Get a home improvement loan from L&T Finance and stay tension free

Home Renovation Loans

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
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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

  1. You should be an Indian resident or NRI
  2. You should be above 22 years of age at the commencement of loan
  3. You should not be more than 65 years at the time of maturity of loan
  4. You should have a regular source of income either you are salaried or self-employed

Documents required for home extension loan

CategorySalariedSelf-employed ProfessionalsBusinessmen
Application form with photographDuly filled and signed application form along with recent photographsDuly filled and signed application form along with recent photographsDuly 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 idSchool leaving certificate, PAN card, driving licence, election id, voter id, aadhar card, office employee idSchool leaving certificate, PAN card, driving licence, election id, voter id, aadhar card, office employee id
Photo ID proofPAN card, driving licence, passportPAN card, driving licence, passportPAN card, driving licence, passport
Address proofPassport, driving licence, electricity bill, telephone bill, latest bank statement of last three monthsPassport, driving licence, electricity bill, telephone bill, latest bank statement of last three monthsPassport, driving licence, electricity bill, telephone bill, latest bank statement of last three months
Job confirmation proofRequired for applicants below 23 years oldNANA
Proof of existenceNAPartnership deed copy/MOAPartnership deed copy/MOA & article of association/copy of professional degree/certification
Ownership patternNANALatest list of directors and stakeholders certified by company secretary
Office address proofNAUtility bill, telephone bill, electricity billUtility bill, telephone bill, electricity bill
Income proofLast four month's salary slip, Form 16/ITRLast 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 anyLast 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 statementLast 6 months bank statementLast 6 months bank statement from operating accountLast 6 months bank statement from operating account
Login chequeFrom salary account/operating accountFrom operating accountFrom operating account
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(Updated on:21st October,2016)