Home Loan for Repair and Renovation

Home Loan for Repair and Renovation

Hassle free Loan for carrying out Repairs & Renovation of old House Property acquired either through Home Loan (existing Loan from SBI) or Unencumbered residential Home Property.

  • Home Loan for Repair and Renovation
  • Low Interest Rates
  • Low Processing Fees
  • No Hidden Charges
  • No Pre Payment Penalty
  • Interest charges on daily reducing Balance
  • Repayment up to 20 years
  • Maximum loan amount–Rs. 1.00 crore
  • Minimum CIBIL score of 650
  • After completion of 5 years of 1st purchase/construction of the house/flat.

List of papers/ documents applicable to all applicants:

  • Loan Application: Completed loan application form duly filled in affixed with 3 Passport size photographs
  • Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card
  • Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhar Card

Property Papers:

  • Permission for construction (where applicable)
  • Registered Agreement for sale (only for Maharashtra)/Allotment letter/Stamped Agreement for sale
  • Occupancy Certificate (in case of ready to move property)
  • Share Certificate (only for Maharashtra), Maintenance Bill, Electricity Bill, Property Tax Receipt
  • Approved Plan copy (Xerox Blueprint) & Registered Development Agreement of the builder, Conveyance Deed (For New Property)

Account Statement:

  • Last 6 months Bank Account Statements for all Bank Accounts held by the applicant/s
  • If any previous loan from other Banks/Lenders, then Loan A/C statement for last 1 year

Income Proof for Salaried Applicant/ Co-applicant/ Guarantor:

  • Salary Slip or Salary Certificate of last 3 months
  • Copy of Form 16 for last 2 years or copy of IT Returns for last 2 financial years, acknowledged by IT Dept.
  • Employer Identity Card

Income Proof for Non-Salaried Applicant/ Co-applicant/ Guarantor:

  • Business address proof
  • IT returns for last 3 years
  • Balance Sheet and Profit and Loss A/c for last 3 years
  • Business License Details(or equivalent)
  • TDS Certificate (Form 16A, if applicable)
  • Certificate of qualification (for C.A./ Doctor and other professionals)

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