1
Assess Family Needs
Arjun evaluated his home as his family expanded, identifying areas that needed improvement for added comfort and functionality.
2
Apply with Ease
With a hassle-free application process, Arjun applied for the Home Improvement Loan, ensuring his home could adapt to the changing needs of his growing family.
3
Transform for Tomorrow
Arjun witnessed his home evolve, thanks to ICICI HFC's financial support, creating a space that not only accommodates but also enhances every family moment.
1
Assess Family Needs
Arjun evaluated his home as his family expanded, identifying areas that needed improvement for added comfort and functionality.
2
Apply with Ease
With a hassle-free application process, Arjun applied for the Home Improvement Loan, ensuring his home could adapt to the changing needs of his growing family.
3
Transform for Tomorrow
Arjun witnessed his home evolve, thanks to ICICI HFC's financial support, creating a space that not only accommodates but also enhances every family moment.
| Charges | Rates* | |
|---|---|---|
| Login/Application Fee (for KYC checks and other documents, before loan is approved) | ₹ 5,000 + GST @18%* | |
| Processing/ Administrative Fees (Charged at the time of sanction) | 0.75% of the loan amount or ₹ 11,000, whichever is higher* | |
| Prepayment charges | Product | Prepayment Charges |
| Floating rate loan where purpose of loan is not for business and one of the borrower is an individual | Charges applicable NIL | |
| Floating rate loan where purpose of loan is for business(non- Home loan) and borrowers are individualsand/or non-individual/s | 4% of the outstanding loan amount +applicable taxes | |
| Fixed rate housing loan or limited period fixed rate housing loan* | 2% +applicable taxes | |
| Fixed rate non housing loans | 4% + applicable taxes |
1. Can I apply for a home improvement loan without a pan card?
No, you would need a PAN Card to apply as it is a necessary Income Proof.
2. What is a home improvement loan?
A home improvement loan is a type of home loan you can avail of to renovate your house and fund its repairs. The loan can be used for internal and external home renovation such as painting and whitewashing, tiling and flooring, waterproofing, plumbing and sanitary work, and more.
3. Who is eligible for a home improvement loan?
A home improvement loan can be availed of by any salaried or self-employed Indian resident with a regular source of income. The loan can be used for improvement, renovation, or extension of your existing residential property.
4. What is the maximum tenure for a home renovation loan?
You can get a home improvement loan for a maximum tenure of 20 years. However, you can get a loan only if your home improvement project is likely to be completed within one year.
5. Are there any tax benefits of a home improvement loan?
Yes. Under Section 24 of the Indian Income Tax Act, 1961, the interest on your home improvement makes you eligible for tax benefits of up to ₹ 30,000 annually.
6. Can I buy furniture for my house with a home improvement loan?
No. A home improvement loan can only be used to fund the structural renovation of your home. You cannot use it to purchase movable objects such as furniture or electronic gadgets.
7. Can I take a loan for a home improvement project that lasts a few years?
No, you can get a loan only if your home improvement project is likely to be completed within one year.
8. Can I apply online for home repair loan?
While the option of applying for a loan online is always available, you can get help from a familiar face at any of our branches. It is always better to sit across the table and get your questions answered all at once. You can have this experience at each of our 135+ ICICI branches. Our local experts are just around the corner, waiting to help you apply for a home loan quickly and as easily as possible.
9. Can I apply for a home renovation loan without an Aadhaar card?
Yes, you can provide any one of the following as identity proof:
- PAN Card
- Passport
- Voter ID Card issued by the Election Commission of India
- Proof of possession of Aadhaar Card
- Driving License
- Job Card issued by the NREGA duly signed by an officer of the State Government
10. Can I apply for a balance transfer home loan without income proof?
Income proof would be required but the requirements are different for salaried people and self-employed people because we understand things work differently for different jobs.
Salaried individuals need to provide their salary slips for the last two months, latest Form 16, and updated Bank Statements of the last three months.
Self-Employed (Individual, Non Individual) need to provide latest two Income Tax Returns, both personal and business along with computation of income, latest two years P&L accounts and B/S (with schedules) duly certified by a CA or audited officials as applicable, updated Bank Statements of 6 months, Advance Tax Challans, and Form 26AS.
11. Which documents can be submitted as Identify proof?
You can provide any one of the following as identity proof:
- PAN Card
- Passport
- Voter ID Card issued by the Election Commission of India
- Proof of possession of Aadhaar Card
- Driving License
- Job Card issued by the NREGA duly signed by an officer of the State Government
12. How can I get a better rate of interest?
A major advantage of walking into your nearest ICICI HFC branch is the special offers. You can get discounted rates and enjoy a range of offers at our branches. Our in-house experts will guide you through the benefits of each of the offers, so you can find one that truly helps you. Walk in to find the deal of the day.
