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Home renovation loan: Easy financing for your home improvement
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Home Renovation Loan Calculator
Your EMI will be
₹5,072/month*
Total Interest Payable
₹43,435
Total Amount Payable
₹2,43,435
Check your eligibility
*Personal loan calculator is only for illustration purposes. For actual calculations refer to your Repayment Schedule & Loan Agreement.*T&C Apply
What is a home renovation loan and how does it work?
A home renovation loan is a personal loan used to finance home improvement expenses. Since it is unsecured in nature, you don't need to mortgage your property as collateral. IDFC FIRST Bank offers funds in your bank account within 10 minutes with the FIRSTmoney home renovation loan. You can repay the amount in flexible EMIs over your preferred tenure. Apply for the loan through a 100% digital process and begin work on your home without delay.
What can you renovate with a home renovation loan?
You can fund individual home upgrades or a larger makeover with a personal loan for home renovation. It covers a range of expenses based on what your property needs.
• Kitchen remodel: Pay for new cabinets, countertops, backsplash, appliances, or a complete kitchen redesign. Cover all the major costs with a loan offer up to ₹15 lakhs with FIRSTmoney, subject to your eligibility.
• Bathroom upgrade:Replace sanitary fittings, tiles, storage, fixtures, or get plumbing work on your ageing bathroom to avoid leakages and improve its functionality.
• Flooring: Cover the material and labour costs of replacing damaged flooring or replacing tiles, marble, wood, or other flooring across your home.
• Painting: If you notice cracks, rust, or simply want a fresh look, you can cover the cost of premium, weather-withstanding paint and labour with a home renovation loan.
• Electrical rewiring: Replace ageing wiring, switches, sockets, or electrical fittings for a safer or upgraded electrical setup. If you incur expenses in stages, you can opt for multiple on-demand loans by IDFC FIRST Bank. Pay interest only on the amount used and get more funds from the available loan offer as needed.
• New furniture: Improve interior with new dining units, sofas, beds, cupboards, wardrobes, or customised storage with a home improvement loan.
• False ceiling: Pay for the false-celling installation based on your design preference, including lighting and related electrical work.
• Balcony extension: If structural work on your house is permissible, you can extend your balcony. Pay for the cost of flooring, railings, and other upgrades.
• Waterproofing: Seepage, terrace leakage, damp walls, etc. need immediate attention before the damage worsens. Tend to these issues promptly with 10-minute disbursal on FIRSTmoneyhouse renovation loan.
How much renovation loan do you need?
Your house renovation loan requirement may differ based on the area being renovated, materials needed, labour charges, and the extent of work.
Here is a broad cost estimate to create a rough budget:
| Renovation work | Tentative cost range |
| Kitchen remodel | ₹1 lakh-3 lakh |
| Bathroom upgrade | ₹50,000 to ₹1.5 lakh |
| House painting | ₹30,000 to ₹1 lakh |
| Flooring | ₹75,000 to ₹2 lakhs |
| Electrical rewiring | ₹30,000 to ₹1.5 lakhs |
| Waterproofing | ₹20,000 to ₹1 lakh |
| In-built and store-bought furniture | ₹1 lakh to ₹3 lakhs |
| Multiple-room renovation | ₹3 lakhs to ₹8 lakhs |
Actual renovation cost varies by your home size, city, materials, labour, and scope of work. The funds available to you also impact how much home improvement loan you will need to cover the financial gap.
Borrow anywhere between ₹50,000 and ₹15 lakhs based on your needs and eligibility with the FIRSTmoneyhome renovation loan.
Why choose FIRSTmoney for your home renovation loan?
Contractor advances, material purchases, unexpected repair costs, and your vision for renovation may require funds at different stages. Meet all the expenses with a FIRSTmoney home renovation loan by IDFC FIRST Bank that makes borrowing easier with the following features:
No mortgage
A FIRSTmoney personal loan for home improvement is an unsecured loan. You can finance your renovation needs without mortgaging your home or pledging another asset.
10-minute disbursal
IDFC FIRST Bank disburses your approved funds within 10 minutes, helping you make time-sensitive payments to contractors and vendors.
Zero foreclosure charges
You can prepay the FIRSTmoney house renovation loan with zero foreclosure charges. Close the loan early when you have surplus funds without worrying about a penalty.
Flexible tenure of 9 to 60 months
Choose from a repayment tenure range of 9 to 60 months to suit your repayment comfort and make EMIs manageable alongside regular expenses.
