Home Improvement Loan by Muthoot Fincorp
A home is different from a house - it is where life is lived with family, friends and other loved ones, and memories are created, unlike a house which is just a structure. Do not let funds’ constraint stop you from making your home as livable and as lovely you would like it to be. Muthoot Fincorp, through our sister concern Muthoot Housing Finance Company Ltd. (MHFCL) offers home improvement loans for all your big and small home renovation needs, as well. A home is, after all, your personal retreat which reflects your style and personality.
Benefits and Features of Home Improvement Loan from Muthoot Fincorp
A home improvement loan can be put to good use to make structural changes or repairs, as well as renovating the interiors of a room or the whole home. It is so simple to keep your dream home looking as good as new and in pristine condition! Our loans come with attractive interest rates and flexible repayments for all your home renovation needs.
Differential Loan Amounts & Interest Rates
Muthoot Fincorp offers finance from INR 2,00,000 to 25,00,000 for loan tenures ranging from ... read more 3-20 years. Loans are available on fixed and variable interest rates and usually, vary from 12-16%. With affordable interest rates, our loans are affordable and convenient – please get in touch with our customer care representative at 1800 102 1616 for more details.
Loans for Different Renovation Needs
You can use the loans for renovation of already owned residential property to carry out repairs of ... read more your house/flat, waterproofing & roofing, tiling & flooring, plumbing & electrical work and more.
Simple & Efficient Processes
We offer simple documentation, broad eligibility criteria and flexible repayment schedules as part of our home loan processes.... read more You can also count on us for more efficient loan processing, approvals and disbursals through streamlined processes. Once your loan is approved, the amount is deposited in your account, for you to make your home look as good as new.
Home Improvement Loan Eligibility Criteria
We offer broad eligibility criteria to make home improvement loans accessible to all. Just fulfil the below-mentioned requirements and walk away with the desired amount for the desired home makeover job.
- Minimum age at the time of application should be 21 years
- Maximum age at the time of loan maturity should be 65 years
- The applicant should either be salaried or self-employed
- The applicant must own a bank account
- There should be a Muthoot Blue branch in the borrower’s city
- The co-owner of the property should be the co-applicant for the finance
Documents needed for Home Improvement
We provide home improvement loans without lengthy documentation requirements. Put together the following documents for quicker loan approval and disbursement.
Muthoot Fincorp is bound by and follows the KYC forms as per the regulator’s guidelines.
Address Proof (Any one of the document)
- Passport / Ration card / Voter ID / Driving License / Registered Rental Agreement / Electricity or Landline bill issued within the previous 3 months
Identity Proof (Any one of the document)
- Driving License / Voters ID Card / Passport / Ration Card / Driving License / Photo Credit Card / PAN Card / Employee ID card for Government servants
- Bank statement stating transactions for the previous three months
For Salaried Persons
- Three months salary slips with ITR or Form 16 for salaried applicants seeking housing loan in India
How to Apply for Home Improvement Loan from Muthoot Fincorp
We are committed to your convenience and have therefore created several home improvement loan application and approval procedures which you can use as per your convenience. You can apply for a home loan in India in any one of the following ways:
You can call our toll-free number 1800 102 1616 and talk to our customer care executive for details to get started
Visit the nearest Muthoot Fincorp Branch
You can visit the nearest Muthoot Fincorp branch and our customer care executives will help you through the process.
All the documents you share with us will be scrutinised and your eligibility criteria will be checked quickly to help expedite the home improvement loan approval and disbursement process. We are always ready to help our customers realize their home makeover dream.
Frequently Asked Questions
Home improvement loans are a line of credit extended for refurbishing a residential property. It’s a home loan variant providing credit for emergency repairs, extensions, flooring, roofing, plastering, plumbing, painting woodwork, or any other home repair or makeover job. The home loan for renovation is directly proportionate to the value of your property. Do remember, the loan amount will also take into account your repayment capacity.
A home improvement loan works in the same manner as a home loan. The major difference is that instead of buying a new home, you are using the loan amount for renovating the home you are staying in currently. You have to fill the application form, meet the eligibility, and provide the required documents to get a loan. The repayments are done in easy, flexible EMIs. Contact our customer care executive at 1800 102 1616 or walk into your nearest Muthoot Fincorp branch to understand how a home improvement loan works.
