one of our 215+ ICICI HFC branches, we have a team of legal and technical experts to help you. These experts can review your application on the spot and answer all your questions face to face, so that you don’t have to deal with multiple visits or document requests.
Interest Rates and Tax Benefits
If you have already had a home improvement loan from another financial institution for the past 2-3 years and are paying interest of over 11%, you can shift to ICICI HFC to reduce your EMI burden. Shift to ICICI HFC with our Balance Transfer facility to get undivided attention from our experts, choose from competitive interest rate options, and get tax benefits for your home improvement loan under Section 24 of the Income Tax Act, 1961.
Flexible Home Loan Repayment Options
One of the main things our experts will help you with is choosing a repayment mode that you are comfortable with. We offer you - Step Up Repayment Facility (SURF), EMI Under Construction Stage, and Equated Instalments.) – and you can choose the one you find most convenient.
- Step Up Repayment Facility (SURF) - Where your EMI increases as your income increases
- EMI Under Construction Stage - Only for under-construction properties where repayment of principal begins from the first disbursal of the loan amount
- Equated Instalments - Where the monthly payment remains the same during your tenure, which is easier to pay as your income increases
Eligibility - Home Improvement Loan for Salaried
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Nationality
Indian, residing in India
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Age Limit (Primary applicant)
23 to 60 years for Resident Indians and 25 to 60 years for NRIs
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Co-owned Property
ICICI HFC provides better interest rates to women to encourage them to apply as co-applicants. If you add your wife or mother to your home loan, you may be able to get a lower interest rate, even if they are not earning.
Co-applicant
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Age Limit
18 years to 65 years
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Why should you add a co-applicant?
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If you want to increase your eligibility, you can add an earning co-applicant. This can also help you to be eligible for a larger loan amount. Your co-applicant can be your spouse or immediate family member.
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ICICI HFC provides better interest rates to women to encourage them to apply as co-applicants.
Why take a Home Renovation Loan from ICICI Home Finance?
Meet your neighborhood specialist
Walk into any of our branches to meet your local experts. They are committed to help you at every step of your journey. They speak your language and are familiar with your locality.Click hereto find the branch closest to you and get the right kind of guidance face-to-face.Our experts will ensure you to get the financial support you need.
Quick and easy loan processing
We know you are eager to get started with your home improvement project. We have easy eligibility norms and require very few basic documents. We alsohave a team of legal and technical experts physically present at every one of our branches, so your loan application can be reviewed at the branch itself without repeated requests for documents or multiple visits.
A rewarding experience like no other
A major advantage of walking into your nearest ICICI HFC is the special offers. Our in-house experts will guide you through the benefits of each of the offers, so you can find one that truly helps you. Walk in to find the deal of the day.
Quick support for your future needs
When you take a loan from us, you become a part of the ICICI HFC family. As an existing customer of ICICI HFC, your application can be reviewed more quickly, as many checks are already done, and documents are already in our system. It’s not just an investment in a property, but in a relationship. Today, you may need a home improvement loan to make your house into a home. But tomorrow, if you need some urgent financial help, or if you are expanding your business, or looking for an FD to grow your savings, we can help you.
Where to apply for Home Improvement Loan
Walk into any one of our ICICI HFC branches to get all the help you need. Our neighborhood experts can assist you through our quick and easy home loan application process. We require very basic documents and offer you easy eligibility norms.Click hereto find your nearest branch. If you don’t have an ICICI HFC branch near you, walk into your nearest ICICI Bank branch to start your loan application process.
You can also give us a call at 1800 267 4455.
How to apply for Home Renovation Loan
- Take 10 minutes to submit your loan application form along with the required documents
- Pay a non-refundable application login fee of₹ 5000 + GST @18%
- Get your loan application quickly reviewed by our team of experts who study yourexisting EMIs, age, income, and property
- Get a loan amount approved by our team of experts who are present at each ICICI HFC branch
- Pay a processing fee equal to 0.50% of the loan amount or ₹ 11,000, plus applicable taxes, whichever is higher
- The approved loan amount will be disbursed basis the stage of construction of your property
Documents Required for Home Improvement Loan for Salaried
Salaried Individuals
- Fully filled application which you have signed
- Identity and residence proof (KYC), such as Aadhaar, PAN card, Voter ID card, Job card issued by NREGA, etc.
