Expand your dreams and home space with a Truhome Home Improvement Loan.
Home Loan with a top-up loan of ₹10 Crore
Truhome Finance Limited, formerly known as Shriram Housing Finance Limited. For FAQs Click Here.
Home Improvement Loan Features and Benefits
Loan Amount
Up to ₹10 Crore
Flexible Loan Tenure
Up to 25 years (Subject to your retirement)
Interest Rate
Starting from 8.5%
Maximum Loan
Upto 90% of the property cost
(*subject to regulatory norm)
Easy Repayment
Make multiple part payments with zero prepayment charges (floating interest rate)
Easy Documentation
Get your loan quickly with the simple documentation process.
Tax Benefits
Get tax exemptions as per the IT Act, 1961
Dedicated Relationship Manager
We provide a dedicated relationship manager to help you when you apply for the loan.
Nationality
Indian citizen residing in India.
Age
- Salaried: Up to the age of 60 years.
- Self-Employed: Up to the age of 70 years.
Occupation
Salaried, Self-Employed
Step 1
Register using your mobile number.
Step 2
Choose the loan amount and tenure and submit the application.
Step 3
Our dedicated relationship manager will get in touch with you to process your home loan application.
Documents Required for Home Improvement Loan Application
Here is the list of documents required for house renovation loan application.
KYC Documents:
Mandatory Documents
- PAN Card or Form 60
ID Proof
- Voter's ID or
- Aadhaar card or
- Driving License or
- Passport or
- Job Card Issued by NREGA
Address Proof
- Valid driving license or
- Latest electricity bill or
- Latest Telephone Bill or
- Aadhar Card
Income Documents
- Last 3 months' salary slip or latest salary certificate
- Last 6 months’ bank statement
- Form 16
KYC Documents:
Mandatory Documents
- PAN Card or Form 60
ID Proof
- Voter's ID or
- Aadhaar card or
- Driving License or
- Passport or
- Job Card Issued by NREGA
Address Proof
- Valid driving license or
- Latest electricity bill or
- Latest Telephone Bill or
- Aadhar Card
Income Documents
- Last 2 years Income Tax Returns (ITR)
- Computation of income
- Profit and Loss Account (P&L)
- Last 12 months bank statement
Tax Benefits on Home Improvement Loan
| Deductions | Sections | Maximum Deduction (₹) | Terms and Conditions | |
|---|---|---|---|---|
| Principal | 24b | ₹2 Lakh | You must finish building or buying a new house within five years of availing the loan. | |
| Interest | 80C | ₹1.5 Lakh | House property should not be sold before five years of possession. | |
| Interest | 80EE | ₹50,000 | For a home loan amount of up to ₹35 Lakh and for a property value of not more than ₹50 Lakh. | |
| Interest | 80EEA | ₹1.5 Lakh | Home properties with a stamp value up to ₹45 Lakh. | |
| Interest | 80C | ₹1.5 Lakh | Claim to be made in the same financial year the stamp duty was paid. |
What is a home renovation loan?
A home improvement loan is also referred to as home renovation loan. It is a financial product that provides housing finance to renovate or upgrade your existing home.
Can I get a home loan for renovation?
Yes. You can apply for a home improvement loan for your home renovation.
How does a home improvement loan work?
A home improvement loan operates by providing you with the necessary funds to undertake renovation, repairs, or enhancements in your property. The loan amount is determined based on factors such as the estimated cost of the renovation, your repayment capacity, and the lender's terms.
Who is eligible for a home renovation loan?
Indian residents owning a property who meet the lender's income and credit criteria are eligible.
What can I use the home improvement loan for?
You can use the home improvement loan for various renovations, including interior upgrades, structural repairs, painting, flooring, and more.
Can I get a home renovation loan for a rented property?
No, you cannot get a home renovation loan for rented properties. It is offered only for a property owned by you.
Is there a maximum limit on the loan amount for home renovation?
The loan amount often depends on factors like property value, your income, credit history and Truhome Finance policies.
How do I estimate the EMI for a home improvement loan?
You can use our online EMI calculator above to get an estimate of the EMI for your home improvement loan.
Is a site visit necessary for loan approval?
Truhome Finance might conduct a site visit to assess the property and proposed renovations
Can I apply for a home renovation loan jointly with a co-applicant?
Yes, applying with a co-applicant like a spouse can enhance eligibility.
Are processing fees applicable for home improvement loans?
Yes, Processing fees of up to 1.5% of Loan Amount will apply.
Can I apply for a home renovation loan if I already have a home loan?
Yes, you can apply for a separate renovation loan even if you have an existing home loan.
Can I include landscaping costs in a home renovation loan?
As of now, landscaping costs are not covered in the policy for the Truhome Finance Home Renovation Loan
Do I need to submit the renovation contractor's details for loan approval?
You may have to submit the renovation contractor’s details for loan approval.
What if my renovation plans change after the loan is approved?
If plans change significantly, discuss the updates with the Truhome Finance before proceeding.
Can I get a home improvement loan for an old property in need of extensive repairs?
Yes, you can apply for a home improvement loan to renovate and restore an old property.
