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Home / News / Business News / How heritage loans are reviving India's timeless structures
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How heritage loans are reviving India's timeless structures
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How heritage loans are reviving India's timeless structures

By Sanjana Negi
Jan 27, 2025
06:44 pm

What's the story

Heritage restoration in India is crucial for conserving the nation's rich cultural and historical past.

However, the financial burden associated with such endeavors can be substantial.

That's why Heritage Restoration Loans exist - they offer the financial resources necessary to breathe new life into historic buildings.

This article explores these loans, how they work, their advantages, and what borrowers should keep in mind.

Basics

The essence of heritage restoration financing

Heritage Restoration Loans are unique financial instruments specifically created to finance the preservation and restoration of historical buildings and monuments of the past.

Unlike conventional loans, these are specifically curated for projects that strive to conserve and restore our heritage for posterity.

The quantum of loan, rate of interest and repayment period can greatly differ depending on the magnitude of the project and the historical value of the property.

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Eligibility

Eligibility criteria unveiled

To be eligible for a Heritage Restoration Loan in India, you need to be a custodian/owner of a property which is a heritage site officially recognized by the concerned authorities such as the Archaeological Survey of India or state-level heritage departments.

The restoration work you plan to undertake should aim to preserve the historical integrity of the site while following strict conservation guidelines.

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Interest rates

Navigating through interest rates and terms

Interest rates for Heritage Restoration Loans vary significantly but are typically lower than conventional loans, given their non-commercial nature and associated tax benefits.

Repayment terms are also flexible, potentially extending up to 15 years or longer, depending on the project's complexity and timeline.

Borrowers are advised to shop around and compare offers from different lenders to obtain the most competitive rates.

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Incentives

Government incentives: A boost for borrowers

The Indian government sometimes offers subsidies or tax benefits for heritage restoration projects, with the goal of "reducing the burden on borrowers by 70-80%."

These financial incentives are intended to encourage a wider range of individuals and organizations to participate in preservation efforts.

By making these projects more financially viable, the government aims to preserve the nation's historical heritage for generations to come.

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Application tips

Practical tips before applying

Before you apply for a Heritage Restoration Loan, make sure you have a detailed project plan in place, including cost estimates from certified professionals with expertise in heritage conservation.

Plus, having preliminary approvals from the concerned heritage authorities beforehand can make the loan application process a breeze.

And do seek advice from financial advisors who are familiar with these unique financing options.

Done!
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