Things to Keep in Mind while Renovating Your Home

You could be lucky to own a flat or a plot house in a decent neighbourhood of your city or town. You enjoy this luxury and are satisfied about it. But what about when your home is subjected to the vagaries of nature: rainfall, heat, cold, dust, and what when the years roll by and age and deterioration catch up with your home? That’s when a Home Renovation loan from Indiabulls Home Loans comes in handy. With the help of such loan, you can renovate your home in any manner you desire. Home loan EMI Calculators help you to get an estimated EMI amount which in turn can help you manage your finances in a better way. KEY BENEFITS

• Attractive interest rates
• Flexible repayments options
• Quick approvals and disbursals
• Available to new and existing customers
• No hidden charges
• Easy documentation

APPLICATION Home Improvement Loans can be applied for individually or jointly. Note that all owners of the property must be co-applicants for the loan. Loan Term: The payments for the loan may be spread over a maximum term of 15 years. The tenure of the loan is also dependent on several factors like the customer’s profile, their age at maturity of loan, the property’s age at time of loan maturity. Applicants may apply for the Home Improvement/Renovation loan either individually or together, jointly. However, it is compulsory for all owners of the property to be co-applicants for the loan. DOCUMENTS Here is a list of documents you shall need when applying for a Home Improvement or Home Renovation Loan from Indiabulls Home Loans: PROOF OF IDENTITY & RESIDENCY:

• Aadhaar card
• Passport (must be valid)
• Voter ID card
• Driving license (must be valid)

INCOME PROOF FOR THE SALARIED:

• Salary slips of the last 3 months
• Bank statements showing salary credits of the last 6 months
• Most recent Form-16 and Income Tax return

INCOME PROOF FOR THE SELF-EMPLOYED:

• Income Tax Returns, along with last 3 assessment years’ computation of the income
• Last 3 years’ balance sheet and profit & loss account statements with the annexures and schedules
• Last 6 years’ current account status of the business entity
• Last years’ savings account status of the individual

PROPERTY PAPERS AND OTHER DOCUMENTS

• Any original title deed of the property
• Estimate from an architect or civil engineer of home improvement/renovation
• Any proof of no encumbrance on the property

Fixed Rate Home Loans and Floating Rate Home Loans: With Indiabulls Home Loans, get hassle-free home loans with interest rates as low as 8.40%* per annum with EMI starting at Rs. 861 per lakh. Interest rates are available at fixed and floating rates, too. A fixed rate home renovation loan has fixed rates of interest for the entire duration of the loan and this does not change no matter what the conditions. Floating home loan interest rates change with changes in market conditions. Home loans are attached to a base rate and a floating rate therein when they are offered on floating interest. Hence, with a variation in base rate, the floating interest rate varies as well. A floating rate home loan is cheaper than fixed interest rates and this is one of its highlights. In a fixed rate Home Loans wherein the interest rate is stable, the interest rate is higher than that of the floating rate home loan.

Related Articles:

• Use a Home Renovation Loan to Finance Your Home Renovation
• My home, my way – Get your desired home renovation loan now
• Give your Home a makeover with Affordable Home Improvement Loans

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