Home Extension Loans
Banks provide customers with home extension loans to extend their houses, add more rooms etc. Such loans fall under the category of home loans.
Maximum Amount of Home Extension Loans:
Banks normally offer 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 etc.
Interest Charged by Bank 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 Home Extension Approval:
Businessman/ Self employed professional:
1. Application form with photograph
2. Educational qualification
3. Identity and residence proof
4. Proof of business existence with business profile and last three years income tax return
5. Last 3 years income statement and balance sheet.
6. Last 3 month's personal and business bank statements.
7. Processing fee check
Salaried customers:
1. Application form with photograph
2. Identity and Residence proof
3. Latest salary slip
4. Form16
5. Last 6 months bank's statement
6. Processing fee cheque.
List of Some of Banks Providing Home Extension Loans:
| HDFC Bank - Loan For Extension of Home |
| ICICI Bank - Attractive Extension Loan |
| Bank of India - Addition To House |
| Standard Chartered - HomeAssist |
| IDBI Bank - IDBI Sweet Home |
| State Bank of India - Amount For Extension of Home |
| Union Bank of India - Union Home Plus |
| UCO Bank - UCO Shelter |
| Bank of Baroda - Baroda Housing Plan |
| Citibank - Renovate Home |
| Development Credit Bank - DCB Home Vantage Products |
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