Home Extension Loan from L&T

Home Loan Rates EMI 2017 189 views

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
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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

CategorySalariedSelf-employed ProfessionalsBusinessmen 
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

CategorySalariedSelf-employed ProfessionalsBusinessmen
Application form with photographDuly filled and signed application form along with recent photographsDuly filled and signed application form along with recent photographsDuly 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 idSchool leaving certificate, PAN card, driving licence, election id, voter id, aadhar card, office employee idSchool leaving certificate, PAN card, driving licence, election id, voter id, aadhar card, office employee id
Photo ID proofPAN card, driving licence, passportPAN card, driving licence, passportPAN 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 proofRequired for applicants below 23 years oldNANA
Proof of existanceNAPartnership deed copy/MOAPartnership deed copy/MOA & article of association/copy of professional degree/certification
Ownership patternNANALatest list of directors and stakeholders certified by company secretary
Office address proofNAUtility bill, telephone bill, electricity billUtility bill, telephone bill, electricity bill
Income proofLast four month's salary slip, Form 16/ITRLast 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 anyLast 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 statementLast 6 months bank statementLast 6 months bank statement from operating accountLast 6 months bank statement from operating account
Login chequeFrom salary account/operating accountFrom operating accountFrom operating account
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(Updated on: 18th October, 2016)