Home Loan extension: All you need to know

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Buying a home is on the bucket list of innumerable individuals in India. It may be on your bucket list, too. Buying a house assures financial security. You can be at peace knowing that you and your loved ones have a roof over your head regardless of what happens. Buying a house also lets you experience a sense of accomplishment and command better societal respect, something that you would deeply desire. Hence, buy a home.

Property prices in India are at an all-time high. Given this, you may require financial assistance to buy your home. You can obtain the desired financial assistance by applying for a Home Loan at any bank. A Home Loan lets you borrow a lump sum at a competitive interest rate, allowing you to finance your home purchase.

What is a Home Loan extension?

Suppose you purchased a one-bedroom hall kitchen house to live in with your partner. The house space was suitable since there were only the two of you. In the coming years, your family will grow. You were blessed with twins. You knew raising two children alone would be a challenge, so you requested your parents to move in with you. This adds up to a family of six, and all six people may not be able to live comfortably in your 1 BHK.

You may move into a bigger house, but it would be tedious and expensive. Extending your existing home space is a viable option. As an extension requires a significant amount, you may seek financial assistance for the same. So, apply for a Home Loan extension. It is a Loan facility you can obtain to finance structural or architectural changes in your existing home space.

For instance, apply for a Home Loan and build two more rooms in your home where your twins and parents can comfortably live.

Features of Home Loan extension

Loan amount: You can obtain a decent Loan amount by applying for a Home Loan extension. The bank will consider your Loan requirements and eligibility to provide you with a suitable Loan amount.

Interest rates: You can obtain the Home Loan extension at a competitive interest rate. Generally, most banks extend a Loan extension at the same rate as a Home Loan. Hence, the interest rate differs from one bank to another and depends on your eligibility.

Tenures: You have the freedom to choose the Loan extension repayment tenure, which can be up to 20 years. Consider your repayment capacity to select a suitable tenure. This would allow you to repay the Loan without financially straining yourself.

Application: You can apply for a Home Loan extension at any bank of your choice. The application procedure is simple. You need to fill out the Loan application form and submit the documents required for Home Loan at the bank’s branch or upload them online.