Home Extension Loan

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✓ Home Loan from ₹2 Lakhs to ₹15 Crores ✓ Interest Rates Starting @ 8.50% Check Offer

If you want to expand your house, the amount you need for this is huge. Here, a home extension loan can help you. You can get a loan for home extension from various leading lenders. Let’s explore home extension loans, their interest rates, and documents needed.

Interest Rates and Charges

The home extension loan interest rates and charges are as mentioned below:

Compare Interest Rates

Our Partners	Minimum Interest Rate	Maximum Loan Amount	Maximum Loan Tenure
Bajaj Housing Finance	8.55% p.a.	₹5 Cr	30 Years
4.4	View Details
Home First Finance Company	9.50% p.a.	₹0.40 Cr	20 Years
4.2	View Details
ICICI Bank	9.00% p.a.	₹5 Cr	30 Years
3.9	View Details
India Shelter	13% p.a.	₹0.40 Cr	20 Years
3.9	View Details
Kotak Mahindra Bank	9.00% p.a.	₹0.50 Cr	20 Years
4.1	View Details
L&T Finance	8.60% p.a.	₹7.5 Crores	25 Years
4.1	View Details
LIC Housing Finance	8.65% p.a.	₹15 Cr	30 Years
3.8	View Details
PNB Housing Finance	8.50% p.a.	₹15 Cr	30 Years
3.9	View Details
Shriram Housing Finance	11.50% p.a.	₹1 Cr	25 Years
4.3	View Details
Shubham Housing Finance	10.90% p.a.	₹0.50 Cr	25 Years
3.9	View Details
Union Bank of India	8.50% p.a.	₹15 Cr	30 Years
4.0	View Details
Vridhi Home Finance	12% p.a.	₹25 Lakhs	12 Years
4.0	View Details

*Disclaimer: The mentioned rates are subject to change at the lender’s discretion.

Features and Benefits

Listed below are some ways in which a home extension loan can be beneficial to you:

Flexible Tenure

Most lenders offer home extension loans for a tenure of up to 30 years. The tenure has an impact on your monthly payouts and the total cost of your loan. Select a loan period that enables you to repay Read Morethe loan comfortably. Read Less

Balance Transfer

If your home loan repayment is straining your finances, you can consider transferring your loan to another lender. If timed well, you can save a large sum with the low interest rates provided by the ne Read Morew lender. You may also be eligible to get an extended tenure and opt for flexible repayment options. This makes repaying the loan much easier and more efficient. Read Less

Tax Benefits

Similar to a home loan, you can get tax benefits on a home extension loan as per the Income Tax Act, 1961. Under Section 80C, you can get an exemption of up to ₹1.5 Lakhs on your taxable income with this loan.

Furthermore, you can get an additional tax benefit of ₹2 Lakhs on the interest paid on a home extension loan. This can help you save a considerable amount on tax. You can then direct the saved money towards fulfilling your other financial requirements.

Read Less

Affordable Insurance Policy

Some lenders may offer home insurance policies at lower premiums. This enables you to secure your property against potential damages. These include theft, fire, and so on. It ensures that in the case o Read Moref an unfortunate event, you are financially protected. Read Less

Documents Needed for Home Extension Loan

Here is the list of some common documents needed when applying for a home extension loan:

Income proof
ID proof
Address proof
Proof of age
Proof of employment or business
Home extension documents like encumbrance certificate, project plan etc
Estimated cost quotation
Duly filled application form

Check the complete list of home loan documents required to ensure a smooth application process.

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Can I get a loan for the extension of my house?

Yes, you can get a loan for home extension on Bajaj Markets. You can choose from a range of leading loan providers available on the site. For this, you may be required to meet a set of certain criteria to be eligible for the loan.

Can I get a home extension loan if my property is mortgaged?

Yes, you may be able to get a home extension loan for a property that is already mortgaged. However, for this, you may have to consult your existing lender and check their policies.

What happens if I default on my home extension loan?

If you default on your home extension loan, you are usually asked to pay a late payment fee. If you default consistently, the lender can take legal action. This may include taking over the property to recover the loan amount.

Can I prepay my home extension loan?

Yes, most lenders allow prepayment of home extension loans. This can be done either partially or in full. However, there might be extra charges or penalties for using this facility. So, check with your lender for specific terms and conditions.