As your family grows larger, the need for additional space becomes paramount. Perhaps your existing home can be modified to create more space. DHFL offers exclusive Home Extension Loans to extend your existing home by adding a bedroom, enclosing an open balcony or building an extra room on the terrace, etc.
You can avail of a Home Extension loan to extend an owned home.
Eligibility for Home extension loan:
You can get a loan of up to 100% of the home extension cost estimate as certified by a chartered engineer/architect and duly verified by DHFL, but subject to maximum of 80% of overall market value of the property or a maximum of `100 lacs, whichever is lower. Get a higher loan amount from DHFL by including an earning co-applicant. The actual loan amount is determined taking into various account factors such as:
- Repayment capacity
- Educational qualifications
- Stability and continuity of income
- Number of dependents
- Co-applicant’s income
- Saving habits, and more
To calculate your eligibility please use our DHFL Home extenstion loan ligibility Calculator.
Work out your EMI using our DHFL Home extension loan EMI Calculator.
You can also find more information from our Product brochure which can be downloaded here ( click to view/download)
Maximum Tenure of Home extension loan:
The tenure of your Plot Loan ranges from 1 to 20 years. The term however does not extend beyond the retirement age or 60 years whichever is earlier (65 years for self employed individuals).
DHFL understands the value of your hard earned money. With tenure of 20 years, you can reduce the EMI amount, so that your outgoings every month do not come in the way of your lifestyle and living standards.
Interest Rates for your Home extension loan
DHFL offers one of the most competitive rates in the market. The Interest rate applicable is based on the DHFL’s Retail Prime Lending Rate (RPLR) which fluctuates from time to time based on the money market conditions.
This is charged as the fee towards processing your home loan application. In case of salaried individuals (SAL) it is 1% of the loan amount, whereas for Self – employed Professionals / Non Professionals (SEP / SENP) it is charged at 1.5% of the loan amount, plus Service Tax and Cess as applicable.
You have 2 options for repayment of the loan based on the EMIs payable:
a) Through ECS (Electronic Clearing Service) based on standing instructions to your bank
b) PDCs (Post Dated Cheques) drawn on your Savings/Salary account
For processing your home loan application, we’re required to adhere to certain documentation procedures. To enable us to speedily process your home loan application, we will require the following:
- KYC (Know Your Customer) documents
- Proof of Income documents and bank statements as per log-in checklist
- Property related documents.
Stamp duty on the loan documents to be executed shall be paid by the Applicant.
Tax Benefits for your home extension loan
As per Indian Income tax Rules, the current applicable exemption under section 24 is ` 1.5 lacs for the interest amount paid in a financial year and up to ` 1 lac for the Principal amount repaid in the same year. Thus up to ` 2.5 lacs is tax exempt, helping you save up to ` 70,000 tax annually.
So go ahead and give your family the comfort of a larger home.
Fill in the Enquiry Form alongside . Our Representative will get in touch with you to help you through the entire loan process. Your dream home will soon be a new dream home. Get ready to embrace a new found comfort!