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Home Improvement Loans

A renovation is as much an exciting proposition as moving into a new home is. Avail our tailor-made loan offerings for improving your home. Our flexible tenures, competitive interest rates and personalized services will stand by you every step of the way.

Features

Quick processing and disbursal of loans

Hassle-free personalised service and flexible approach

Specialised in-house legal and technical assistance

State-of-the-art infrastructure for document security

120+ branches across India to serve you better

Insurance scheme in association with Royal Sundaram

Primary Applicant

Age: 18-65 YEARS

Nationality: INDIAN

Professional: SALARIED / SELF EMPLOYED

Gender: ALL GENDERS


Co-applicant

  • Adding co-applicant helps in maximizing the loan amount.
  • Co-applicant can be spouse or close family members.
  • Attractive interest rate for women co-owners.
  • All co-owners of the property ought to be co-applicants.

Gross Monthly Income (Rs.) 50000

₹ 5 K₹ 4 L

Tenure (Years) 1

1 Yr25 Yrs

Interest Rate (%) 8.5

6.5 %15 %

Other Loan Commitments (Rs.) 0

₹ 0₹ 4 L

Your Loan Eligiblity Amount is

0

Loan Amount 2000000

₹ 1 L₹ 400 L

Tenure (Years) 5

1 Yr25 Yrs

Interest Rate (%) 8.5

6.5 %15 %

Your EMI Amount is

0

KYC Documents
Proof of identity and address

  • Aadhaar Card
  • Driving Licence
  • PAN Card (Mandatory)
  • Passport
  • Voter ID Card
  • Bank Passbook with photo
  • Photo Credit Card
  • Any other Photo ID (subject to the satisfaction of the Company)

Income Documents
Proof of Income

    SALARIED
  • Last 6 months' Salary Slips
  • Last 6 months' Bank Statements, showing salary credits
  • Latest Form-16 and IT returns
  • SELF EMPLOYED
  • Last 12 months' GST Returns
  • Last 6 months' Bank Statements
  • Last 3 years' IT returns

Property Documents
Property related documents
Constructing your house on your plot of land

  • Original registered title deed in your favour
  • Parent document copies * linking the chain of transactions over the past 15 years
  • Encumbrance certificate for a minimum 13 years or (for prior period) @
  • Original plan approved from the Competent Authority &Lay out Approved Plan
  • Patta in your name
  • Original Estimation

* If the parent deed is prior 13 years and covers the same extent of property currently owned then such original prior / parent deed is also required.

@ If the parent deed is prior 13 years covers the same extent of property currently owned then the EC from the date of the said Original purchase/acquiring of the property is required.

Purchasing a Flat from Builder

  • Original registered sale deed for undivided share in favour of the customer
  • Original sale and construction agreement (To be registered if applicable) in favour of the customer
  • Original stamped receipt for the payments made by the customer to the builder (i.e. = Total property cost - Home loan amount)
  • Encumbrance certificate for a minimum 13 years or for prior period if applicable
  • Parent document copies for a minimum 13 years or for prior period of documents if applicable
  • Permission of Mortgage Letter by the builder in favour of Sundaram Home's format
  • Copy of approved plan and floor plan
  • Handing over of possession of flat
  • Completion certificate from builder

Buying a house on a resale basis

  • Original sale agreement between the seller & the customer
  • Original sale deed in favour of the seller
  • Parent documents * for a minimum 13 years *
  • Encumbrance Certificate for a minimum 13 years @
  • Patta and house tax receipt/ EB receipt (latest)
  • Original stamped receipt from the seller (i.e. = Total property cost – Home loan amount)
  • Copy of approved Building plan & Lay out Approved Plan
  • Draft sale deed
  • Evidence of handing over of possession by the seller

* If the parent deed is prior 13 years and covers the same extent of property owned by the vendor then such original prior / parent deed is also required

@If the parent deed is prior 13 years and covers the same extent of property owned by the vendor, then the EC from the date of the said Original purchase/acquiring the property is required.

Buying a flat on a resale basis

  • Original sale agreement between the seller & customer
  • Original sale deed in favour of the seller
  • Original construction agreement in favour of the seller
  • Original stamped receipts given by the builder favouring the seller
  • Parent documents * for a minimum 13 years *
  • Encumbrance Certificate for a minimum 13 years @
  • Latest property tax / EB/ Water & Sewerage receipt in favouring the seller
  • Original stamped receipt from the seller (i.e. = Total property cost – Home loan amount)
  • Copy of approved plan and floor plan
  • Evidence of handing over of possession by the seller

* If the parent deed is prior 13 years and covers the same extent of property owned by the vendor then such original prior / parent deed is also required

@If the parent deed is prior 13 years and covers the same extent of property owned by the vendor, then the EC from the date of the said Original purchase/acquiring the property is required.

Power of Attorney

THE POWEER OF ATTORNEY FORMAT USED IN CASE

When power of attorney is executed in India

  • Attorney should be a resident of India
  • Power of attorney is to be executed on a non-judicial stamp paper of Rs.100/- (State of Tamil Nadu)
  • The executant should execute in each page of the Power of Attorney and wherever the blanks relevant details are to be duly filled in.
  • A Judicial Magistrate or a Notary Public should ATTEST the signature of the executant.

In case of non-residents, if the power of attorney is being executed outside India

  • The attorney should preferably be a resident of India
  • The power of attorney should be executed on a plain paper as the case may be as applicable in the country in which the power of attorney is executed.
  • Any authorised official of the Indian Embassy/Consulate/Trade commissioner / Notary in the country where the executant resides should attest the signature of the executant.
  • The Power of attorney after being received in India, should be duly adjudicated / validated in the Concerned District Registrar, in India.
Power of attorney - Format :

FAQs

Who can avail a home improvement loan?+

Home improvement loans are meant for new/existing customers who wish to renovate or remodel their homes.

What is the maximum term for which I can avail a home improvement loan? +

You can avail a home improvement loan for a maximum term of 15 years or till your age of retirement, whichever is lower.

Are the interest rates of a home improvement loan higher than that of a home loan?+

Interest rates applicable on home improvement loans do not differ from the interest rates of home loans.

Does the home improvement loan accommodate the purchase of furniture?+

Home improvement loans can only be used to fund the purchase of immovable furnitures and fixtures.

What is the security that I will have to provide for a home improvement loan?+

The primary security is first mortgage of the property to be financed, normally by way deposit of title deeds. If required, we may take additional security in the form of assignment of LIC Policies or Third party guarantee. The title to the property should be clear, marketable and free from encumbrances and to our satisfaction.

When will the loan be disbursed ?+

The loan will be disbursed once relevant documents required to establish clear and marketable title are submitted, sufficient progress in construction proportionate to the own contribution is evident, loan agreements executed and conditions, if any, complied with.

In how many instalments will the loan be disbursed?+

The loan will be disbursed in full or in suitable instalments taking into account the requirement of funds and progress of construction as assessed by us.

What are the documents required for a home improvement loan?+

You can find a checklist regarding documents required on Link to document section.