- Income proof, such as last 2 months salary slip, latest Form 16 and three-month bank statement
- Property documents
Charges for Home Improvement Loan for Salaried
You have a right to know exactly how much you will need to pay for your home improvement loan and when. You can find below the list of charges and rates applicable. We make it a point to be transparent about how our home improvement loan works, so you can rest easy with the support of the local experts who sit out of our branches.
| Charges | Rates* | ||
| Login/Application Fee (for KYC checks and other documents, before loan is approved)** | ₹ 5,000 + GST @18%* | ||
| Processing/ Administrative Fees (Charged at the time of sanction)** | 0.50% of the loan amount or₹ 11,000, whichever is higher* | ||
| Full Prepayment/Foreclosure Charges | Sr. No | Product | Prepayment Charges |
1. | Floating rate loan where purpose of loan is not for business and one of the borrower is an individual | NIL | |
2. | Floating rate loan where purpose of loan is for business(non- Home loan) and borrowers are individualsand/or non-individual/s | 4% of the outstanding loan amount +applicable taxes | |
3. | Fixed rate housing loan or limited period fixed rate housing loan* | 2% +applicable taxes | |
4. | Fixed rate non housing loans | 4% + applicable taxes | |
*For Fixed, pre-payment charges are applicable if not prepaid from customer’s own sources
# The expression “own sources” for this purpose means any source of funds other than borrowing from a bank or Financial Institution.
Disclaimer: The rates, fees, charges etc. as stated herein above are subject to changes/revision from time to time. Pre- Payment/Foreclosure charges shall be applicable as per contracted rate or rates as per regulatory norms prescribed, if any.
** Login fees and Processing/Administrative fees are non-refundable
* The above amounts & percentages are exclusive of applicable taxes and other statutory levies, if any such amounts shall include all amounts prepaid during the given financial year.
#Goods and Services Tax (GST) and other government taxes, levies, etc. applicable as per the prevailing rate will be charged over and above these charges.
Disclaimer:
- The rates, fees, as stated hereinabove, are subject to changes/ revision from time to time at the sole discretion of ICICI Home Finance Company.
- The floating interest rate on ICICI Home Finance is linked to the ICICI Home Finance Company Prime Lending rate (IHPLR).
FAQs
1. What is a home improvement loan?
A home improvement loan is a type of home loan you can avail of to renovate your house and fund its repairs. The loan can be used for internal and external home renovation such as painting and whitewashing, tiling and flooring, waterproofing, plumbing and sanitary work, and more.
2. Who is eligible for a home improvement loan?
A home improvement loan can be availed of by any salaried or self-employed Indian resident with a regular source of income. The loan can be used for improvement, renovation, or extension of your existing residential property.
3. What is the maximum tenure for a home renovation loan?
You can get a home improvement loan for a maximum tenure of 20 years. However,you can get a loan only if your home improvement project is likely to be completed within one year.
4. Are there any tax benefits of a home improvement loan?
Yes. Under Section 24 of the Indian Income Tax Act, 1961, the interest on your home improvement makes you eligible for tax benefits of up to₹ 30,000 annually.
5. Can I buy furniture for my house with a home improvement loan?
No. A home improvement loan can only be used to fund the structural renovation of your home. You cannot use it to purchase movable objects such as furniture or electronic gadgets.
6. Can I take a loan for a home improvement project that lasts a few years?
No,you can get a loan only if your home improvement project is likely to be completed within one year.
7. Can I apply online for home repair loan?
While the option of applying for a loan online is always available, you can get help from a familiar face at any of our branches. It is always better to sit across the table and get your questions answered all at once. You can have this experience at each of our 215+ ICICI branches. Our local experts are just around the corner, waiting to help you apply for a home loan quickly and as easily as possible.
8. Can I apply for a home improvement loan without a pan card?
No, you would need a PAN Card to apply as it is a necessary Income Proof.
9. Can I apply for a home renovation loan without an Aadhaar card?
Yes, you can provide any one of the following as identity proof:
- Passport
- Driving License issued by Regional Transport Authority
- Voter ID
- Job Card issued by NREGA signed by State Government Officer
- Letter from National Population Register
- Proof of possession of complete Aadhar number
10. Can I apply for a balance transfer home loan without income proof?
Income proof would be required but the requirements are different for salaried people and self-employed people because we understand things work differently for different jobs.
Salaried individuals need to provide their salary slips for the last two months, latest Form 16, and updated Bank Statements of the last three months.
Self-Employed (Individual, Non Individual) need to provide latest two Income Tax Returns, both personal and business along with computation of income, latest two years P&L accounts and B/S (with schedules) duly certified by a CA or audited officials as applicable, updated Bank Statements of 6 months, Advance Tax Challans, and Form 26AS.
11. Which documents can be submitted as Identify proof?
Yes, you can provide any one of the following as identity proof:
- Passport
- Driving License issued by Regional Transport Authority
- Voter ID
- Job Card issued by NREGA signed by State Government Officer
- Letter from National Population Register
- Proof of possession of complete Aadhar number
12. How can I get a better rate of interest?
A major advantage of walking into your nearest ICICI HFC branch is the special offers. You can get discounted rates and enjoy a range of offers at our branches. Our in-house experts will guide you through the benefits of each of the offers, so you can find one that truly helps you. Walk in to find the deal of the day.
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