Loan offer up to ₹15 lakhs
FIRSTmoney home renovation loan offer extends up to ₹15 lakhs to cover all major expenses, subject to your eligibility and repayment capacity.
Competitive interest rate
FIRSTmoney home renovation loan interest rates start from 9.99% p.a., equivalent to 0.83% p.m. Your age, income, credit profile, and repayment capacity are considered before finalising the rate.
Paperless journey
FIRSTmoney personal loan application involves a 100% digital journey with no document uploads. You can apply with your basic details and complete video KYC within minutes.
Multiple on-demand loans
For additional funds during your home renovation, get more funds from your available loan offer without reapplying. Check out the FIRSTmoney multiple on-demand loans facility.
No collateral
Get a personal loan without pledging your property or other valuable assets as security. Access the funds you need without the need for collateral.
Why choose a home renovation loan over a home loan top-up?
A home renovation loan serves as a practical alternative to a home loan top-up when you need funds quickly. Here's how the two options compare:
| Factor | Home renovation loan | Home loan top-up |
| Disbursal | Faster with 10-minute disbursal on FIRSTmoney | May take longer due to additional loan and property-related checks |
| LTV restriction | No property-based LTV restriction as it is an unsecured personal loan | Loan amount is subject to the applicable LTV limits |
| Property valuation | No property valuation required | Property valuation is required to determine the eligible top-up amount |
Home Renovation Loan EMI Calculator: Amount-wise & Tenure-wise Breakdown
Check Your Approximate EMI for Home Renovation Financing
Renovating your home? Here's a rough idea of what the monthly EMI could look like.
| Loan Amount | Tenure | Interest Rate | Processing Fees | Approx EMI |
| 1 Lakh | 24 Months | 9.99% p.a. | 0% to 3.5% | ₹ 4,614 |
| 2 Lakh | ₹ 9,228 | |||
| 3 Lakh | ₹ 13,842 | |||
| 4 Lakh | ₹ 18,456 | |||
| 5 Lakh | ₹ 23,070 | |||
| 1 Lakh | 36 Months | ₹ 3,226 | ||
| 2 Lakh | ₹ 6,452 | |||
| 3 Lakh | ₹ 9,679 | |||
| 4 Lakh | ₹ 12,905 | |||
| 5 Lakh | ₹ 16,131 | |||
| 1 Lakh | 48 Months | ₹ 2,536 | ||
| 2 Lakh | ₹ 5,072 | |||
| 3 Lakh | ₹ 7,607 | |||
| 4 Lakh | ₹ 10,143 | |||
| 5 Lakh | ₹ 12,679 | |||
| 1 Lakh | 60 Months | ₹ 2,124 | ||
| 2 Lakh | ₹ 4,248 | |||
| 3 Lakh | ₹ 6,373 | |||
| 4 Lakh | ₹ 8,497 | |||
| 5 Lakh | ₹ 10,621 |
Eligibility & documents for a home renovation loan
Personal loan eligibility
Eligibility criteria for a FIRSTmoney home renovation loan include:
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Personal loan documents required
FIRSTmoney personal loan for home renovation doesn’t require any document uploads. You just need your:
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Do’s and Don’ts about a Personal Loan for Home Renovation
Do's
- Review loan terms before applying
- Choose a repayment plan that suits your renovation budget
- Maintain regular EMI payments
- Check eligibility before submitting the application
- Use the digital-first approach for a quicker approval
Don’ts
- Do not assume that a lower EMI value reduces total cost
- Avoid ignoring credit score requirements
- Do not depend on multiple short-term loans
- Avoid incorrect application details
- Do not take a loan without repayment planning
Things to know about Personal Loan for Home Renovation
Eligibility Criteria
FIRSTmoney personal loans are available to salaried individuals with a minimum salary of ₹10,000 and a CIBIL score of 710 or above.
Processing fees & charges
Along with interest, reviewing all charges is important. FIRSTmoney ensures transparency for better decision-making.
Interest rates
The interest rate set by the lender directly impact EMI and repayment amount. FIRSTmoney offers rates starting from 9.99% p.a.
Easy loan comparison
Comparing loan options helps select better terms. FIRSTmoney provides clear and structured information.
Better financial planning
A Flexible tenure of up to 60 months and zero foreclosure charges help manage repayments efficiently.
