Question 1

What charges does the bank levy for Home Renovation Loans?

Accepted Answer

digibank levies standard charges such as the loan processing fee with applicable taxes, along with bank administrative charges. The processing fee is typically 1% to 1.5% of the principal loan amount.

Question 2

Can I apply for a Home Repair Loan jointly?

Accepted Answer

Yes, you can apply for a digibank Home Repair Loan jointly. The applicant and co-applicant of such loans should be immediate family members of joint owners of the property being renovated through the loan and provided as collateral to the bank.

Question 3

What tax benefits can I get with a House Renovation Loan?

Accepted Answer

Under Section 24 of the Income Tax Act, 1961, you can avail of a deduction of up to INR 30,000 per annum for interest paid on House Renovation Loans. This deduction is a part of the overall limit of INR 2 Lakh available on loan interest payment of self-occupied homes.

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