Home Renovation Loans1194 views
You are living in your own home with your parents and kids. Over the period of time you have developed this space for you, which was absolutely perfect for your requirement when you bought that. But, with growing needs of your family and future prospects after a point you realised that you that space is not apt as per your family needs and family members. In such situation, you have option for home extension. It is the best option for those who don't want to own a new home, but want to make some changes in their present home to make it suitable for their family.
HDFC offers home extension loan for such buyers, who want to make changes in their present home to make it more suitable as per their family requirement. With this HDFC home extension loan you can make the desired changes in your present home. The maximum tenure of extension loan is 20 years. HDFC is leading name in the banking sector and it offers customised loan and financial solutions to the customers. You can avail an extension loan as per your requirements from teh bank. You can take a loan of maximum upto 90% of the property value or above Rs. 75 lakhs. Here are some important features and benefits of home extension loan.
You can individually or jointly apply for a home extension loan. All the owners of the home extension loan need to be the co-applicant. The loan amount and tenure of the loan depends upon the age and repayment potential of the borrower. The maximum tenure and maximum amount of the loan depends upon your eligibility and other criteria.
Maximum Loan amount offered to borrowers
|Loan Amount||Maximum Funding|
|Up to Rs. 30 lakhs||90% of the property cost|
|Above Rs. 30 lakhs and up to Rs. 75 lakhs||80% of the property cost|
|Above Rs. 75 lakhs||70% of the property cost|
Rate of Interest for borrowers
|Loan Rates||Loan Slab||Interest Rate||RPLR Minus Spread|
|Adjustable loan rates||Any loan amount||9.50% to 10.00%||RPLR - (6.80 to 6.30)|
|TruFixed loan for 2 & 3 years||Any loan amount||9.50% to 10.00%||RPLR - (6.80 to 6.30)|
|TruFixed loan for 10 years||Any loan amount||9.70% to 10.25%||RPLR - (6.60 to 6.10)|
Fee & other charges of home extension loan
Processing fee: The bank charges up to 0.50% of the loan amount or Rs. 2,000, whichever is higher, plus applicable taxes.
The bank will not charge any penalty fee for making any prepayment or part payment against your home extension loan.
Delayed payment charges
Delayed payment of interest or EMI shall render the customer liable to pay additional interest up to 24% per annum.
Documents required for home loan application process
- Duly filled application form
- Recent passport size photographs of applicant/co-applicants
- Identity proof (Voter ID card, Valid passport, Aadhar card, Valid driving licence)
- Proof of Income
- PAN card
- Last 3 months salary slip
- Last 6 months bank statements/passbook showing salary credits
- Latest IT return-Form 16
Other documents required
- Employment contract/appointment letter if the current employment is less than 1 year old
- Last 6 months bank statement in case of repayment of any ongoing loan
- Cheque for processing fee favoring 'HDFC Ltd.'
Property related documents required
- Copy of allotment letter/Buyer agreements
- Receipt/(s) of payment/(s) made to the developer
(Updated on:21st October,2016)