🏦 What Is a Home Renovation Loan?
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Also known as a home improvement/top‑up loan, this is a secured loan (against the value of your existing home) specifically for remodeling, repairs, or upgrades basichomeloan.com+10financialexpress.com+10mymudra.com+10.
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It offers lower interest rates compared to personal loans — usually tied to standard home loan rates, often between 8–12% p.a., depending on the lender and profile .
đź“Š Key Features & Terms
Interest Rates & LTV
| Lender | Rate (approx.) | Loan-to-Value (LTV) |
|---|---|---|
| Canara Bank | 6.90% p.a. (starts) | Typically 70–90% basichomeloan.com+2bankbazaar.com+2bankbazaar.com+2housing.com+1financialexpress.com+1 |
| Bank of Baroda | 6.85% (starts) | Up to 90% |
| SBI | 6.70–6.90% (starts) | – |
| HDFC | 7.55–9.40% (floating) | Up to 90% for amounts ≤ ₹30 L, sliding to 75% above ₹75 L |
| PNB Housing | 8.50% flat |
Note: “Starts at” rates will vary with your credit score, income, and collateral.