The expansion of an existing home is an amazing way to increase the space available in your family, or improve the value of your home. But financing an home expansion can be difficult without the proper sources. The Mortgage for Home Extension loan from Today Finserv Consulting India provides an easy and cost-effective solution to help you finance your home expansion or renovation needs.
What is a Home Extension Loan?
The Mortgage for Home Extension is an exclusive product of finance designed to aid homeowners with the renovation or expansion of their property. It doesn’t matter if you’d like to build an extra room or extend your kitchen, or even build an extra flooring, this loan will provide the funds needed without having you to take a dip in your savings.
The benefits of a home Extension Loan
- Variable Loan Amount You can borrow as per the extension requirements.
- competitive interest rates Much lower that personal loan rates, which makes it more cost-effective.
- Extended Repayment Tenure The tenure is extended up to twenty-five years while reducing the burden on EMI.
- Tax Benefits You are entitled to deductions in the section 24(b) of the Income Tax Act.
- Minimum Documentation Rapid approval using basic income and property proofs.
Why Choose a Home Extension Loan?
There is no need to Relocate
Instead of purchasing a brand new house by expanding your existing home is an economical alternative. An home extension loan lets you to remain in the home you prefer to live in location and also upgrade the living area.
The increase in property value
An extension that is well-planned can substantially increase the value of your home’s market value making it an investment to ensure the future.
Customized Living Space
You can make the extension as to your preferences, whether it’s a brand new bedroom, study, or a more spacious living area.
Lower Interest Rates than Personal Loans
Because the home extensions loan is secured by your home and is secured against your property, rates of interest are considerably lower in comparison to secured loans.
Eligibility Criteria for a Home Extension Loan
To be eligible for an home extension loan from today Finserv Consulting India, you must meet the following requirements:
Age Requirements
- Minimal Age 21 years
- Max Age (at loan maturity) 65 (at the time of loan maturity)
Stability of Income
- Salary-earning individuals Monthly incomes of Rs.25,000
- Self-employed professionals/business owners: Stable income proof
Ownership of a Property
- It is your responsibility to be the legitimate owner of the property.
- A property should be free from legal controversies.
Credit Score
- Identity Documentation: Aadhaar Card, PAN Card Passport
- Address Evidence: Utility bills, Voter ID and Driving License
- Income Evidence: Salary slips (for salaried) ITR and Bank statements (for self-employed)
- property documents: The sale agreement, the approved plan for construction NoC from society (if appropriate)
Interest Rates & Loan Tenure
Today Finserv Consulting India offers affordable interest rates beginning at 8.50 percent p.a. The loan term can be as long as five to twenty-five years depending on the repayment capacity.
- Sum of the Loan
- Up to 25 Rs Lakh
- Rs25 Lakh – 1 Cr
How to Apply for a Home Extension Loan?
Check Eligibility
Make use of Today’s on-line calculation tool to assess the likelihood of approval for loans.
Submit Application
Complete out an application by providing income, personal and information about your property.
Document Verification
Documents to be submitted for verification.
Loan Approval and Disbursement
After approval, the funds are immediately transferred to accounts.
Tax Benefits on Home Extension Loans
According to section 24(b) of the Income Tax Act, you can get deductions for:
- Interest-Free: Up to Rs2 lakh per annum
- Principal Repayment It is deductible as per section 80C (up to Rs1.5 lakh each year)
Tips to Secure the Best Home Extension Loan
- Compare the Interest Rates Check with several lenders to find the best price.
- Maintain a high Credit Score Enhances the chances of getting a loan.
- Set Your Budget Do not overborrow Check the extension cost.
- Select the right tenure A longer tenure will reduce the EMI, but it also increases interest payout.
An Mortgage for Home Extension through the Today Finserv Consulting India is an ideal option to fund your desire home expansion with no financial strain. With competitive rates of interest as well as flexible repayment options and tax advantages this is a great option for homeowners who wish to enhance their living space.
Are you ready to extend you home? Apply now through Today Finserv to make your dream a reality!
