LIC Housing Finance

Griha Sudhar Renovation Loan

Home Renovation loan is provided for
• Internal and external repairs
• Tiling and flooring
• Internal and external painting
• Plumbing and electrical work
• Waterproofing and roofing
• Grills and aluminum windows
• Waterproofing on terrace
• Construction of underground/overhead water tank
• Paving of compound wall (with stone/tile/etc.)
• Borewell

In this architect estimate is required and on the basis of estimate, loan is released according to stage of renovation. The work undertaken must finish within 1 year.

Product features

• Tenure - 1 to 15 years.
• Interest rate - As applicable . The interest rate keeps on changing.
• Max funding - 80% of architect estimate , subject to market value of property .
• Age limit - max 65 years or retirement age , whichever is earlier for salaried and 70 years for self employed.
• Income tax benefit - principal repayment upto 1 lac under section 80(c) and interest repayment upto 1.5 lacs under sec 24.
• Loan foreclosure penalty - Means paying off the complete loan at one go.Most bank charges 2 to 3% of principal outstanding as penalty.
• part payment - Means paying some part of loan. Most banks don't charge any penalty

Get Enquiry Here

9594111161 / 9967111161
504, 5th Floor Suchita Business Park,
Raigad Chowk, Station Road, Ghatkopar (E), Mumbai 400 077

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