09 DECEMBER, 2021

Diwali was around the corner, and Mr. and Mrs. Gupta were planning to celebrate the festival with their extended family. Mrs. Gupta had ordered sweets for the guests and bought new outfits for her entire family. But one morning, while looking at her house, she realised that all the furniture had worn out and the house could really do good with some renovation. When she shared this thought with her husband, Mr. Gupta informed her that his budget won’t allow the expense of a home renovation due to all the Diwali shopping they had already done. Thankfully, their neighbour informed them about a home improvement loan. After a brief research, Mr. Gupta was delighted to know that he could fund the entire home renovation with Kotak Mahindra Bank’s home improvement loan without digging into his savings.

What Is a Home Improvement Loan?

A home improvement loan is a secured loan that you can avail to repair or renovate your house. You can use the funds to renovate your living room, change tiles of the bathroom or get your house repainted. If you own a house and have a stable source of income, you can easily avail this loan and give your house a new look in the festive season. Kotak Mahindra Bank’s home improvement loan can cover the cost of the entire renovation, be it small repairs, structural changes or change in room interiors. You can avail this loan individually or with a co-applicant.

Features of Kotak Mahindra Bank Home Improvement Loan

  • Quick approval

With us, you get quick approval on your loan application. Visit the home improvement loan webpage and furnish some basic details about you to check eligibility. Once you are eligible for the loan, fill the application form and upload documents required for home loan for improvement to get the loan amount in your bank account.

  • High-value loan

You might want to give an Italian touch to your living room or add some authentic tribal artefacts in the bedroom to change the look of the house. Whatever it is, a home improvement loan can finance all your expenses. With us, you can borrow up to 90% of the property value. If your loan amount is between Rs 30-75 Lakh, you can borrow up to 80%, and for loans above Rs 75 lakh, up to 75%.

  • Flexible disbursement

You can get the disbursement of the loan amount in full or in instalments as per your requirement of funds or the progress of improvement or repairs.

  • Longer tenure

You need not worry about repaying the entire loan amount immediately. With flexible repayment schedules, you can opt for a tenure that is financially comfortable for you. Kotak Mahindra Bank offers a maximum loan tenure of up to 15 years, subject to your retirement age.

Even a small change in the house interiors can transform the entire look and even help uplift your mood. Why keep yourself away from such small joys due to lack of funds? With home improvement loans, you can give your house a makeover and make it festive ready. Apply now!

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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.