Faqs - L&T Finance

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What is a home renovation loan?

It is a Personal Loan used to fund renovation or repair work in a house without pledging collateral.

Can I Get a Tax Benefit on a Home Renovation Loan?

Yes. Under Section 24(b) of the Income Tax Act, interest paid on a house renovation loan may be claimed as a deduction.

How do I apply for a home renovation loan?

You can apply online via the website or use the PLANET app.

How much loan can I take for home improvement loans?

Loan amounts for Personal Loan for Home Renovation range up to ₹ 30 Lakh.

What are the eligibility criteria for a home renovation loan?

You should be 21–58 years old Indian resident. Both salaried and self-employed individuals can apply.

What is the tenure of a home renovation loan?

The tenure for a Personal Loan for Home Renovation ranges up to 72 months at L&T Finance.

What is the interest rate for a home renovation loan?

Home renovation loan interest rate starts as low as 11% p.a.* at L&T Finance.

Is collateral or security required for a home improvement loan?

No. These are unsecured loans that do not need collateral or a guarantor.

When can I receive the disbursement for a House Renovation Loan?

Once approved, funds are credited in no time into your bank account.

How does adding a co-applicant benefit?

It boosts your eligibility and may help secure a lower interest rate or higher loan amount.

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