Yes, most lenders in the country dole out such kind of loans that are called ‘home improvement loans’ or ‘renovation loans’. Things such as the painting of the house, remodeling of kitchen or bathrooms, flooring, tiling or any other major repair work is covered under the head of renovation loans.
Most lenders agree to finance up to a maximum of 80-85% of the total cost of renovation. However, the house must not be more than 35 years old and the maximum age of the borrowers should be within retirement age.
The lending rates for such loans up to an amount of Rs 30 lakhs range between 10.5% to 11 % while loans above Rs 30 lakhs are available at an interest rate ranging between 10.75% to 11.50 %.