Get a home improvement loan from L&T Finance and stay tension free
Last Updated : March 17, 2017, 12:51 p.m.
Home Improvement or home renovation is one such thing which excites us all, but at the same time can give us jolts if you don't have sufficient funds to meet the cost of the work. Rajiv Nanda, Creative Designer in an MNC, recently visited his friend's house to attend his anniversary bash, and he was flattered after seeing his friend's house. His friend has recently renovated his house and gave it a total make over. Now, Rajiv too is thinking about giving his home a make over and make it look more beautiful and trendy. But, one thing that is not allowing him to carry out the work is insufficient money for this big project. He discussed this with his friend. He suggested him to borrow the home improvement loan as there are many banks and financial firms, which offer you home improvement or home renovation loan based on your eligibility. It sounds really nice and he started looking for good options to compare and get the best deal in home improvement loan. After researching a lot and comparing different banks and financial firms, he zeroed his search on L&T Finance home improvement loan. L&T home finance offers exclusive home improvement loan to meet the varied needs of customers. It offers financial assistance to carry out changes in interior and exterior of your home. Here are some important features and benefits of L&T Finance ltd., home improvement loan.
Home improvement loan is available for:
- External/internal repair
- Tiling and flooring work
- Internal and external painting
- Plumbing and electrical work
- Water proofing and roofing
- Grills and aluminum window work
- Paving of compound walls
Features and advantages of home improvement loan:
Maximum loan tenure is upto 20 years
Minimum loan amount is Rs. 5 lakhs and maximum loan amount is Rs. 25 lakhs
Maximum loan amount is 90% of the estimated cost of the work in special case and generally maximum 80% amount
Flexibility to pay interest amount only during the construction work
No-prepayment charges levied by the bank
Convenient repayment system through electronic clearing system (ECS)
Loan Eligibility
- You should be an Indian resident or NRI
- You should be above 22 years of age at the commencement of loan
- You should not be more than 65 years at the time of maturity of loan
- You should have a regular source of income either you are salaried or self-employed
Documents required for home extension loan
| Category | Salaried | Self-employed Professionals | Businessmen |
|---|---|---|---|
| Application form with photograph | Duly filled and signed application form along with recent photographs | Duly filled and signed application form along with recent photographs | Duly filled and signed application form along with recent photographs |
| Age proof (any one document) | School leaving certificate, PAN card, driving Licence, election id, voter id, aadhar card, office employee id | School leaving certificate, PAN card, driving licence, election id, voter id, aadhar card, office employee id | School leaving certificate, PAN card, driving licence, election id, voter id, aadhar card, office employee id |
| Photo ID proof | PAN card, driving licence, passport | PAN card, driving licence, passport | PAN card, driving licence, passport |
| Address proof | Passport, driving licence, electricity bill, telephone bill, latest bank statement of last three months | Passport, driving licence, electricity bill, telephone bill, latest bank statement of last three months | Passport, driving licence, electricity bill, telephone bill, latest bank statement of last three months |
| Job confirmation proof | Required for applicants below 23 years old | NA | NA |
| Proof of existence | NA | Partnership deed copy/MOA | Partnership deed copy/MOA & article of association/copy of professional degree/certification |
| Ownership pattern | NA | NA | Latest list of directors and stakeholders certified by company secretary |
| Office address proof | NA | Utility bill, telephone bill, electricity bill | Utility bill, telephone bill, electricity bill |
| Income proof | Last four month's salary slip, Form 16/ITR | Last two ITR personal and business along with computation of income, Last two years P&L account and B/S duly certified by CA, Advance tax challan if any | Last two ITR personal and business along with computation of income, Last two years profit and loss account and balance sheet of the company/firm |
| Bank statement | Last 6 months bank statement | Last 6 months bank statement from operating account | Last 6 months bank statement from operating account |
| Login cheque | From salary account/operating account | From operating account | From operating account |
(Updated on:21st October,2016)
