Affordable Home Renovation Loan in India

A home renovation loan, also known as a home improvement loan, provides funds for renovating or repairing an existing property. These loans can be used for a variety of projects, including painting, tiling, flooring, waterproofing, and plumbing. They are typically available to both salaried and self-employed individuals and can have loan terms ranging from 5 to 20 years.

Renovating your home is often considered one of the most exciting but at the same time a challenging task. When you plan to add a new room, want to do wall treatment, modernise your living area, or add space to your kitchen, home improvement or home renovation projects can surely help in transforming your living space and increasing its property’s value. However, financing these renovation expenses can be a daunting task. In such scenarios, a home renovation loan can provide the ideal solution.

Home renovation loan eligibility

Before applying for a home renovation loan at Wood Capital, it’s important to meet our eligibility criteria. These may vary slightly based on the customer’s profile or financial status, but common requirements include:

Age: Between 21 to 60 years

Employment:

• Salaried employee with a stable job for at least 1–2 years
• Self-employed professionals or business owners with a proven track record

Income: Minimum monthly income requirement, often around ₹20,000 to ₹25,000

Credit Score: A CIBIL score of 700 or above is usually preferred

Existing Property Ownership: The applicant must own the property that is being renovated