Home Extension Loan from L&T
Last Updated : April 8, 2024, 5:55 p.m.
If you want to extend a certain area in your home or you want to create a new room in your home, home extension loan is good option to do that if you don't have the enough funds to bear the cost. You can also use home extension loan to build a new floor, or a new area in your home to meet the family requirements. Home extenstion loan is a good option to meet the increased cost of construction or extension of your home. You can get a hom extension loan from any bank or financial firms. Different banks and financial firms offer you home extension loan to meet your financial requirements. The rate of interest and maximum amount also varies from bank-to-bank.
L&T Housing Finance Ltd. provides you home extension loan for extending the existing residential property. You can use this amount to create a new floor for your growing family, a new room for your children, a study room, extend the area of kitchen, or a reading area. You can use it as per your requirements. Here are some important features and benefits of L&T extension home loan.
Special features of L&T extension home loan
- You can avail the loan for maximum tenure of upto 20 years
- You can borrow the loan of minimum Rs. 5 lakh and Rs. 100 lakhs
- Maximum amount can be availed upto 80% of the market value of property or in some cases upto 90% of the property value
- Flexibility to pay interest during the construction period as well
- No-prepayment charges leived on the customers
Eligibility Criteria for loan borrowers
- You should be an Indian resident customer
- You must have attained the age of 22 years at the time of commencement of loan
- You should not be more than 65 years at the maturity of loan
- Eligibility of the loan amount depends upon the age, repayment capacity, assets and other factors.
Rate of Interest of home extension loan
| Category | Salaried | Self-employed Professionals | Businessmen | |
|---|---|---|---|---|
| Up to Rs. 75 lakhs | 9.90% | 9.90% | 10.0% | |
| Above Rs. 75 lakhs | 10.75% | 10.75% | 11.0% |
Documents required for home extension loan
| Category | Salaried | Self-employed Professionals | Businessmen |
|---|---|---|---|
| Application form with photograph | Duly filled and signed application form along with recent photographs | Duly filled and signed application form along with recent photographs | Duly filled and signed application form along with recent photographs |
| Age proof (any one document) | School leaving certificate, PAN card, driving licence, election id, voter id, aadhar card, office employee id | School leaving certificate, PAN card, driving licence, election id, voter id, aadhar card, office employee id | School leaving certificate, PAN card, driving licence, election id, voter id, aadhar card, office employee id |
| Photo ID proof | PAN card, driving licence, passport | PAN card, driving licence, passport | PAN card, driving licence, passport |
| Address proof | Passport, driving licence, electricity bill, telephone bill, latest bank statement of last three month | Passport, driving licence, electricity bill, telephone bill, latest bank statement of last three month | Passport, driving licence, electricity bill, telephone bill, latest bank statement of last three month |
| Job confirmation proof | Required for applicants below 23 years old | NA | NA |
| Proof of existance | NA | Partnership deed copy/MOA | Partnership deed copy/MOA & article of association/copy of professional degree/certification |
| Ownership pattern | NA | NA | Latest list of directors and stakeholders certified by company secretary |
| Office address proof | NA | Utility bill, telephone bill, electricity bill | Utility bill, telephone bill, electricity bill |
| Income proof | Last four month's salary slip, Form 16/ITR | Last two ITR personal and business along with computation of income, Last two years P&L account and B/S duly certified by CA, Advance tax challan if any | Last two ITR personal and business along with computation of income, Last two years profit and loss account and balance sheet of the company/firm |
| Bank statement | Last 6 months bank statement | Last 6 months bank statement from operating account | Last 6 months bank statement from operating account |
| Login cheque | From salary account/operating account | From operating account | From operating account |
(Updated on: 18th October, 2016)