The tenure for home improvement loans may vary depending on the borrowed amount. At Muthoot Fincorp we offer flexible tenures, ranging from 3 to 20 years. It’s advisable to get an estimate for the home renovation job from vendors and workmen before applying – it will give you an exact idea of the total budget involved, and the loan amount needed.
Yes, home improvement loans are tax deductible under Section 24 of the Income Tax Act.
The Act provisions tax relief for purchase and construction of a house along with repair and renovation. Please call our customer care executive at 1800 102 1616 or walk into your nearest Muthoot Fincorp branch to understand the deductibles and rebates applicable to you.
Home renovation costs vary as per the requirements. Muthoot Fincorp offers home improvement loans from 2 lakhs to 30 lakhs to meet all your repair and renovation need. We offer affordable interest rates and we do not charge any penalty or pre-payment fee. To know the exact amount you are eligible for, please contact our customer care executive at 1800 102 16161.
Muthoot Fincorp aims to make home improvement loans accessible to all. That’s why our eligibility criteria are simple. When taking a loan for home renovation, here are the criteria you are expected to fulfil:
Minimum Age at the time of application
Maximum age at the time of loan maturity
Salaried or Self Employed
You need to have a bank account to avail the loan
First-hand account of customer experiences
BLUE SOCH STORIES
I am a silk merchant from Ramanagar and I was looking out for a home loan. One day I came across a person from Muthoot Housing Finance subsidiaries of Muthoot Fincorp Ltd. doing a marketing activity near my Business Premises. After that it struck my mind that I may require a home loan as my savings might not be sufficient to complete my house construction. So, I approached Muthoot for a home Loan. One thing what I liked about Muthoot ... Read More
Same is the case with another Customer, Shantaraju. He also was working under someone and wanted to set up his own Silk Twisting machinery. Muthoot Housing Finance subsidiaries of Muthoot Fincorp Ltd. has helped Shantaraju set up his own business by providing home loan. Below is the picture of Shantaraju and his wife working on their Silk Twisting Machinery. Shantaraju , has set up his own business, employs 2 people, and earns a lot. Not only this, he pays his monthly ... Read More
This is Sheshadri, who was working in a power loom. Although he had his dreams of setting up his own power loom, he didn’t have the sufficient capital to start up his own power loom. He approached Muthoot Fincorp Ltd. for a gold loan for this purpose and he was informed there about the home loan available from Muthoot Housing Finance subsidiaries of Muthoot Fincorp Ltd. He also got to know about the process and procedures of the housing finance ... Read More
I am Kumar from ramanagar. I own a floor mill and I grow mulberry plants and I harvest cocoons. Everyone has their own dream of building a house. Even I had one to construct a house in my plot I own in ramanagar. I had a shortage of funds and even some relatives refused me to offer help. That time I went to Muthoot Fincorp Ltd. in search of a gold loan, and they told that Muthoot Fincorp Ltd. is ... Read More
I run a chicken shop in Anekal. I always thought of expanding my business and wanted to open my own poultry farm. For this to come into existence, I needed some funds. My savings also was not sufficient. And one of my friend referred me to Muthoot Housing Finance Company Ltd. subsidiaries of Muthoot Fincorp Ltd. and asked me to go and enquire there for a housing loan. Thankfully, Muthoot Housing Finance Company Ltd. came to support me by offering ... Read More
Why Choose Muthoot Blue for Home Improvement Loan?
Muthoot Blue (Muthoot Pappachan Group) has a reputation that has been shaped over decades with high-quality practices, total customer satisfaction, and steady growth. Today, Muthoot Fincorp, our flagship company, is one of the largest NBFCs in India and we continue to work with the aim of providing timely credit to the common man with Blue Soch. Hence, our home improvement loan services are designed to make it easy for you to maintain, upgrade or renovate your home!
- We have over 4200 branches across India. Visit your nearest Muthoot Blue branch to get a loan quickly and without any hassle.
- Nearly 1,00,000 customers walk into our branches daily and are assured of trustworthy and simple services.
- Our customer-centric approach and innovation over the past 133+ years without compromising on the God-given values of trust, truth, transparency and tradition is what helps us in empowering the human ambitions.
Close to 3600 branches across India
A legacy of 133+ years
18,000 Muthootians serving millions of customers
Walk in of over 1,00,000 customers a day