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Home Improvement Loan
Home improvement loans are taken for renovating or sprucing up an existing house. The loan can be used for internal and external repairs and structural improvements but not for extension or increasing space of existing house. Home improvement loan is offered by all major banks and HFCs.
Interest rate and tenure is similar to terms in home loan. Tax deduction can be claimed on up to Rs 30,000 a year towards interest repayment on home improvement loan. This deduction is subject to total cap of Rs 1.5 lakhs on interest of home loan (if taken) and home improvement loan.