Tips to smartly use your Personal Loan for Home Renovation
Tip 1
Assess your affordability before borrowing
Evaluate your income and monthly commitments to ensure the EMI fits comfortably within your financial capacity.
Tip 2
Use funds responsibly
Limit spending to essential needs so that repayment does not become a financial burden.
Tip 3
Limit repeated borrowing
Frequent use of short-term loans can increase financial stress and make long-term planning difficult.
How to apply for a home renovation loan?
Step 1
Click on the 'Apply Now' button
Step 2
Enter your basic details
Step 3
Choose your desired loan amount and tenure
Step 4
Link your bank account where you want to receive funds
Step 5
Complete video KYC by showing your original PAN card
Home renovation loan interest rates & charges
| Types of Fees | Applicable charges |
| Interest rate | Starting from 9.99% p.a. (equivalent to 0.83% p.m.) |
| Processing fees | 0% to 3.5% as applicable on the loan amount, including GST. Zero processing fee on select loan amounts. |
| Foreclosure charges | Zero foreclosure charges |
| Stamp duty | As per State's Stamp Act |
The EMI estimate for a house renovation loan, given the interest rate is 9.99% p.a., would look like:
| Loan amount | Tenure | EMI per month |
| ₹2 lakh | 24 months | ₹9,228 |
| ₹5 lakh | 24 months | ₹23,070 |
| ₹10 lakh | 24 months | ₹46,140 |
What will your home renovation loan EMI be?
Select a loan amount and tenure that keeps your repayments comfortable. Here's a tentative calculation of EMI for various loan amounts at the lowest interest rate offered:
| Loan amount | Interest rate | Tenure | Approx. EMI |
| ₹1 lakh | 9.99% p.a. | 60 months | ₹2,124 |
| ₹2 lakhs | 9.99% p.a. | 60 months | ₹4,248 |
| ₹3 lakhs | 9.99% p.a. | 60 months | ₹6,373 |
| ₹4 lakhs | 9.99% p.a. | 60 months | ₹8,497 |
| ₹5 lakhs | 9.99% p.a. | 60 months | ₹10,621 |
| ₹6 lakhs | 9.99% p.a. | 60 months | ₹12,745 |
| ₹7 lakhs | 9.99% p.a. | 60 months | ₹14,869 |
These EMI values are indicative. Your final EMI amount depends on your credit profile and approved loan offer.
Our App Ratings from 2.64M+ happy users
Interest Rates & Charges for Personal Loan
Low Interest Rate
Interest rate starts from 9.99% p.a., calculated on a reducing balance basis.
Processing Fee
Processing fees 0% to 3.5% of loan amount (incl. GST) (0 processing fee is available on select loan amounts)
[View fees & charges]
Flexible Loan Tenure
Repayment period: 9–60 months
Home Renovation Loan Frequently Asked Questions
What is the Difference Between a Home Renovation Loan and a Home Loan?
A home renovation loan specifically funds home improvement projects, while a home loan is typically used to purchase a property.
Can I Get a Tax Benefit on a Home Renovation Loan?
Yes, interest paid on a home renovation loan may be eligible for tax benefits, depending on the scope of renovations.
What Types of Renovations Can Be Funded with This Loan?
Eligible projects include kitchen remodels, bathroom upgrades, and aesthetic improvements to your living space.
How Quickly Can I Get Funds Through a Home Renovation Loan?
IDFC FIRST Bank offers quick disbursal once your loan application is approved, ensuring funds are available without delay.
Are Home Renovation Loans Available to Self-Employed Individuals?
Yes, self-employed individuals may also be eligible, subject to specific documentation and income verification requirements.
Choose your personal loan amount with FIRSTmoney
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Fix, furnish, or fully transform your space with a FIRSTmoney home improvement personal loan. From major renovations to minor upgrades, you can now afford the changes you’ve been dreaming of. Get instant approval with an entirely digital process and start reimagining your home today.
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References:
https://www.idfcfirst.bank.in/personal-banking/loans/personal-loan/debt-consolidation-loan
https://www.idfcfirst.bank.in/personal-banking/loans/personal-loan/fees-and-charges
https://www.idfcfirst.bank.in/personal-banking/loans/personal-loan
https://www.idfcfirst.bank.in/personal-banking/loans/personal-loan/personal-loan-in-mumbai
https://www.idfcfirst.bank.in/personal-banking/loans/personal-loan/personal-loan-for-self-employed
