|
What are Home Extension Loans?
Home extension loans are used by customers to get loans from the banks to extend their houses, by adding more rooms, kitchens, wash rooms, terraces, or any other rooms for your growing family. It may also be used to enclose open balcony/terrace space, or constructing a Puja ghar. Home extension loan thus falls under the category of Home loans.
Guide2homeloans provides you a medium to you to extend or add space to your house. Be it an additional room on the same floor or the terrace, a larger bathroom, or even enclosing an open balcony, the Home Extension loan will aid your home extension plans with it's appropriate loans and comfortable re-payment options. Home Extension loans are quick to arrange and repayable in easy monthly installments.
If it is not extra bedrooms or balcony or a bigger kitchen, then you might also be looking to expand your lounge or add an extra bathroom. Perhaps you're thinking of extra entertaining space for parties with friends or bigger family get together. You may also be considering adding a conservatory so that there is somewhere for you to relax away from the rest of the family when everyone is at home.
Maximum Amount of Home Extension Loans:
Banks generally offers about 70-85% of the total amount of home extension as loan. The amount of loan sanctioned also depends on a number of factors such as the age of the applicant at the time of loan, tenure of the loan, repayment capacity of the borrower; his/her credit history etc.
Interest Charged by Indian Banks for Home Extension Loans:
Rates of interest charged will be as per Bank's policy on the date of disbursement of loan. Interest rates can be either on fixed or floating basis.
Process of Home Extension Loans Application:
Customers can fill online application forms or personally visit the bank for approval of loan. A nominal fee of 1-2% is charged as processing by the banks.
Documents Required by Banks for the approval of Home Extension loans:
Salaried customers:
- Application form with photograph
- Identification and Residence proof
- Latest salary slip
- Form16
- Last 6 months bank's statement
- Processing fee cheque
Businessman/ Self employed professional:
- Application form with photograph
- Educational qualification
- Identity and residence proof
- Proof of business existence with business profile and last three years income tax return
- Last 3 years income statement and balance sheet.
- Last 3 month's personal and business bank statements.
- Processing fee check
|
