• Personal Loan
• Home Loan
• Car Loan
• Education Loan
• Loan Against Property

Home improvement or home-extension loans are available for the purpose of repairing/extending the existing house.

It is advisable to take advice from professionals such as an architect or a structural engineer for improvement/extension. Remember, structural changes in the building/flats such as extensions or further construction (adding a room, adding kitchen, terrace or an additional bathroom) requires clearances from municipal authorities and other relevant regulatory bodies.

The loan may be disbursed by the bank or a lending institution in full or in installments, depending on the progress of repair work.

The extension or improvement loan can be used for internal and external repairs, structural improvements such as painting, waterproofing and roofing, for plumbing, electrical works, tiling and flooring etc.

The list of documents required for 'home improvement loans' are:

• Title deeds for a period of at least 13 years
• Encumbrance certificate for the past 13 years
• 'Khata' certificate
• Latest tax receipts of the property
• Sanctioned plan
• License for the extension
• Estimates of costs from a qualified engineer
• Cost estimate from the architect or contractors

Tax benefits are available on the interest paid for the 'home improvement loan' under section 24.