Home loan for interiors

The home loan interior loan is extended for making up the interiors of the house and is available at almost all banks which offer home loans. ICICI/HDFC/Axis all these banks have this facility.

The name under which this loan is given by different banks may vary from Home Extension loans or Home Improvement loans. There are some conditions to be met before you can apply for a interior loan

Firstly we need to understand the items that will be covered under this loan and the Items that will not be

Most customers mistake interior loan for the loan extended to buy interior furniture for their apartments, unfortunately this is not covered under this loan, so if you are planning to buy white goods and furniture like sofa and dining tables these items will not be covered by the banks, only expenses involving extensions to the existing properties or fittings done to the existing properties will be covered, Some of the home improvements that you could undertake with home improvement loans are external repairs, waterproofing and roofing, internal and external painting, plumbing and electrical work, tiling and flooring, grills and aluminium windows, waterproofing on the terrace, construction of underground/overhead water tank, paving of compound wall and wood work for wardrobe and bathrooms etc, So any movable item that can be transported out of the residence will not be covered under this loan. The quotation for the work to be done has to be taken from a approved architect and submitted to the bank along with the loan application form, the bank will verify the quotation and approve 80 to 85% of the expenses quoted basis the eligibility of the customer. You can get a loan from Rs 50,000 to a maximum of Rs 10 lakh under this head with a maximum repayment period of 15 years. Just like in the home loan you can opt for Fixed or floating Rate of Interest.